IME Monthly Trade at $2.2 Billion
EghtesadOnline: Goods and commodities worth an estimated 665 trillion rials ($2.2 billion) were sold in the spot market of the Iran Mercantile Exchange in the last calendar month that ended on Dec. 21.
In value terms trade dropped slightly by 5% on monthly basis and the volume too was down 6%, according to data seen on the IME’s website.
IME is a commodities exchange in Tehran founded in 2006 to host deals in farm, industrial and petrochemical products in the spot and futures markets.
Despite the decline, deals increased on the petrochemical and petroleum floor where 1.64 million tons of petroleum products worth 256 trillion rials ($853m) were sold, up 7% and 5%, respectively.
Trade on this floor included 420,000 tons bitumen, 396,000 tons polymers, 130,000 tons petrochemicals, 20,000 tons base oil and 450,000 tons vacuum bottom. Moreover, 26,000 tons of sulfur, 48 tons moisture insulation materials, 550 tons argon and 191,000 tons lube cut were also sold.
Trade via the industrial and mineral floor amounted to 6.7 million tons worth 402 trillion rials ($1.3b), down 8% in volume but 6% higher in value on the earlier month.
Like the past five months, cement topped the list with 4.64 million tons followed by steel with 1.51 million tons.
Companies bought 33,000 tons of copper, 41,000 tons aluminum, 241,000 tons iron ore, 201,000 tons sponge iron, 35,000 tons zinc, 540 tons molybdenum concentrate, 400 tons coke, 81 tons precious metals concentrate and 16 kilograms of gold ingots.
The IME Side Market hosted 34,095 tons of goods in the month. In this market miscellaneous goods are traded. There was no trade on the IME agriculture floor in the last calendar month.
The Top Ten
The IME news agency, imereport.ir, ranked the top ten companies in terms vale of sales in the IME’s spot trade.
Accordingly, Mobarakeh Steel Company, National Iranian Copper Industries Company, Khouzestan Steel Company, Bandar Abbas Oil Refining Company, Isfahan Oil Refinery, Shahid Tondgovian Petrochemical Company, Tehran Oil Refinery, Hormozgan Steel Company, Esfahan Steel Company, Bandar Imam Petrochemical Company were the top commodities.
The MSC, a giant steelmaker, generated 105.25 trillion rials ($350.8 million) in the month followed by NICICO and KSC respectively with monthly sales of 74 trillion rials ($246 million) and 22 trillion rials ($73 million).
IME has attracted more interest in recent months as the government encourages manufacturers to offer goods at this market.
Petrochemicals, metal, mineral and agricultural products are already listed at the major exchange. Cement was offered in the recent past and other key items, namely autos and real estate, are expected to be added.
Earlier the IME said cars that are not subject to mandatory pricing mechanism by the government can be offered at the market.