Economy, Business And Markets

Metals Shine at IME

Metals Shine at IMEMetals Shine at IME

Iran Mercantile Exchange (IME)’s industrial and mining trading played host to 143,846 tons of metals and minerals on Wednesday.

According to IME public relations office, 103 tons of I-beams, 40,000 tons of rebar bundles, 4,454 tons of rebar bundle, and 3,080 tons of rebar A3-16 were offered by Esfahan Steel Company. In addition, 1,600 tons of aluminum ingot by Almahdi Hormozal Aluminum Company, 400 tons aluminum billet, 1,460 tons of alloy ingot by Iran Aluminum Company, and 20 kg of gold bullions by Mouteh Gold Complex were displayed on the board of the industrial and mining trading floor.

Meanwhile, the export trading floor featured 100,000 tons of iron ore offered by the Mishdovan Iron Ore Complex.

The secondary market, for its part, witnessed the offering of 150 tons of scrap metals by Islamic Republic of Iran Railways.

Elsewhere, the agricultural trading floor recorded the offering of 53,275 tons of various agricultural commodities by local farmers.

And finally, the oil and petrochemical trading floor played host to 134,360 tons of commodities offered by local petrochemical complexes.

   Inauguration of New Trading Floor

A new IME trading floor was launched in northwestern city of Tabriz on Wednesday in a bid to prop up foreign trade and regulate scattered local markets.

Promoting trade in a competitive market, price discovering, regulating supply and demand, providing fund through financial instruments, and bolstering foreign trade with northern neighbors are the main objectives of a the newly inaugurated hall in Tabriz, said Momamad Mehdi Amini, deputy head of the IME.

“Price discovering at the IME, has turned Iran to a price reference for special commodities like bitumen,” he added.

Hedging (a risk management strategy used in limiting or offsetting probability of loss from fluctuations in the prices of commodities, currencies, or securities) is yet another significant function of the IME, said Amini, adding that “development of derivatives in recent years was aimed at practically covering risks for industrial premises and producers.” Commenting on funding companies through financial instruments, Amini went on to say that Islamic financial tools like Salaf and Sukuk are getting more and more popular and practical at the IME.

  Penetrating Russian Market

Russia seeks to supply most of its required food stuff through imports from Iran, however, Iran has failed to grab the $46-billion market, said Reza Hosseini, head of the Economic Affairs Organization in East Azerbaijan Province.

The establishment of the first trading hall in Tabriz was aimed at promoting foreign trade by penetrating into dynamic markets overseas, especially in neighboring countries.