MSC Retains Largest Share of Domestic Steel Production
With an output of about 6.2 million tons, Mobarakeh Steel Company had the largest share of steel production in Iran during the first four months of the current fiscal year (March 20-July 21).
The steel mill produced 2.81 million tons of finished products during the period and registered a 4% decline compared with last year’s corresponding period.
More than 3.38 million tons of semi-finished products were produced by MSC, up 9% year-on-year, the Iranian Mines and Mining Industries Development and Renovation Organization’s latest report shows.
MSC’s total output over the month ending July exceeded 1.47 million tons: 684,559 tons of finished steel, down 2% YOY; in addition to 785,853 tons of semi-finished steel, up 7% compared with the corresponding period of last year.
Located in southwestern Isfahan, Mobarakeh Steel Company is the biggest steel producer in Iran and the Middle East and North Africa region.
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With an output of about 6.2 million tons, Mobarakeh Steel Company had the largest share of steel production in Iran during the first four months of the current fiscal year (March 20-July 21).
The steel mill produced 2.81 million tons of finished products during the period and registered a 4% decline compared with last year’s corresponding period.
More than 3.38 million tons of semi-finished products were produced by MSC, up 9% year-on-year, the Iranian Mines and Mining Industries Development and Renovation Organization’s latest report shows.
MSC’s total output over the month ending July exceeded 1.47 million tons: 684,559 tons of finished steel, down 2% YOY; in addition to 785,853 tons of semi-finished steel, up 7% compared with the corresponding period of last year.
Located in southwestern Isfahan, Mobarakeh Steel Company is the biggest steel producer in Iran and the Middle East and North Africa region.
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Iran's Housing PMI Drops in Fourth Fiscal Month
The Purchasing Managers' Index for Iran's housing sector in the fourth month of the current fiscal year (June 21-July 21) settled at 52.78 from 64.36 in the preceding month (May 21-June 20).
Iran Chamber of Cooperatives has measured the PMI for the country’s real-estate and construction sectors, under the Farsi acronym “Shamekh”, during the period under review.
The new data show the overall PMI settled at 52.78 from 64.36 in the third Iranian month, indicating an 18% decline month-on-month.
PMI is an indicator of the health of economic sectors. It provides information about current business conditions to decision-makers, analysts and purchasing managers.
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The Purchasing Managers' Index for Iran's housing sector in the fourth month of the current fiscal year (June 21-July 21) settled at 52.78 from 64.36 in the preceding month (May 21-June 20).
Iran Chamber of Cooperatives has measured the PMI for the country’s real-estate and construction sectors, under the Farsi acronym “Shamekh”, during the period under review.
The new data show the overall PMI settled at 52.78 from 64.36 in the third Iranian month, indicating an 18% decline month-on-month.
PMI is an indicator of the health of economic sectors. It provides information about current business conditions to decision-makers, analysts and purchasing managers.
bit.ly/2Can2RQ
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Stocks in Tehran Down 3.2%
Extending earlier session’s loss, the Tehran Stock Exchange fell 3.16% on Tuesday and its benchmark, TEDPIX, lost 65,261 points to retreat to the critical 2 million points reached on August 2.
The downturn is linked to the government’s abrupt decision to cancel previously announced plans to offer its shares in four refineries via an exchange-traded fund.
The announcement created nervousness in the market and sparked massive sell-off in majority of ticker symbols because investors interpreted the move as a sign that the government may no longer support the bourse.
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Extending earlier session’s loss, the Tehran Stock Exchange fell 3.16% on Tuesday and its benchmark, TEDPIX, lost 65,261 points to retreat to the critical 2 million points reached on August 2.
The downturn is linked to the government’s abrupt decision to cancel previously announced plans to offer its shares in four refineries via an exchange-traded fund.
The announcement created nervousness in the market and sparked massive sell-off in majority of ticker symbols because investors interpreted the move as a sign that the government may no longer support the bourse.
financialtribune.com/node/104776
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Bonds Worth $132m Sold in Weekly Auction
The government sold 30.4 trillion rials ($132 million) in Islamic bonds in the interbank and stock market during the weekly auction on Tuesday. As per an earlier announcement, it was to offer Murabeha bonds worth 50 trillion rials ($217m).
According to the central bank’s public relations office, bidders this time were six banks who put in bids worth 20 trillion rials ($87 million). The Economy Ministry accepted bids worth 13.6 trillion rials ($60m).
Retail and institutional investors in equity market bought the remaining 16.8 trillion rials ($73 million) outside of CBI auction.
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The government sold 30.4 trillion rials ($132 million) in Islamic bonds in the interbank and stock market during the weekly auction on Tuesday. As per an earlier announcement, it was to offer Murabeha bonds worth 50 trillion rials ($217m).
According to the central bank’s public relations office, bidders this time were six banks who put in bids worth 20 trillion rials ($87 million). The Economy Ministry accepted bids worth 13.6 trillion rials ($60m).
Retail and institutional investors in equity market bought the remaining 16.8 trillion rials ($73 million) outside of CBI auction.
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Utilities Inflation at 22.7%
The Consumer Price Index of utilities (electricity, gas and water) in the 12-month period ending July 21, which marks the end of the fourth Iranian month, increased by 22.7% compared with last year’s corresponding period.
According to the Statistical Center of Iran, the CPI of "housing, water, electricity, natural gas and other fuels" among 12 groups of the basket of consumer goods and services purchased by households stood at 184.6 for the month under review, indicating a 6.9% increase compared with the month before.
The group’s CPI index, which has the biggest impact on total inflation rate with a coefficient of 35.5%, registered a year-on-year increase of 24.6%.
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The Consumer Price Index of utilities (electricity, gas and water) in the 12-month period ending July 21, which marks the end of the fourth Iranian month, increased by 22.7% compared with last year’s corresponding period.
According to the Statistical Center of Iran, the CPI of "housing, water, electricity, natural gas and other fuels" among 12 groups of the basket of consumer goods and services purchased by households stood at 184.6 for the month under review, indicating a 6.9% increase compared with the month before.
The group’s CPI index, which has the biggest impact on total inflation rate with a coefficient of 35.5%, registered a year-on-year increase of 24.6%.
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Mineral Explorations Grow 15 Percent in Four Months
The area under mineral explorations in Iran expanded by 30,000 square meters during the first four months of the current Iranian year (March 20-July 21), according to the Geological Survey and Mineral Explorations of Iran.
The explorations registered a 15% growth compared with the same period of last year, IRNA quoted the head of GSI, Alireza Shahidi, as saying.
Shahidi said plans are high on the agenda to carry out explorations over 115,000 square kilometers by the end of the current fiscal year (March 20, 2021).
Expanding the horizons of explorations is propelled by large-scale investments by Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) in the past several years.
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The area under mineral explorations in Iran expanded by 30,000 square meters during the first four months of the current Iranian year (March 20-July 21), according to the Geological Survey and Mineral Explorations of Iran.
The explorations registered a 15% growth compared with the same period of last year, IRNA quoted the head of GSI, Alireza Shahidi, as saying.
Shahidi said plans are high on the agenda to carry out explorations over 115,000 square kilometers by the end of the current fiscal year (March 20, 2021).
Expanding the horizons of explorations is propelled by large-scale investments by Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) in the past several years.
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Tehran Stocks Extend Losses
Opening in positive territory in the early hours, Tehran stocks reversed course in the mid-trading session and finally ended trade in the red on Wednesday.
The main index of Tehran Stock Exchange, TEDPIX, gained almost 40,000 points in the first hours of trading but later retreated and ended 24,298 points lower than the previous session’s close as sell-off pressure mounted.
The TEDPIX lost 1.22% for the day and moved further away from the critical 2 million points to close trading session at 1,975,544 points.
financialtribune.com/node/104798
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Opening in positive territory in the early hours, Tehran stocks reversed course in the mid-trading session and finally ended trade in the red on Wednesday.
The main index of Tehran Stock Exchange, TEDPIX, gained almost 40,000 points in the first hours of trading but later retreated and ended 24,298 points lower than the previous session’s close as sell-off pressure mounted.
The TEDPIX lost 1.22% for the day and moved further away from the critical 2 million points to close trading session at 1,975,544 points.
financialtribune.com/node/104798
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Central Bank of Iran Sees Reason in Gov’t Oil Presale Proposal
The governor of Central Bank of Iran has backed a government crude oil presale plan of action for domestic buyers, saying that it is one of the few government options to fund the budget deficit in a “healthy” manner.
By “healthy budget funding”, Abdolnasser Hemmati meant any viable method other than borrowing from the central bank, which runs the risk of increasing the monetary base and pushing up consumer price inflation, which already are at record highs.
“The government budget deficits due to the US economic sanctions on oil exports is a reality,” Hemmati wrote in a note on his social media account on Wednesday.
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The governor of Central Bank of Iran has backed a government crude oil presale plan of action for domestic buyers, saying that it is one of the few government options to fund the budget deficit in a “healthy” manner.
By “healthy budget funding”, Abdolnasser Hemmati meant any viable method other than borrowing from the central bank, which runs the risk of increasing the monetary base and pushing up consumer price inflation, which already are at record highs.
“The government budget deficits due to the US economic sanctions on oil exports is a reality,” Hemmati wrote in a note on his social media account on Wednesday.
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Majlis Rejects Industries Ministry Nominee
Iran’s conservative-dominated parliament voted against President Hassan Rouhani’s pick for the post of industries, mining and trade minister in its Wednesday session.
From a total of 254 votes, 104 parliamentarians voted in favor and 140 voted against the nomination, while 10 abstained.
Hossein Modarres Khiyabani, the caretaker of industries minister, had been nominated by Rouhani to head the ministry permanently.
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Iran’s conservative-dominated parliament voted against President Hassan Rouhani’s pick for the post of industries, mining and trade minister in its Wednesday session.
From a total of 254 votes, 104 parliamentarians voted in favor and 140 voted against the nomination, while 10 abstained.
Hossein Modarres Khiyabani, the caretaker of industries minister, had been nominated by Rouhani to head the ministry permanently.
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Tehran Housing Inflation at 46.4%
Tehran’s housing Consumer Price Index in the 12-month period ending July 21, which marks the end of the fourth Iranian month, increased by 46.4% compared with the corresponding period of last year, latest data released by the Statistical Center of Iran show.
SCI had put the average annual inflation rate for the preceding Iranian month, which ended on June 20, at 47.8%.
The housing inflation for the month under review (June 21-July 21) registered a year-on-year increase of 58.9% compared with the similar month of the previous Iranian year. The year-on-year inflation of the month ending June 20 was at 44.6%.
The housing CPI (using the Iranian month to April 19, 2016, as the base) stood at 507 last month, indicating a 10% rise compared with the month before.
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Tehran’s housing Consumer Price Index in the 12-month period ending July 21, which marks the end of the fourth Iranian month, increased by 46.4% compared with the corresponding period of last year, latest data released by the Statistical Center of Iran show.
SCI had put the average annual inflation rate for the preceding Iranian month, which ended on June 20, at 47.8%.
The housing inflation for the month under review (June 21-July 21) registered a year-on-year increase of 58.9% compared with the similar month of the previous Iranian year. The year-on-year inflation of the month ending June 20 was at 44.6%.
The housing CPI (using the Iranian month to April 19, 2016, as the base) stood at 507 last month, indicating a 10% rise compared with the month before.
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NIOC Plans to Sell Half Million Barrels of Oil via Salaf Contracts
The National Iranian Oil Company plans to offer standard parallel salaf contracts for 520,000 barrels of heavy crude oil via Iran Energy Exchange.
As per a notice published on the codal.ir-- an information platform for publishing key stock market data and listed companies-- each salaf contract has an equivalent value of one barrel of oil.
Heavy crude oil is priced at 9.446 million rials (about $42). Those interested can buy the salaf contracts for minimum one barrel and maximum 20,000 barrels.
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The National Iranian Oil Company plans to offer standard parallel salaf contracts for 520,000 barrels of heavy crude oil via Iran Energy Exchange.
As per a notice published on the codal.ir-- an information platform for publishing key stock market data and listed companies-- each salaf contract has an equivalent value of one barrel of oil.
Heavy crude oil is priced at 9.446 million rials (about $42). Those interested can buy the salaf contracts for minimum one barrel and maximum 20,000 barrels.
bit.ly/3gZfWyH
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Guardians Council Sends Vacancy Tax Bill Back to Parliament
The Guardians Council–a watchdog that ensures laws are in line with the Iranian Constitution and Islamic law–has sent back the vacancy tax bill to the Iranian Parliament for reconsideration.
Abbasali Kadkhodaei, the council's spokesman, said in a tweet on Thursday that it had found ambiguities regarding the revision bill of Article 54 of Direct Tax Code (vacancy tax) and in order to better protect the rights of people, it was returned to the Majlis.
Members of the Iranian Parliament recently approved revisions to Article 54 of Direct Tax Code. The legislation would make several changes to vacancy tax with the aim of returning empty properties to use as rental homes for people.
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The Guardians Council–a watchdog that ensures laws are in line with the Iranian Constitution and Islamic law–has sent back the vacancy tax bill to the Iranian Parliament for reconsideration.
Abbasali Kadkhodaei, the council's spokesman, said in a tweet on Thursday that it had found ambiguities regarding the revision bill of Article 54 of Direct Tax Code (vacancy tax) and in order to better protect the rights of people, it was returned to the Majlis.
Members of the Iranian Parliament recently approved revisions to Article 54 of Direct Tax Code. The legislation would make several changes to vacancy tax with the aim of returning empty properties to use as rental homes for people.
bit.ly/3apG57k
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Gov’t Tightens Export Rules
The government announced limits on the amount of export by owners of new commercial cards. The decision was approved by the Cabinet earlier in the month and sent to relevant administrative bodies on Thursday.
Accordingly, exporters who got their commercial cards recently can export not more than $500,000 during the first year of their activity.
Likewise, new export companies will be able to export goods worth $2 million in the second year, IBENA reported. Manufacturing units that export are exempt from such limits.
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The government announced limits on the amount of export by owners of new commercial cards. The decision was approved by the Cabinet earlier in the month and sent to relevant administrative bodies on Thursday.
Accordingly, exporters who got their commercial cards recently can export not more than $500,000 during the first year of their activity.
Likewise, new export companies will be able to export goods worth $2 million in the second year, IBENA reported. Manufacturing units that export are exempt from such limits.
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Tehran Province Accounts for 56% of Iran’s Tax Revenues
Tehran Province is expected to earn 1,000 trillion rials ($4.47 billion) of the total 1,800 trillion rials ($8.05 billion) of tax revenues projected for the current fiscal year (March 2020-21), says Mohammad Reza Nouri, the head of Tehran Tax Office.
“By materializing 106% of tax revenues set in the last fiscal year’s budget, Tehran Province accounted for 56% of the country’s total tax income of 1,410 trillion rials $6.3 billion, i.e. 800 trillion rials $3.57 billion. This is while taxpayers were grappling with the coronavirus crisis and sanctions,” he was quoted as saying by IRNA.
Tax rates will increase by 28% on average in the current fiscal year (March 2019-20), the head of Iran's National Tax Administration, Omid Ali Parsa, said recently.
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Tehran Province is expected to earn 1,000 trillion rials ($4.47 billion) of the total 1,800 trillion rials ($8.05 billion) of tax revenues projected for the current fiscal year (March 2020-21), says Mohammad Reza Nouri, the head of Tehran Tax Office.
“By materializing 106% of tax revenues set in the last fiscal year’s budget, Tehran Province accounted for 56% of the country’s total tax income of 1,410 trillion rials $6.3 billion, i.e. 800 trillion rials $3.57 billion. This is while taxpayers were grappling with the coronavirus crisis and sanctions,” he was quoted as saying by IRNA.
Tax rates will increase by 28% on average in the current fiscal year (March 2019-20), the head of Iran's National Tax Administration, Omid Ali Parsa, said recently.
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Tehran Shares Decline for 4th Day
Tehran stocks experienced one of the biggest downturns at the start of trading week on Saturday extending a losing streak into the fourth day.
The main index of Tehran Stock Exchange, TEDPIX, lost 72,180 points and fell 3.65%, the highest since the past five months. TEDPIX closed session at 1,903,259 points.
TSE has lost 8.4% of its gains and more than 6,500 trillion rials ($30 billion) of market capitalization in four consecutive sessions of bear market, according to market data from the Tehran Securities Exchange Technology Management Company.
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Tehran stocks experienced one of the biggest downturns at the start of trading week on Saturday extending a losing streak into the fourth day.
The main index of Tehran Stock Exchange, TEDPIX, lost 72,180 points and fell 3.65%, the highest since the past five months. TEDPIX closed session at 1,903,259 points.
TSE has lost 8.4% of its gains and more than 6,500 trillion rials ($30 billion) of market capitalization in four consecutive sessions of bear market, according to market data from the Tehran Securities Exchange Technology Management Company.
financialtribune.com/node/104836
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