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DUBAI (Scrap monster): Iran is likely to consume 1.7 million mt of polyolefins during the Persian fiscal year 2010-11, which closes on March 21, up 8% from a year earlier, financial information provider Business Monitor International said in a report released Wednesday. 

The country would still face overcapacity as it finds it increasingly difficult to export cargoes in the wake of US-led sanctions, BMI said. 

Meanwhile, international sanctions have limited market growth in Iran, particularly in the petrochemicals-intensive automotive and electronics segments where investment has been severely curtailed, platts.com reported.