Iran’s commodity market plans to offer sponge iron
Baku, Azerbaijan, March 10
By Khalid Kazimov – Trend:
Industry officials are planning to offer direct reduced iron (DRI aka sponge iron) on Iran Mercantile Exchange (IME).
Jafar Sargheini, an Iranian deputy industry minister, has said that the officials are making efforts to offer the DRI on the commodities market, ISNA news agency reported.
“We plan to formulate the procedure for offering products like sponge iron at the exchange market under which demand and offer would set the final prices,” he added.
Iran’s major state-run iron ore companies affiliated with Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) produced about 31.18 million tons of iron ore concentrate during the first 10 months of the current fiscal year (March 20-Jan. 21).
In the meantime, the 10 state-run companies produced over 15.84 million tons of sponge iron, 14 percent more compared to the first 10 months of the preceding year.