Tehran, YJC. -- For the first time the bitumen prices discovered in the transactions of the Iran Mercantile Exchange trading floor was quoted as reference and regional benchmark of the market price in the international data vendors and news sites.
According to the report from IME international affairs and PR, Mehrzad Namdari the deputy managing director in operations of IME said in an interview: "due to high capacities and relative advantages of our country in production of some commodities including oil-related and petrochemical products, it was a long time that the producers were craving for Iran to play an effective role to become price maker of petroleum products in the international market. The dream was realized by publishing of Iranian bitumen prices traded in the IME trading system in the international data vending websites.”
He explained that at the moment, the IME is recognized and quoted as one of the most credible and important hubs for bitumen and the venue for price discovery of this product at regional and international level.
Namdari went on to say that currently Argus Media as one of the leading price data and analysis providers of the oil and petrochemical products is quoting the prices of IME international trading floor as one of the bitumen price benchmarks in its "Asphalt Report” which sheds light on bitumen market in the different parts of the world.
Pointing to the advantages and merits of price benchmarking as a factor enhancing negotiating power of the country at international talks, Namdari unveiled: "one of the IME goals is to become price reference on trade-able commodities in petroleum, petrochemical industrial and mineral asset classes.”
Namdari added: "Now the name of IME and its trading board prices has positioned itself as one of the price discovery centers of the downstream oil industry exporting products in the news and commentaries of international publications and we hope to extend such practice to other potential commodities in the country. Hence, an opportunity has been provided for the private sector producers to offer their commodities in international export trading floor of IME and their names to be introduced and quoted in the international news sites and bulletins.