Iranian government to lower duties on steel imports

Iranian government approved a proposal that would reduce import duties on finished steel products to 0 percent from the existing 5-11 percent, depending on the product type, Iranian sources report. The new regulation will increase steel supplies to the Iranian market. The government has reportedly approved such regulation in an effort to control fluctuating steel prices in the local Iranian market Certain Iranian steel mills think that the government should also reduce the duties on base materials and semi finished products as well. The duties on subject goods currently stand at 5-11 percent. New regulation is expected to be put into force in the next three-four months, sources report.