Economy, Business And Markets

Bitumen Dominates IME Export Trading Floor

Bitumen Dominates IME Export Trading FloorBitumen Dominates IME Export Trading Floor

Close to 234,000 tons of various grades of bitumen was offered by local suppliers on the export trading floor of Iran Mercantile Exchange (IME) on Tuesday trading.

According to IME public relations office, 125,500, and 96,000 tons of bitumen were offered in two separate cargos by Jey Oil Refining Company. In addition, 10,000 tons of various types of bitumen, 1,000 tons of bitumen 6070 and 500 tons of bitumen 6070 were also offered by other suppliers on the export trading floor. Moreover, 980 tons of roof insulation, and 6,000 tons of sulfur lumps were also offered on the same floor.

The oil and petrochemical trading floor played host to about 61,000 tons of various polymers like styrene butadiene rubber, polyethylene, PVC, and polypropylene by local petrochemical complexes. In addition, 31,700 tons of bitumen, 15,000 tons of vacuum bottoms, 13,000 tons of lube-cut oil, and 7,100 tons of sulfur were among other commodities offered on the same floor.

Elsewhere, the industrial and mining trading floor played host to 800 tons of aluminum ingot 99.75-percent purity by Iran Aluminum Company, priced at 70,195 rials per kg. Furthermore, 2,000 tons of coke was offered by Zarand Coke Making and Tar Refinery Company.

And the agricultural trading floor recorded the offering of 45,550 tons of corn, and 3,000 tons of rice in a bustling trading day.

The secondary market played host to 700 tons of scrap metals by Islamic Republic of Iran Railways.

All in all, close to 420 tons of a variety of commodities were supplied in the IME’s spot and secondary market.

  Dramatic Fall in Trade

Trade at the IME has been on a downward trend since the beginning of the current year (to end on March 20), with trade volume and value registering breathtaking lows, bazarosarmayeh reported.

Western sanctions on Iran over its nuclear energy program, global slump in commodity markets specially in metals and minerals, as well as a fears of a budget deficit caused a free fall in trade value at the IME as the $1.04 billion high registered in April fell to the record low of $732 million in February.

Trade volume also retreated to new lows. The highest trade volume was recorded in June at 2 million tons, however market laggards accompanied by a downward trend led to the record low of 1.36 million tons in February.

Despite the recent fall in trade volume and value, the IME is determined to accelerate trade across the country, as a new trading hall is expected to be launched in the northwestern city of Tabriz on March 12, with the aim of boosting trade, increasing transparency, and linking scattered markets across the country.