The third stage of a plan to sell Iranian oil through the stock exchange will kick off this week, the oil minister said.
Bijan Namdar Zanganeh said the high economic council of heads of the three branches of power has given permission for the third stage of oil sale through the stock exchange.
During the second stage in November 2018, three buyers placed their bids when the 700,000 barrels of crude were offered for sale in the international ring of the Iran Energy Exchange (IRENEX). They were sold at a price of $64.97 a barrel, in three deals.
During the first stage, Iran had sold 280,000 barrels of crude in the stock exchange in October.
In July 2018, Iranian Vice President Eshaq Jahangiri said Iran would sell oil through stock exchange to counter the US sanctions on the country’s oil exports.
The US had announced plans to drive Iran’s oil exports down to zero, but backed off from its policy and granted waivers to at least 8 countries that import Iranian oil.
According to customs data maintained with SteelMint, bulk Indian pig iron export volumes have come down sharply by 50% in FY19. India has exported 221,260 MT pig iron in FY’19 as against 446,250 MT in FY’18. In the month of March pig iron exports from India recorded at 50,000 MT against nil from the previous month.
As per sources, one of the world's largest steel producer and a leading Russian metal company Magnitogorsk Iron and Steel (MMK) has doubled its metal shipments to Vietnam in CY18 as compared to CY17.
Indian Steel industry observed average inquiries during the Week-15 (9th to 13th Apr) owing to election mood in the country. In context to supply scenario, the production of Semis & Finished steel products more or less on same proportion, this led to volatility in prices.
Major global scrap markets observed price correction on weak demand globally. Turkish steel mills booked cargoes at lowered prices amid subdued steel demand. Japan's monthly Kanto tender for Apr'19 fetched bids lower by USD 15 against last month.
The Director General of Isfahan Provincial Crisis Management Department, accompanied by a host of crisis managers from governor’s offices in the province, toured the production lines of Mobarakeh Steel Company and hailed MSC as a leading company when it comes to cutting water consumption.
Imported HRC offers to Vietnam inched up this week following uptrend in export offers from China. On weekly basis imported HRC offer to Vietnam inch up by USD 5/MT from China.