Iran is set to lift government controls on iron ore pricing in the domestic market, Tasnim News Agency reported Wednesday, citing the minister of economic affairs and finance, Ali Tayebnia.
Tayebnia was quoted as saying there was a large gap between domestic iron ore prices and international levels, which the government would address by amending the mechanism that determines prices for domestically produced ore.
Tayebnia also said pricing on the Iran Mercantile Exchange (IME) was based on supply and demand and was, therefore, an appropriate way to discover a practical, as well a clear, price for iron ore.
The IME said in January it would launch iron ore trading for the domestic market from February, though no trades of domestic ore have been reported.
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