IME Deals Earn $960m in 1 Month

EghtesadOnline: Goods worth 243.4 trillion rials ($960 million) were traded at Iran Mercantile Exchange during the month to Sept 13.

News ID: ۷۵۱۰۲۴

19 September 2020

Companies traded 2.41 million tons of goods during the month to register growth of 6.6% and 19% in volume and value, respectively, compared to the month earlier, according to a report by the Tehran Chamber of Commerce, Industries, Mines and Agriculture.

Regarding performance of industries operating in the IME, the value of trade in petrochemicals and oil products saw a 5.6% increase on a monthly basis. However, the volume of deals dropped by 6.3%.

Petrochemicals and oil products weighing 1.18 million tons and worth 93.74 trillion rials ($375m) were traded in the month via the IME.

In the industries category, 1.23 million tons of goods worth 149.5 trillion rials ($598m) were traded, indicating 23.3% and 31.7% monthly rise in volume and value, respectively.

Mineral trade, however, was zero while rolled steel plates, copper cathode and vacuum bottom topped the list.

IRENEX Deals Earn $160m

The TTCIM also covered trade at the Iran Energy Exchange, where various energy carriers are offered to both domestic and foreign clients.

Oil products valued at $160 million were traded in the international ring of the IRENEX in the month.  Liquefied petroleum gas was the main item with $46.9 million, gasoline was the next worth $30.5 million.

Diesel fuel, kerosene, raffinate, solvent 404 and heavy hydrocarbons were the products traded via the IRENEX.

After the US under Donald Trump walked away from the historic Iran nuclear deal in May 2018 and vowed to drive Iran's oil exports to zero using the so-called “maximum pressure” plot,  the Tehran government has been doing all it can to counter the hostile US moves and export oil.

One measure is diversifying oil export manner, namely offering oil and oil products in the Tehran energy market.

IRENEX was given a mandate to sell crude oil in the autumn of 2018. Save for a few initial deals, the initiative did not lead to the desired outcome.

The state-owned National Iranian Oil Company offered heavy crude at regular intervals in the last fiscal year (March 2019-20) but suspended it due to lack of buyers.