Steel, Iron Ore Producers Raise $102m at IME

Iranian steelmakers raised about $102 million by selling Salaf contracts on Iran Mercantile Exchange during the 10 months to January 19, registering a 43% rise compared with last year’s corresponding period, according to IME chief, Hamed Soltani-Nejad. Iranian iron ore producers also sold $57.6 million worth of Standard Parallel Salaf contracts in the 10-month period, indicating a 51% rise year-on-year, he was quoted by Securities and Exchange News Agency as saying. Salaf is an Islamic contract similar to futures contracts used to forward sell an underlying commodity with a predetermined interest for the period. Standard Parallel Salaf is only different in that the contract’s total price must be paid in advance.