BAKU, Azerbaijan, June 3. Product sales at the Iranian Mercantile Exchange grew by 20,4 percent in value and 7 percent in weight during the past Iranian week (from May 25 through May 30, 2024) compared to the prior week (from May 18 through May 23, 2024), Trend reports via the exchange.
Last week, product sales at the Mercantile Exchange totaled 2,79 million tons worth 300 trillion rials (nearly $810 million). However, in the preceding week, 3 million tons of items worth 249 trillion rials (about $5.94 billion) were sold on the exchange.
It should be noted that the Central Bank of Iran changed the official exchange rate of the US dollar on May 31. Thus, 1 US dollar increased from 42 thousand rials to 370,192 rials.
Meanwhile, around 2.4 million tons of items valued at 201 trillion rials (approximately $543 million) were auctioned in the Mercantile Exchange's industrial mining division.
This segment of the exchange primarily traded iron ore, cement, steel, sponge iron, copper, aluminum, lead, molybdenum concentrate, and precious metal concentrate.
During the aforementioned time, the Mercantile Exchange's petrochemicals segment sold around 379,000 tons of products for 94 trillion rials (approximately $254 million).
This exchange area mostly offered vacuum bottoms, bitumen, polymer materials, lube cuts, chemicals, sulfur, slap wax, gas, and so on.
The Mercantile Exchange's sub-market division sold 13.3 tons of merchandise worth 3.52 trillion rials (about $9,5 million).
Note that Iran's Mercantile Exchange provides a wide range of products and sets prices. Product prices at the exchange are governed by supply and demand. Iran's Organization of Exchanges and Securities promotes the wholesale sale of strategically vital products through the Mercantile Exchange.
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