Iran Steel Disruptions Threaten 23 Mt Seaborne Iron

Disruptions hit 13‑15 Mt/yr of Iran’s steel capacity per annum, chiefly Mobarakeh Steel (9‑10 Mt) and Khuzestan Steel (4‑5 Mt) in total.
The damage represents 24‑27% of Iran’s 55 Mt installed steel capacity and 41‑47% of its 2025 crude steel output of ~32 Mt.
Morgan Stanley estimates at least 23 Mt of seaborne iron—about 3% of the ex‑China market—could be disrupted, prompting buyers to seek alternatives.
Iran’s 2024 steel exports were 11 Mt (2‑3% of global), with 0.8 Mt direct reduced iron (7% global) and 22 Mt iron ore (1.3% global).