Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Iran-based Azar Hadid Bonab Steel Complex’s phase one commenced operations recently, according to local media reports.


The investment for phase one of the project was IRR3,500bn ($82mn), while phase one production capacity is 200,000mt of steel ingots per annum.


The complex is located in the industrial city of Bonab in Iran’s East Azerbaijan province. The total investment of Azarhadid Bonab Steel Production Complex is IRR5000bn ($118mn).


The aggregate annual capacity of Iranian steel companies has reached 39.82mn mt, according to data released by the Iranian Mines and Mining Industries Development and Renovation Organization (Imidro).


The country’s annual capacity is expected to increase to 43.6mn mt by the end of the current Iranian year (March 2021), while production is projected to reach 31.1mn mt, as per media reports.


Iran aims to become the world’s sixth-largest steel producer by 2025 and reach 55mn mt of annual steel production capacity.


($1 = IRR42,120.39)


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