BAKU, Azerbaijan, February 24. Product sales at Iran's Mercantile Exchange (IME) in the past Iranian week (February 15-20) saw a significant rise compared to the previous week (February 8-13), with a 103 percent increase in value and a 91 percent increase in weight.
The data obtained by Trend from the IME shows that the total value of products sold during this period amounted to 630 trillion rials (about $1.1 billion), with a total weight of 4.41 million tons. This was a marked increase compared to the previous week's sales, which were valued at around 312 trillion rials (about $58 million), and the total weight sold was 2.3 million tons.
In the industrial and mining section of the exchange, 233 trillion rials (about $409 million) worth of 1.01 million tons of products were sold. This included iron ore, cement, steel, sponge iron, copper, aluminum, lead, molybdenum concentrate, and precious metal concentrates.
In the petrochemical products section, 183 trillion rials (about $320 million) worth of 405,000 tons of products were sold, including vacuum bottoms, bitumen, polymer materials, lube cuts, chemicals, sulfur, slaps, wax, and gas.
Additionally, in the export products section, 62.9 trillion rials (about $110 million) worth of 264,000 tons of products were sold. Meanwhile, the open auction resulted in sales of 128 trillion rials (about $226 million) worth of 2.6 million tons of products.
The exchange's sub-market segment transacted 48,800 metric tons
of commodities valued at 13.5 trillion rials (approximately $23.7
million).
Another significant transaction involved the divestiture of 599
passenger vehicles, appraised at 11.8 trillion rials (approximately
$20.8 million).
To note, Iran's Mercantile Exchange functions to provide many products and set prices. The price of products at the exchange is determined based on supply and demand. The Iranian Exchange and Securities Organization advocates that the wholesale sale of strategically important products should be carried out by the IME.