Economy, Business And Markets

IME Sunday Report

IME Sunday ReportIME Sunday Report

National Iranian Copper Industries Company offered 4,000 tons of copper cathode, priced at 196,530 rials per kg; 3,500 tons of copper wire with the base price of 203,610 rials per kg; 20,000 tons of low-graded copper; 100 tons of molybdenum sulfur as well as 15 tons of precious metals concentrate on IME’s industrial and mining trading floor on Sunday.

The floor also registered the offering of 270 tons of copper wire by World Copper Company, priced at 204,160 rials per kg, as well as 726 tons of rebar A3-25 offered by Isfahan Steel Company.

The agricultural trading floor featured 104,960 tons of corn, 8,595 tons of rice, 6,000 tons of white sugar, 4,000 tons of durum wheat and 1,000 tons of wheat.

Close to 43,800 tons of various grades bitumen, 33,000 tons of lube-cut oil, 13,000 tons of vacuum bottoms, 3,820 tons of chemicals and 1,300 tons of sulfur were offered on the oil and petrochemical trading floor.

The export trading floor witnessed the offering of 11,500 tons of bitumen 6070 and 300 tons of roof insulation.

The Secondary Market played host to 638 tons of scrap metals by Islamic Republic of Iran Railways as well as 25 tons of scrap metals by Alborz Niroo Company.

All in all, more than 260,000 tons of commodities were offered in IME’s spot market on Sunday trading.

 Bitumen in Limelight

Iranian bitumen has grabbed the attention of international buyers, with trade volume and value recording new highs in the past months since the beginning of the current Iranian year (started March 21), IME reported.

Close to 913,780 tons of various grades of bitumen have been traded at Iran Mercantile Exchange’s local and export trading floors since March 21, of which 754,000 tons were exported overseas and 159,323 tons were grabbed by local customers.

Bitumen trade during the period grew by 12% in volume and 6% in value respectively compared with the same period of the previous year.

“Local suppliers benefit from supplying bitumen via IME since a large number of customers across the country have access to the mercantile exchange,” said managing director of Parsian Bitumen Company, Habib Ahmadi.

He added that the gains are generally higher for large suppliers than the small companies, since large suppliers can buy their required raw materials through credit purchase whereas smaller suppliers do not have enough credit to do the same.

“If the small-sized suppliers were to gain the credit required for purchasing raw materials, it would lead to a surge in bitumen trade in both local and export trading floors,” he concluded.