US sanctions on Iran's aluminium sector to have minimum impact on Asia

According to a Platts report, traders in Asia are of the view that the impact of US sanctions on the Iranian copper and aluminium sectors would be minimal on Asia as Iranian exports to the region have been marginal.

US President Donald Trump Wednesday signed an executive order imposing sanctions on the Iranian aluminium, iron, steel and copper sectors. The metal sector forms one of Iran’s largest non-petroleum sources of export revenue.

Iran has about 487,000 tonnes of primary aluminium capacity. The country’s export revenue from raw aluminium stood at US$144 million according to the latest figures. It also exports aluminium in semi-finished form. However, Iran's aluminium exports have been negligible. In 2018, China imported 160 kg of aluminium foil from Iran.

According to the Iranian Mines & Mining Industries Development & Renovation Organization (IMIDRO) Iran had a plan to become a net exporter of aluminium from 2019 and also to increase its domestic production of the metal over the coming years.

IMIDRO reported recently that Iran's major aluminium producers output stood at 301,033 tonnes in the last Iranian year (ended March 20, 2019). Aluminium production decreased 11 per cent year-on-year from 337,000 tonnes.

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