In Russia, metallurgy trading on the stock exchange may begin next year
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The head of the Federal Antimonopoly Service (FAS), Maxim Shaskolsky, said that exchange trading in certain types of metallurgical products could begin in Russia in 2023. According to him, a corresponding list of products is currently being formed.
“Now we are determining what types of products can be. Such a list is being formed… I think that such individual standard products have a future and over time we will not get away from this, we will have exchange trading in certain types of metal products. I think this is a question for next year,” Mr. Shaskolsky told reporters during the Russian Energy Week.
The head of the FAS drew attention to the fact that the mechanism of exchange trading meets “resistance” among companies producing metal products. According to him, this is due to the fact that the industry “prefers spot mechanisms, direct sales.” Mr. Shaskolsky noted that the difficulty in organizing this type of auction lies in the wide range of goods. “Thousands of different products. And it is very difficult to make a typical exchange commodity. And colleagues from the Ministry of Industry and Trade, of course, support the position of their subordinate metallurgists,” he explained.
In 2021, experts from the Ministry of Industry and Trade offered to create a stabilization fund for iron ore raw materials and fittings. It was expected that the state would receive the right to buy a certain volume from manufacturers at a discount to the market for subsequent sale through the stock exchange for supplies to budget construction sites. But for this it was necessary to create a system of exchange trading in metal products.
Later, the Ministry of Industry and Trade called it difficult to organize exchange trade in metal products in Russia due to the insufficient number of manufacturers interested in such trade. The ministry noted that when the demand for such trade is formed, the market will give its proposals.
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