Economy, Business And Markets

IME Awash With Metals

IME Awash With MetalsIME Awash With Metals

Iran Mercantile Exchange (IME)’s Industrial and mining trading floor featured 38,634 tons of various I-beams and rebars offered by Esfahan Steel Company (ESC) on Sunday.

According to the IME’s Public Relations and Foreign Affairs Office, 30,000 tons of rebar bundles size A3,14 and 25, with the base price of 15,580 rials per kg, 7,940 tons of I-beams size 18, 990 tons of mixed I-beam bundles, 440 tons of I-beam size 16, and 264 tons of rebars were offered by the ESC. Moreover, close to 4,000 tons of copper cathode, priced at 189,404 rials per kg, 3,500 tons of copper wire, with the base price of 196,786 rials per kg, 30,000 tons of low-graded coppers, 100 tons of molybdenum sulfur, and 18 tons of precious metals concentrate were supplied by the National Iranian Copper Industries Company. In addition, the World Copper Company offered about 270 tons of copper wire, with the base price of 197,336 rials per kg. The industrial and mining trading floor also featured 800 tons of aluminum ingot 99.7-percent purity, priced at 173,251 rials offered by Iran Aluminum Company. The floor also saw 3,700 tons of coke supplied on Sunday.

Meanwhile, the oil and petrochemical trading floor played host to 29,000 tons of lube-cut oil, 16,000 tons of vacuum bottoms, 36,600 tons of various grades of bitumen, 7,000 tons of sulfur and 3,917 tons of different petrochemicals.

Elsewhere on the export trading floor, close to 7,600 tons of bitumen for various applications were offered to potential customers in overseas markets.

Finally, close to 20 kg of saffron, and 1,200 tons of frozen chicken were offered on the agricultural trading floor.

All in all, more than 182,000 tons of various commodities were put up on IME’s spot market board on Sunday.

  Online Future Trade

The IME is expected to witness online future trades within the next few days, said Mohammad Fetanatfard, head of the Securities and Exchange Organization at a press conference on Saturday.

Referring to the IME’s vast potential in clarifying supply and demand for a variety of commodities, Fetanatfard went on to say that for instance, based on the IME regulations, only institutional investors are allowed to trade metals, while the steel industry is grappling with surplus, adding that “ESC has recently proposed the idea that individual investors be recognized to have the authority to trade the same commodities in a bid to boost metal trades”.

Fetanatfard also said that the SEO has positive interaction with both the government and parliament, as it has been approved that the government will substitute guaranteed price mechanism instead of guaranteed purchase, which may be a big help for farmers and the sector. Based on the guaranteed price, the board will show the price, but the differential will be covered via the allocated budget.

“According to the latest trades’ statistics, more than 140 trillion rials of commodities have been traded within in future trades since the beginning of the current Iranian year, which ends March 20,” said Fetanatfard.