Russia plans to include wool among exchange-traded commodities - Industry and Trade Ministry

KASPIYSK. May 16 (Interfax) - Russia intends to introduce wool auctions and include wool among exchange-traded commodities to regulate and structure this market segment, Kseniya Bobyleva, deputy director of the Department of Light Industry and the Timber Complex at the Industry and Trade Ministry, said during the 25th Russian Exhibition of Pedigree Sheep and Goats on Friday.

Comprehensive adjustments are currently being made to state approaches for regulating the wool market to eliminate excessive intermediaries and ensure trade transparency, Bobyleva said.

"To address this situation, we plan to implement wool auctions and subsequently include wool among exchange-traded commodities, primarily for external markets, to make this trade transparent and understandable for all participants. Admittedly, this approach may not appeal to everyone, but as we see it, such cooperation cannot be established otherwise," she said.

A register of light industry enterprises engaged in wool processing has been compiled to connect consumers with producers, she said. A similar register of wool producers is expected to help processors identify sources for this valuable commodity.

Last year, a new roadmap for developing advanced wool processing was approved, she said. One long-term objective of the program is increasing domestic wool processing volumes from the current 13,000 tonnes to 20,000 tonnes by 2027.