The EU has restored sanctions against Iran, which, in particular, directly relate to trade in steel and metals, Kallanish notes.
These measures prohibit the sale, supply, transfer or export of graphite, as well as raw materials or semi–finished products from metals, including aluminum and steel, to Iranian enterprises or for use in Iran. The import of these materials from Iran is also prohibited, according to the Official Journal of the European Union.
Contracts related to steel and related metals signed before Tuesday can still be fulfilled, but only until January 1, 2026.
For the steel industry, these measures are effectively terminated. official trade between the EU and Iran in semi-finished steel products and related materials.
The scope of application extends beyond physical trading to cover financing, brokerage, insurance, and technical assistance related to steel and other prohibited metals.
The European Council notes that steel and other metals may contribute to Iran's nuclear programs, ballistic missile and military programs, as well as supporting industries controlled by the Islamic Revolutionary Guard Corps.
July imports of blanks from Iran to the EU amounted to 22,602 tons, compared with zero last year.
Elina Virchenko UAE
Kallanish.com
