According to the report from Iran Mercantile Exchange international affairs and PR, “One current problem of the country is that we do not take any role in price making for commodities which we have relative advantage in and we are trying to fix this problem.” He added.
The IME Managing Director told prior to opening of Kish trading floor in Persian Gulf, Iran origin bitumen prices were being decided without transparency. With listing of Iranian bitumen in IME and sound price discovery, we are now quoted by the news sites and commodity market magazines as a regional price reference for petrochemical products. The same scenario goes for iron ore where we are price maker for the commodity.
IME managing director told that one of the key goals and plans of IME is finance production sector. He referred to the securing capital as one key concern of the producers which is very costly to obtain through banking system. To this effect, IME has managed to provide over 20K billion IRR in the form of Salaf (forward delivery) contracts to which IME aims to grow it gradually.
To this end, IME has developed iron ore Standard Salam contracts to address this issue for iron ore producer Golgohar.
Panahian added that for product development IME aims to launch saffron futures and as a trading tool, the options contracts as new trading instrument for derivatives market.
Then the Gilan province governor told in his speech that launching the trading floor of Anzali is national project in line with the government anti-recession package. He told it not only boost the Gilan economy it also helps flourish the national economy.
The ceremony was followed by the remarks of the managing director of Anzali Free Trade Zone. He highlighted the importance of this trading floor as the hub to lure market participants from CIS countries and Central Asia and boosts the volume of trade in the Caucasus region and Caspian Sea littoral states.
Iran Bitumen Market's president, Emad Honarparvar was attending this event as invited guest.