IME Spot Trade Grows 17% to $1.3b
EghtesadOnline: In the calendar month ending August 21 goods worth 355 trillion rials ($1.3 billion) were traded in the spot market of the Iran Mercantile Exchange.
The value was up 17% compared to the month earlier with cement, steel, iron ore, bitumen and polymer topping the list, according to data seen on IME’s website.
More than 4.72 million tons of goods were traded, up 14% in weight compared to the preceding month.
IME is a commodities exchange in Tehran founded in 2006 dealing in farm, industrial and petrochemical products in the spot and futures markets.
Trade in the said month mostly included industrial and mineral products weighing 3.46 million tons worth 198 trillion rials ($733 million) or 55% of the total.
Cement topped the list with 2.433 million tons, increasing substantially compared to the previous month when 252,000 tons cement were sold. Steel was next with 638,195 tons and iron ore 230,000 tons.
Other traded commodities included 86,335 tons zinc, 51,980 tons aluminum, 34,500 tons sponge iron, 20,610 tons copper,480 tons molybdenum concentrate, 400 tons coke, 90 tons precious metals concentrate and 35 kilograms gold ingot.
On the petrochemical and petroleum floor, 1.22 million tons commodities worth 151 trillion rials ($560m) were bought by domestic and foreign companies.
As per the IME data, traded commodities in this category included 250,427 tons of bitumen, 242,789 tons polymer products, 145,760 tons petrochemicals, 12,835 tons base oil and 331,640 tons vacuum bottom. The list also included 38,920 tons of sulfur, 220 tons argon, 189,500 tons lube cut and 1,700 tons moisture insulation materials.
The IME Side Market where miscellaneous items are offered, 43,256 tons of goods were sold in the month.
The mercantile exchange is gaining traction as more goods produced by domestic manufacturers join. Feasibility studies are underway to offer autos in the market and procure funds for housing projects.
Highlight: Trade in the month mostly included industrial and mineral products weighing 3.46 million tons worth 198 trillion rials ($733 million) or 55% of the total