Iranian Polymer Trading Influenced by Rising Dollar Prices

In the new Iranian year, after three weeks, the PIDD Office NPC was to launch the new base prices for polymers. Though, many people already know that prices will increase due to the uncontrolled increase in the price of US$ in the free market. However, the trend of rising dollar prices, as it happened today, was unpredictable for no one.

What that never happened over the past 40 years (even during the war) happened today at the foreign currency market and the prices rose by every one hour. So that, since this morning till evening about 8% added to the value of US$ at the opening market. However, since the price commission could not fix the price and wait for the dollar’s final rate. For this reason, by setting a rate of 48,895 Rials per US dollar, the committee decided to set the base price for certain polymer materials. These are materials that are should only be sold through the Iranian stock exchange (IME) to factories that have an optimal code famous as “Behinyab or B-Code”
Although the global rate of many of these materials has fallen in the global market, however, due to rising dollar rates in the back market of foreign exchange market in Iran, the base rate for most of the polymer materials in the meeting rose by the decision of the the participants. This issue was previously evaluated on the website of the Plastics Monthly Magazine.
The following table shows the official rate for polymer materials on March 25th, 2018, and today’s rate (Sunday, April 8).

Table I: Comparison ta be for two sessions of the base polymer prices. All prices are in Iranian Rials. Though the prices are based of US$ value for 48.895 Rials, but due to further US$ value increase it is expected that tomorrow the market will face with much more higher prices.