Business And Markets

Over 100,000 Tons of Bitumen Offered at IME

Over 100,000 Tons of Bitumen Offered at IME
Over 100,000 Tons of Bitumen Offered at IME

on Tuesday, 102,900 tons of different grades of bitumen were to be offered on the export trade floor of Iran Mercantile Exchange, SENA reported.

Foreign companies are interested in importing Iranian bitumen due to its high quality and competitive price.

The majority of Asia's bitumen supply originates from Iran. Bitumen exports often travel via Persian Gulf states. Some countries can accept direct shipments. Others, however, cannot accept Iranian exports directly due to ongoing Western sanctions. Iran enjoys extensive bitumen storage and handling facilities at its southern port of Bandar Abbas.  

Iran’s bitumen exports have dropped significantly since July, 2012 following an EU ban on insurance provision for tankers carrying Iranian oil and gas products.

Also at the export trading floor of the IME, close to 710 tons of other tradable agricultural goods were available.

According to SENA, 110 tons of Indian rice with the base value of 52,500 rials per kg and 500 tons with the base value of 38,000 rials were being traded. Furthermore, 100 tons of sugar cube priced at 18,900 rials per kg, 1000 tons wheat valued at 11,150 rials per kg were to be offered at IME on Tuesday.

IME is Iran's first commodity exchange and is located in Tehran. It was founded in 2006 with the goal of broadening the country's trade sector. IME trades in agricultural, industrial and petrochemical products in the spot and futures markets. It is mainly a domestic or regional market with the ambition to become more international in the future.