US sanctions against Iran's steel, mining sectors may impact Indian players there: TPCI

Fresh sanctions by the US against Iran's steel and mining sectors are expected to impact Indian manufacturers in the Persian Gulf nation, TPCI said Friday. US President Donald Trump on Wednesday announced tougher-than-ever sanctions against Iran's steel and mining sectors, hours after Tehran said it would suspend some curbs under a denuclearisation deal rejected by Washington.

The restriction may impact those Indian manufacturers who are into steel, billets and bars for export purposes, in Iran, Trade Promotion Council of India (TPCI) Chairman Mohit Singla said in a statement. "This fresh restriction will not impact India immediately as the import of metals and other mining products from Iran are not much. However, it will surely deter India’s potential investor sentiment in Chabahar port and also impact the Indian manufacturers in Iran who are into steel, billets and bars for export purposes," he added.

India imports iron and steel, machinery, mechanical appliances, nuclear reactors, boilers, and electrical machinery from Iran. Total trade between India and Iran stood at USD 13.7 billion in 2017-18.

On Wednesday, Trump imposed fresh sanctions on Iran's iron, steel, aluminium and copper sectors, a move aimed at stopping Tehran from acquiring a nuclear weapon and intercontinental ballistic missiles and to counter its "malign influence" in the Middle East.

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