Economy, Business And Markets

IME Awash With Steel Section

IME Awash With Steel SectionIME Awash With Steel Section

About 191,000 tons of steel section was offered on the Iran Mercantile Exchange’s industrial and mining trading floor on Wednesday trading.

According to IME public relations, Khuzestan Steel Company offered 100,000 tons of bloom. In addition, 90,000 tons of steel slab C, and 1,380 tons of rebar bundles A3, 14, and 25 were up for  grabs by local customers.

The oil and petrochemical trading floor played host to 18,200 tons of various petrochemical commodities by Fanavaran Petrochemical Copmplex, Nouri Petrochemical Company, Bisotun Petrochemical Complex, Shazand Petrochemical Company, Petrochemical Industrial Investment Company, and CCD Petrochemical (Singapore).

Acetic acid, linear alkyl benzene, industrial urea, Isobutanol, benzene, caustic soda, diethanolamine, diethylhexyl, diethyl glycol, m-Xylene, carbonate sodium, mono ethylene glycol, vinyl acetate, sulfur, argon gas, and bitumen were among the listed commodities on the board.

Elsewhere, the export trading floor witnessed the offering of 50,650 tons of various grades of bitumen, 10,000 tons of sulfur and 500 tons of roof insulation.

Furthermore, close to 34,850 tons of corn, 15,760 tons of rice and 150 tons of animal feed were offered on the agricultural trading floor.

 NICIC Copper Cathode Takes Off Overseas

Backed by the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), the export of copper cathode by the National Iranian Copper Industries Company is expected to be launched soon through the IME’s export trading floor, IRNA quoted head of the IME, Hossein Panahian, as saying.

Copper cathode will be offered on the export trading floor both in Tehran and Kish, said Panahian. “Suppliers and customers will be treated the same in both floors”.

According to a report released by the IMIDRO, Iran’s copper reserves amount to 20 million tons, which account for 2.9 percent of global reserves.

This puts the country first in the middle-east and third in Asia. Recent discoveries have promoted Iran to the 10th spot among countries with most copper reserves.

Panahian also said that according to the latest statistics, Iran’s share in export of copper is almost four percent globally; however, production capacity is expected to surge to 700,000 tons by the end of the 20-Years Vision Plan (2025).

“Considering the IME’s role in price discovering of commodities, copper exports through the IME, will highlight Iran’s position as a major hub for copper price discovery in the world over,” Panahian said.