MINSK, 3 February (BelTA) - The Belarusian Universal Commodity Exchange (BUCE) has accredited a new exchange broker Wenzhou Ruijun Steel from Zhejiang Province of China to expand the range of Chinese steel producers selling goods that are in demand in Belarus, BelTA learned from the press service of the BUCE.
Wenzhou Ruijun Steel has been cooperating with the commodity exchange since 2021 and has extensive experience in applying the exchange mechanism in supplying rolled steel products to the market of Belarus. As a broker, the company will focus on attracting Chinese rolled steel producers to the exchange, which will help increase the supply of these products on the exchange and, as a result, provide more favorable terms of purchase for Belarusian consumers.
According to the BUCE press service, amid the decline in global demand for steel products, Chinese manufacturers began to show interest in the Belarusian market and use exchange trading as an entry point. This is evidenced by both the number of Chinese residents accredited at the exchange and the momentum of exchange transactions with steel products. In particular, some 90 new Chinese companies came to the exchange platform in 2024, while the sale of Chinese steel goods in Belarus grew almost sixfold (in value terms) compared to 2023. Steel pipes and sheets prevailed in the structure of transactions.
"The accreditation of the broker specializing in steel products will certainly contribute to the sales of Chinese steel in Belarus and will give an additional impetus to the development of cooperation in the exchange sector between our countries," the press service said.
As of 31 January 2025, BUCE accredited 252 Chinese residents, four of whom were exchange brokers. In 2024, the amount of exchange transactions of Chinese companies on BUCE increased 1.7 times, reaching $133.4 million.
Wenzhou Ruijun Steel has been cooperating with the commodity exchange since 2021 and has extensive experience in applying the exchange mechanism in supplying rolled steel products to the market of Belarus. As a broker, the company will focus on attracting Chinese rolled steel producers to the exchange, which will help increase the supply of these products on the exchange and, as a result, provide more favorable terms of purchase for Belarusian consumers.
According to the BUCE press service, amid the decline in global demand for steel products, Chinese manufacturers began to show interest in the Belarusian market and use exchange trading as an entry point. This is evidenced by both the number of Chinese residents accredited at the exchange and the momentum of exchange transactions with steel products. In particular, some 90 new Chinese companies came to the exchange platform in 2024, while the sale of Chinese steel goods in Belarus grew almost sixfold (in value terms) compared to 2023. Steel pipes and sheets prevailed in the structure of transactions.
"The accreditation of the broker specializing in steel products will certainly contribute to the sales of Chinese steel in Belarus and will give an additional impetus to the development of cooperation in the exchange sector between our countries," the press service said.
As of 31 January 2025, BUCE accredited 252 Chinese residents, four of whom were exchange brokers. In 2024, the amount of exchange transactions of Chinese companies on BUCE increased 1.7 times, reaching $133.4 million.
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