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TEHRAN – The CEO of Iran Mercantile Exchange (IME) Mr. Hamed Soltaninejad says the company is on the course to become the biggest commodity market in the region.

Speaking at the annual general meeting of the company, Soltaninejad briefed the share-holders of the performance of the IME and elaborated major achievements of the company in the past Iranian calendar year and pointed to some of programs of the IME in the current year.

To begin with, he pointed to the message of board of directors addressing the shareholders, adding that IME,  in line with materializing the Supreme Leader’s last year  recommendations that he called it year of pick-up in production, as the biggest market of commodity and bonds  enjoyed trade worth 170,000b tomans last year and it has done its best in collaboration with all economic activists to facilitate boom in production and offering products on the IME through adopting several hardware and software tools.

Soltaninejad reiterated that IME is trying to become the biggest mixed commodity market in the region and a sustainable reference for commodity price, adding that the company could create a common understanding between capabilities and existing capacities and economic activists in line with materializing the slogan of pick-up in production last year.

He added that IME ranked first among the capital markets in the country in the preceding year in terms of value of trade, and it enjoyed 56 percent growth in value of the total trade last year and it indicates the growth in the capital market.

Soltaninejad further said IME in its thirteenth year of activities has been able to act as one of the capital market pillars and it has had more colorful and effective impact on the national economy especially in meeting the demands of different sectors of economy especially metal , petrochemical and chemical industries.

He added that discovery of the price is done based on the demand and supply, reduction in the costs of exchanges in order to ease access to the information of the market, boosting the cashability based on creating the secondary market for transactions, creating mechanism for finance and directing it towards the justifiable industries and creating the hedge have been of the major functions of the IME in line with pick-up in economy and surge into production.

Soltaninejad added that IME is determined to employ capacities and capabilities in the capital market this year which has been named surge in the production and to play more efficiency in creating transparency and health in the market.

He then pointed to major achievements of the IME in the past Iranian calendar year. He said the value of trades last year stood at more than 169,000b tomans and in the physical market, over 26.3m tons of commodities worth 137,000b tomans were traded.

On the mineral and industrial floor, some 9.7m tons of commodities worth 61,000b tomans were traded.

Soltaninejad further said on the petrochemical products floor, 4.6m tons of commodities worth 42,000b tomans and the figure on the oil products was 11.9m tons of commodities worth 33,000b tomans.

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A total of 223,904 tons of various products worth about $446 million were traded on IME’s domestic and export metal and mineral trading hall, according to IME statistics for the week.

Among the traded products at this hall were 212,616 tons of steel, 3,880 tons of copper, 7,240 tons of aluminum, 150 tons of molybdenum concentrate, 18 tons of precious metal concentrates as well as 20 kilograms of gold bullion.

In addition, 449,914 tons of different commodities valued at $435 million were traded on IME’s domestic and export oil and petrochemical trading halls.

Among the other traded items were 71,060 tons of bitumen, 79,119 tons of polymer products, 30,391 tons of chemical products, 1,074 tons of insulation, 1,550 tons of base oil as well as 61,420 tons of sulfur.

The IME was set up on September 20, 2007, in accordance with Article 95 of the new law of Securities Market of the Islamic Republic of Iran following the merger of agricultural and metal stock exchanges of Tehran. The merger marked a new chapter in Iran’s capital market providing many trading opportunities for customers both in the country and abroad.

The IME currently offers various services, including serving as the first market providing access to the initial offering of the listed commodities in the IME; price discovery and price making for Iran’s over-the-counter (OTC) trade, secondary markets, and end-users and providing a venue for government sales and purchases as well as a trading platform.

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The report says that 826,653 tons of commodities worth $1.142 million have been traded at this exchange market in the past week, indicating a 40 percent rise in the volume of trades.

On the domestic and export metal and mineral trading floor of IME, 277,652 tons of various products worth close to $538 million were traded, the same report confirmed.

On this trading floor, 253,264 tons of steel, 11,160 tons of copper, 10,420 tons of aluminum, 250 tons of molybdenum concentrates, 18 tons of precious metal concentrates, 540 tons of zinc ingot as well as 2,000 tons of coke were traded by customers.

The report declares that on domestic and export oil and petrochemical trading floors of IME, 548,341 tons of different commodities with a total value of $605 million were traded.

On this trading floor, 132,820 tons of bitumen, 225,000 tons of VB feed stock, 95,764 tons of polymer products, 31,000 tons of lube cut oil, 41,423 tons of chemical products, 1,679 tons of base oil, 3,000 tons of slaps waxes, 100 tons of argon, 1,505 tons of insulation, as well as 16,050 tons of sulfur were traded.

Furthermore, the side market of IME experienced trading of 606 tons of various commodities.

As previously announced by IME’s International Affairs and Public Relations Department, 2.874 million tons of commodities valued at $3.397 billion were traded at this exchange market in January.

During the last month, the oil and petrochemical trading floor of IME hosted trading of 1,697,033 tons of commodities worth $1.65 million, the same report confirmed.

On this trading floor, more than 543,118 tons of bitumen, 280,982 tons of polymer products and 149,505 tons of chemical products, 483,850 tons of VB feed stock, 170,240 tons of lube cut oil, 55,685 tons of sulfur, 5,595 tons of insulation, 2,000 tons of slaps waxes, 6,018 tons of base oil and paraffin waxes, and 40 tons of argon were traded by customers.

The IME report said that the metal and mineral trading floor witnessed trading over 1.169 million tons of commodities worth more than $1,737 million in the past month.

On this trading floor 1.09 million tons of steel, 17,750 tons of copper, 640 tons of molybdenum concentrate, 60 tons of precious metals concentrates, 39,960 tons of zinc, 20,940 tons of aluminum, 10 tons of lead ingot, as well as 87 kg of gold bullion were traded by customers.

Meanwhile, the side market of the IME experienced trading of 2,778 tons of polyester threads, a total number of 16,850 of empty barrel as well as 4,900 tons of phosphate concentrates during January.

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TEHRAN (Iran News) – Iran Mercantile Exchange, IME, announced that 2.87 million tons of commodities, valued at over $3.39 billion, were traded in its domestic trading and export halls during January.

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IRAN NEWS ECONOMIC DESK

He said that last year was a good year for the IME as it witnessed a record for trade, adding that IME witnessed a new record in volume  and value of trade of petrochemical products and over 4.6m tons of petrochemicals worth around 30,000b tomans were traded.

Soltaninejad went on to say that the figure for the trade in mineral and industrial products stood at 32,000b tomans and it was also a new record for this field. He noted that in the agriculture sector, the value of trade exceeded 1600b tomans while in this field there was a decline in trade in the first half of the year because of the system of subsidies.

Soltaninejad asserted that the value of oil products which were traded on the IME last year was 22,000b tomans and it was also a new record.

He reiterated that the total physical market of the IME was 88,400b tomans last year which was also a new record.

Soltaninejad noted that the total value of trade hit 178,000b tomans last year and the statistics show that the trade on the IME accounted for 39 percent of total trade in the capital market last year.

He then pointed to the future programs of the IME for the current year, adding that the IME is to launch deposit certificates for goods like gold bullion and caraway as well as futures contracts for mercantile funds.

He added that the IME is to expand its information management system and to boost its international tradeby strengthening its brand.

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