Iranian iron ore exports rise 23% year-on-year

Iran exported 16.32 million tonnes of iron ore during the first ten months of the current Iranian year, according to trade data newly published by the country’s customs authorities.

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That is a year-on-year increase of 23% for the period from March 20, 2012, to January 20.

Almost all of the ore was dispatched to China through spot transactions, handled by Iranian traders or representatives of Chinese buyers.

The rise in exports was supported by the depreciation of the Iranian rial against hard currencies over the past two years.

The local currency lost around two-thirds of its value against the US dollar from 12,000 rials to $1 two years ago to 37,000 rials at present.