An estimated 10.399 million tons of goods were traded in the spot market of the Iran Mercantile Exchange (IME) in the last calendar month to Feb 22.
Compared to the month before, the deals increased 18.5% in volume, according to IME data. Overall trade was worth 1,055 trillion rials ($2.19 billion), up 13.5% on the previous month.
IME is a multi-commodity market in Tehran founded in 2006 for farm, industrial and petrochemical products in the spot and futures markets.
As always, industrial and mineral products were in the lead accounting for 84% of the volume and 63% of value, respectively, in the spot market.
More than 8.597 million tons of goods worth 720 trillion rials ($1.5b) changed hands on the industrial and mineral floor.
Cement topped the list with 4.649 million tons followed by 1.577 million tons of steel. Other major items were 1.979 million tons iron ore, 30,372 tons copper, 42,950 tons aluminum, 122,400 tons sponge iron, 53,750 tons zinc, 790 tons molybdenum concentrate, 48 tons precious metal concentrate and 33 kilograms gold ingot.
Commodities traded on the petrochemical and petroleum floor reached 1.745 million tons worth 314 trillion rials ($654 million).
According to the IME, this category handled 478,690 tons of bitumen, 437,433 tons polymer, 175,975 tons chemicals, 18,475 tons base oil and 392,000 tons vacuum bottom. The list also included 49,400 tons sulfur, 195,500 tons lube cut and 400 tons moisture insulation materials.
Deals in the IME Side Market reached 57,105 tons. No deal was reported in the key agriculture section.
IME trade reached 6,937 trillion rials ($18.1 billion) in the first nine months of the calendar year to December 22 -- an all-time high and above the previous fiscal year (ended March 2022), SENA news agency said.
The jump in spot market deals was the main driver of growth. It hosted commodities worth 6,457 trillion rials ($16.7 billion). An estimated 87.5 million tons of goods and more than 11,000 vehicles were traded in this market during the period.
Noticeable growth in the spot market was partly due to cement trade after factories were obliged by the Industries Ministry to sell only via the IME.
Commodity trade on the industrial floor reached 71.8 million tons worth 3,912 trillion rials ($10.1 billion). On the petrochemical and petroleum floor 14.5 million tons worth 2,397 trillion rials ($6.6 billion) were traded.
Auto Sales
Auto sale via the IME resumed last month with 10,730 cars reaching 56,950 vehicles in eleven months with Peugeot 207s topping the list at 17,200 units. In the same period 9,970 Tara cars, produced/assembled by IKCO were bought followed by 3,606 Shahin sedans made by the same company, 2,978 Fidelity models manufactured/assembled by Bahman Motors were sold along with 6,105 Haima of Iran Khodro and 1,314 Dignity brands.
Bahman Motors also sold 2,598 Kara pickups, a popular vehicle in Iran originally produced by Mazda.
Data show that 1,426 Lamari Eamas of Arian Pars Motor, 69 KMC T8s by Kerman Motor and 68 JAC S5s by Kerman Motor were sold since the beginning of the year.
Heavy-duty vehicles, FAW and EM Power brands from China assembled by Bahman Motors and Siba Motor, were also popular. A total 854 Empower puller trucks by Bahman Diesel and 185 FAW puller trucks from Siba Motor were traded.
Auto sale via the IME was temporarily suspended by the Industries Ministry last May. It argued that the practice was incompatible with rules to regulate the chaotic auto market and added to volatility.
However, the ministry’s move was censured by market observers and stakeholders for “undermining transparency” that hurts efforts to curb the government’s arbitrary intervention in the auto market.
In July the ministry backtracked and the High Council of Securities and Exchange decided to resume offering selected brands. Per current procedures, only cars not subject to pricing mechanism by the government are offered at the IME.
