IME hosts offering of 59,000 tons of steel

June 19, 2021 - 14:16

TEHRAN- Iran Mercantile Exchange (IME) hosted the offering of 59,000 tons of steel on its mineral and industrial trading floor on Saturday.

On this floor, 35,900 tons of steel blooms, and 6,000 tons of galvanized sheets were offered.

Iranian steel industry, which plays a significant role both in materializing the country’s motto of achieving self-reliance and in boosting the non-oil exports, has been in a development route in recent years.

The steel sector is being noticeably developed, and through implementing different projects in recent years a good market has been formed for the steel and steel products, but there is still some controversy over the prices, and some dispute between the upstream and downstream industries in this regard.

Offering the complete steel chain at Iran Mercantile Exchange is said to be the solution to this problem.

It is believed to put an end to all the challenges in terms of price, as this strategy will let the market discover the real price, considering the benefits of upstream and downstream units.

Also as stated by the IME Managing Director Hamed Soltaninejad, the IME lays the ground for transparent competition.

He says that if the complete chain of steel is offered in this exchange, transparency will dominate trades in the whole steel sector.

“Transparency should not be just for some sectors of the industry, while the whole industry including the downstream sector should enjoy transparent condition”, according to Soltaninejad.

IME is one of the four major stock markets of Iran, the other three markets are Tehran Stock Exchange (TSE), Iran's over-the-counter (OTC) market known also as Iran Fara Bourse (IFB), and Iran Energy Exchange (IRENEX).