New details of buying cement from Commodity Exchange
According to Tejarat News, Javad Fallah, Director of Physical Market Development of the Commodity Exchange, regarding the launch of a new method of selling cement in the Commodity Exchange, said: Cement trading in the physical market of the Commodity Exchange had started in June this year and now more than 70 cement companies They are offering their cement product. In the physical market, the way people can buy cement requires a dedicated commodity exchange code and they can not place an order online. This issue was not very suitable for small buyers who need to buy cement once from the commodity exchange, so a few days ago, the cement commodity deposit certificate method was launched.
The official said: On Sunday, November 29, the transactions of cement deposit certificates started with the presence of 11 cement companies. Cement deposit certificate transactions are scheduled to take place two days a week on Mondays and Tuesdays. For these transactions, type two cement with 50 kg bags is considered. In this way, people can buy their desired cement online with the same stock code in the same stock systems, ie deposit money into the broker’s account, which includes the price of cement, VAT and transaction fees.
Fallah further stated: The trades will be open from 12:45 to 13:30 in the form of pre-opening period, meaning that people can register or edit their order during this period, and at 13:30, the transaction will be done through a one-price continuous auction method. will be. Those who buy cement this way have until Saturday, the second week after purchase, to receive their cement from the factory. If this deadline expires and the person does not deliver the cement, half a percent of the price of cement will be received from him as a storage cost. The next point is that cement transactions do not have a secondary market, meaning that the person who bought the cement can no longer sell the cement on the stock exchange.
The official added: At least 10 and at most 100 tons of cement can be purchased through this method. In the physical market of the Commodity Exchange alone, more than 100 tons will be traded. The price that is discovered for cement in the certificate market is the same as the average price that is discovered in the physical market for the cement company in question on Saturday, and on Monday and Tuesday when the certificate is traded, positive and negative 3% of the mentioned price is the basis. Discovering the price rate in the market will be a certificate of cement commodity deposit.
Fallah said: “People have no restrictions on buying and can buy from every 11 companies in two days, but the amount will not exceed 100 tons in each trading session in each symbol.” At present, there are 11 companies to supply cement as certificates of deposit, and the number of these companies will increase over time.
The official said: “The main difference of this certificate is to facilitate access to the market, and people without new registration can easily place orders online with the same stock code.” Also, VAT is paid along with the transaction, unlike physical market transactions, and the customer does not have to take any other action to pay VAT; Therefore, in this method, small buyers can buy directly and without intermediaries from the manufacturer.
Regarding the process of receiving cement, Fallah said: “After the purchase has been made, the customer must inform the broker of the information of the shipping representative (the company that is going to ship this load and the address where the load is to be shipped).” It provides this information to the seller broker and the seller broker communicates this information to the seller. The buyer must also contact the seller to deliver the goods with the numbers announced in the symbol opening announcement and available on the Iran Commodity Exchange website at WWW.IME.CO.IR in the financial market announcements section to coordinate the necessary shipping schedule. Do with the seller.
Source: Young Journalist Club