Economy, Business And Markets

Italians Gauge Import Potential via Iran’s IME

Italians Gauge Import Potential via Iran’s IMEItalians Gauge Import Potential via Iran’s IME

In a meeting between a high-ranking Italian trade delegation and Iran Mercantile Exchange (IME) officials, the two sides stressed on enhancing economic cooperation and export of Iranian commodities to Italy through IME.

The visit of the Italian delegation, led by departmental head of Italy's Economic Development Ministry, Giorgio Giovanoli, was part of the Italian government's agenda to enhance economic cooperation with new emerging markets, IME public relations office reported.

IME managing director, Hossein Panahian elaborated the IME's role in regulating supply and demand and adding transparency to the commodity market, saying: "As one of Iran's capital market institutions, the IME has undergone major changes over the past few years."

Referring to petrochemicals, metals and minerals as the highest traded commodities at the IME respectively, he noted that some of these commodities are exported via IME's export trading floor.

"Our trip to Iran has been based upon accurate assessment and analysis which we have conducted over Iran's economic opportunities," Head of the industrial cooperation and international organizations office at Italy's Trade Promotion Agency, Francesco Pensabene said in the meeting.

"Having once been Italy's second trade partner, Iran was nominated by Italy as the first target for expanding economic collaboration, considering the new political atmosphere between Iran and the West," said Pensabene, adding that the IME can play a significant role in promotion of business between the two countries.

Italy is willing to directly import Iranian urea, polyethylene, minerals, steel, marble, decorative stones, and cement, said Pensabene.

> Tuesday Report

The Iranian Aluminium Company (IRALCO) has made a comeback at the Iran Mercantile Exchange, offering 800 tons of bloom with 99.75-percent purity, and the base price of 69,973 rials per kg on the industrial and mineral trading floor on Tuesday, IME public relations reported.

The board also saw offering of 15,000 tons of bloom by Khezestan Steel Company, priced at 12,020 rials per kg. In addition, Esfahan Steel Company offered 75,000 tons of I-beam, with the base price of 14,600 rials per kg.

The oil and petrochemical trading floor played host to 64,248 tons of polymers from local petrochemical complexes. Styrene butadiene rubber, polyethylene for various applications, and poly vinyl chloride were among the chief polymers listed on the board. Moreover, 32,300 tons of various grades of bitumen, 7,000 tons of vacuum bottoms, 5,000 tons of lube-cut oil, and 6,000 tons of sulfur were offered on the board.

Elsewhere, the export trading floor featured 8,150 tons of various grades of bitumen, 5,000 tons of granulated sulfur, and 480 tons of roof insulation for export purposes.

Furthermore, 15,360 tons of rice, 145,450 tons of corn, and 500 tons of canola were offered on the agricultural trading floor.

Finally, the secondary market witnessed the offering of 623 tons of scrap metal by the Islamic Republic of Iran Railways.

In sum, 451,000 tons of commodities were offered in a bustling trading day at the IME spot market on Tuesday.