BAKU, Azerbaijan, March 8. Product sales at Iran's Mercantile Exchange (IME) saw a five percent decrease in value and a 12.8 percent in weight in the past Iranian week (March 1-6) compared to the previous week (February 22-27).
The data obtained by Trend from the IME shows that the total value of products sold during this period amounted to roughly 589 trillion rials (about $1.03 billion), with a total weight of 3.48 million tons. However, in the previous week the sales were valued at 620 trillion rials (about $1.08 billion), and the total weight sold was 3.99 million tons.
In the industrial and mining section of the exchange, 233 trillion rials (about $462 million) worth of 1.08 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, 117 trillion rials (about $204 million) worth of 249,000 tons of products were sold, including vacuum bottoms, bitumen, polymer materials, lube cuts, chemicals, sulfur, slaps, wax, and gas.
Additionally, in the Kish export products section, 50.9 trillion rials (about $89.4 million) worth of 205,000 tons of products were sold.
Meanwhile, the open auction resulted in sales of 147 trillion rials (about $259 million) worth of 1.92 million tons of products.
The exchange's sub-market segment transacted 27,500 metric tons
of commodities valued at 8.57 trillion rials (approximately $15
million).
Another significant transaction involved the divestiture of 76
passenger vehicles, appraised at 1.45 trillion rials (approximately
$2.55 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.
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