Economy, Business And Markets

Bitumen for Export at IME

Bitumen for Export at IMEBitumen for Export at IME

Iran Mercantile Exchange (IME)’s export trading floor played host to about 11,100 tons of various grades of bitumen, as well as 100 tons of roof insulation offered by local suppliers on Sunday trading.

According to the IME public relations office, the industrial and mining trading floor featured close to 4,000 tons of copper cathode, with the base price of 194,972 rials per kg, 3,500 tons of copper wire, priced 202,287 rials per kg, 200 tons of molybdenum-sulfur, and 18 tons of precious metals concentrates offered by the National Iranian Copper Industries Company.

In addition, the World Copper Company supplied 270 tons of copper wire, priced at 202,837 rials per kg. Isfahan Steel Company offered 2,950 tons of rebar and I-beams to local customers.

The report also noted that the oil and petrochemical trading floor played host to 40,080 tons of vacuum bottom offered by local petrochemical complexes. Moreover, 22,683 tons of various petrochemicals, 24,000 tons of lube-cut oil, 34,000 tons of bitumen, and 2,600 tons of sulfur were also offered on the same floor.

Elsewhere, the agricultural trading floor recorded the offering of 34,015 tons of corn, 3,000 tons of rice, 200 tons of white sugar, and 25 tons of soybean meals.

 Int’l Collaboration

The IME is gearing up to prop up trade through expanding international collaboration with mercantile exchanges overseas, specifically with the Economic Corporation Organization (ECO), and Interexchange Electric Union (IEU), SENA quoted IME head Hossein Panahian as saying.

He went on to say that the IME’s core policy is to list standard commodities to be traded between Iran and ECO members, in a bid to increase transparency in price discovering, and regulating the market.

Following discussions with ECO, it was agreed that several commodities be traded via mercantile exchange, based on supply and demand, said Panahian.

Speaking on the importance and diversification of mercantile exchanges in the region, Panahian cited that it is not possible to compare the IME with other mercantile exchanges in the region, as for instance, Pakistan Mercantile Exchange (PMEX) is just focused on crude oil futures. He added that some exchanges are just active in certain types of commodities, while others are focused mostly on derivative instruments.