The Iranian stock exchange announced its decision for a decrease in the down-payment of purchases of polymers and chemical products on the Iranian stock exchange from tomorrow, Dec. 5th, 2018. This decision has reduced the prepayment amount to 10% of the total value of registered purchase request.
According to the Plastic Industry Media, focusing on dealeres and brokers, the Iranian Mercantile Exchange (IME) report states:
“Dear Managing Directors of Brokerage Companies; we wish to announce that the down-payment for purchasing price of polymeric and chemical products has dropped by 10% starting on Wednesday Dec. 5th, 2018”
The declaration is signed and sealed by Mohammad Noorozpour (Director of Inspection).
According to PIMI analysts, “Since the time that by the new order of the ITM Minister, the ceiling prices for competitions were removed, the amount of this down-payment raised to 20%. However from tomorrow with this decision, the prepayment will return back to its previous amount of 10%.
The decision is definitely advantageous for industrialists and for the detriment of brokers and speculators due to the lack of dependency on purchases and the recording of demand for liquidity, of course, if other areas are ready and available. Also according to another gesture, due imposition of sanctions and the possibility of the reduction of petrochemical exports, the responsible bodies in petrochemical trading are trying to pave the pathways for more material trading at domestic level. Though, they are informed that most of materials will illegally be exported to the neighbouring countries.
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