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EghtesadOnline: 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, Financial Tribune reported.

IME Iran Mercantile Exchange Iran Steel Iran iron Hamed Soltani-Nejad