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Russian metal suppliers to more actively use Belarusian Universal Commodity Exchange
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MINSK, 28 May (BelTA) – Russian metal suppliers intend to more actively use the Belarusian Universal Commodity Exchange, the BUCE press service told BelTA after a roundtable session held to discuss the Belarusian market of ferrous and non-ferrous metals.
Key trends and prospects of development of exchange trade in metal products and opportunities for selling more Russian metal via the Belarusian Universal Commodity Exchange were discussed during the meeting. The roundtable session was organized by the Belarusian Universal Commodity Exchange and the Russian Union of Metal and Steel Suppliers.
According to the union’s President Aleksandr Romanov, more active interaction between suppliers and consumers of metal products from Belarus and Russia via the Belarusian Universal Commodity Exchange will contribute to the faster restoration of the Belarusian economy and the Russian one from consequences of the coronavirus pandemic and will allow pushing mutual trade indicators to a steady growth trajectory. In his words, the demand for metal is rising across the globe and has yet to reach its peak. Prices will surely have a substantial effect on the development of the metal products market as a whole and its exchange segment in particular. It is particularly interesting for Belarus, which imports over 2 million tonnes of ferrous metal products every year to satisfy needs of the industrial sector. This is why it is necessary to establish tight interaction between Belarusian and Russian enterprises and provide a reliable platform for mutually beneficial cooperation. “The Belarusian Universal Commodity Exchange has been such a platform for many of the companies present here,” he said.
Chairman of the Board of the Belarusian Universal Commodity Exchange Aleksandr Osmolovsky stressed the Belarusian Universal Commodity Exchange is interested in expanding cooperation with Russian producers of metal products. He expressed readiness to provide any kind of assistance to help them penetrate the Belarusian market and third-country markets. In his words, the role of the Belarusian Universal Commodity Exchange as an international trade tool has increased considerably due to closed borders of Belarus’ main trade and economic partners. In January-April 2021 the Belarusian Universal Commodity Exchange’s overall trade volume increased by 63% while the trade of the metal products section rose by 39%. Thanks to the Belarusian Universal Commodity Exchange many Belarusian companies managed to get through this complicated period and recover from the coronavirus crisis with decent indicators. “It is the best proof we are moving in the right direction,” he said.
Proposals of market participants on further optimization of exchange-facilitated trade in metal products, expansion of the choice of traded products, introduction of additional tools to control the execution of deals, and other pressing issues concerning the operation of the exchange trade market were discussed during the meeting.
Representatives of Belarus’ leading production sector and civil engineering companies and top managers of the largest Russian metallurgical and metal trade companies took part in the meeting. The number of participants exceeded 100 people.
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