Economy, Business And Markets

IME Host to 155KT of Goods

IME Host to 155KT of GoodsIME Host to 155KT of Goods

More than 155,000 tons of commodities, both from local and foreign suppliers, were offered at Iran Mercantile Exchange’s trading floors on Saturday.

The agricultural trading floor played host to 500 tons of crude sunflower oil from Ukraine, 500 tons of crude soybean oil from Argentina, 4,000 tons of white sugar, 4,000 tons of durum wheat and 2,000 tons of soybean flakes, IME’s website reported.

The industrial and mining trading floor recorded the offering of 16,500 tons of mixed steel rebar priced at 13,300 rials per kilogram by Kavir Steel Company. Khorasan Steel Company offered 100 tons of A3 steel rebar of size 14 and 28 to potential customers.

Around 46,900 tons of various bitumen grades by Pasargad Oil Company, 300 tons of bitumen by Jey Oil Company, 17,584 tons of petrochemicals, including caustic soda, polybutadiene rubber, polyvinyl chloride, high density polyethylene, polyethylene terephthalate, paraxylene, ammonium and styrene butadiene rubber were offered on the oil and petrochemical trading floor.

The board also saw the offering of 22,000 tons of vacuum bottoms, 2,000 tons of lube-cut oil and 800 tons of sulfur.

  Attracting Foreign Investment

IME is slated to host foreign investment in option contracts and spot market, the mercantile exchange’s deputy head, Ali Panahi, announced on Saturday.

“The IME platform allows foreign traders to engage in the trade of industrial, mining, agricultural and petrochemical commodities at spot market,” he said, adding that currently, 180 commodities have been listed for trade at IME spot market.

Noting that IME’s trading floors are currently used for importing corn, soybean, wheat and barley, he said foreign suppliers who directly export their commodities through IME’s platform could enjoy benefits, including guaranteed return on investment.

“Also, with the launch of Currency Bourse, foreign investors can avoid the risks involved in currency fluctuations,” said Panahi.

“Foreign investors who engage in the production of IME-listed commodities in Iran will be authorized to sell their products via IME, using a wide range of contracts,” he added.