New Metal Exchange In Russia

Federal Antimonopoly Service (FAS) of Russia proposes to create Metal Exchange of the Russian Federation, said the head of FAS Igor Artemyev, speaking at a meeting with Prime Minister Vladimir Putin on the development of ferrous metallurgy in Chelyabinsk. 

"We do not have Metal Exchange. And we have created a commodity exchange in St. Petersburg, where a large part of oil today is trading and will be trading, we recommend you to think about Metal Exchange here in Russia, particularly as regards to export contracts. Then no transfer prices would exist. Export contracts in Russia would be in rubles, "- said I. Artemyev. 

In turn, Prime Minister Vladimir Putin said that the situation in the steel industry is very good, industry is developing at a good pace. He said the joint efforts of the state and companies in the industry enables steel to reach new frontiers.