5 Jun 2024 11:17

SPIMEX wants to launch iron ore trading in medium term, awaiting introduction of non-ferrous metals at auctions - Artemyev

MOSCOW. June 5 (Interfax) - The St. Petersburg International Commodity and Raw Materials Exchange (SPIMEX) intends to launch trading in iron ore in the medium term as part of a new strategy adopted in mid-May, and is waiting for non-ferrous metals to enter exchange trading; SPIMEX President Igor Artemyev spoke about this in an interview with Interfax on the eve of the St. Petersburg International Economic Forum (SPIEF).

"The new story that we are implementing right now is the legislative changes that make it possible to buy goods on the exchange as part of government procurement. Exchange purchases are covered by Federal Law-223 (Law on Procurement of State-Owned Companies), and we are now working to ensure that it is also possible to make purchases on SPIMEX under Federal Law-44 (Law on the Contract System). One of the most popular goods under 44-FZ and 223-FZ are petroleum products and coal. We want to expand the list of goods traded under these laws on the exchange, primarily through construction materials trading. For example, there is a plan to launch cement trading," he said.

Artemyev said that trading in fittings has recently started in eight supply regions, and there are plans to open fittings sales in more than 20 regions by year-end. The dynamics in the fittings segment already gives hope that a representative indicator for this product will soon appear on SPIMEX, the president of the exchange said.

"Metal products are just a medium-term horizon. We expect that suppliers of iron ore raw materials will soon enter the auction, and we potentially expect to see non-ferrous metals at our auctions as well," Artemyev said.

"Another interesting area is agriculture. Currently, there is good growth in sugar sales at SPIMEX. We intend to take on agro-industrial complex positions such as sunflower oil, rice, meat and, possibly, corn," he said.