Exchange

Iran IME to start iron ore pellet and concentrate trade

Iran IME to start iron ore pellet and concentrate trade
Mining News Agency -Mr Hamed Soltani-Nejad managing director of the bourse as saying Iran Mercantile Exchange plans to begin trading in domestically produced iron ore pellet and concentrate. The IME also planned to trade imported iron ore in the future.
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Mining News -Iran`s iron ore imports were insignificant, however, though a market analyst said Monday that they were expected to grow as steel production capacity increases.

Mr Nasser Taqizadeh Managing Director announced that Gol-e Gohar Iran`s largest iron ore miner is the first company to be approved by IME for trading.

Mr Taqizadeh said that "At this stage, a portion of Gol-e Gohar`s pellet and concentrated iron ore output will be traded on IME in lots of 50,000 tons [each], but in the next stage the company will trade sponge iron through IME."

IME sought to launch trading in domestically produced iron ore in 2013, but was not successful owing to a lack of acceptance by the local steel industry, a market participant said.

Mr Taqizadeh elaborated that "The domestic price of iron ore lump, concentrate, fines and pellet is determined by the government, based on the average price of billet trading on IME. Therefore the iron ore price depends on the steel price."

Mr Taqizadeh added that "Floating of pellet and concentrated iron ore prices was expected to increase the production cost for the steel industry to some extent, but not immediately. It will not affect any of the current contracts between miners and steel producers."


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