The Iran Mercantile Exchange (IME), in a notification to brokerage firms, announced that buyers of iron ore, concentrate, and pellets will only be allowed to purchase if they have a valid operating license for producing the next product in the steel chain.

According to this notification, iron ore buyers must have a concentrate production license, concentrate buyers must have a pellet production license, and pellet buyers must have a direct reduction (DRI) production license. Other applicants are also required to submit their documents to the exchange at least one business day before the offering.