MINSK, 13 August (BelTA) - The Belarusian Universal Commodity Exchange (BUCE) will host the first export trades with metal products manufactured by Miory Steel on 3 September. The agreement was reached following the talks between the BUCE and Miory Steel, spokesman for the BUCE Roman Yaniv told BelTA.
“Participants of the inaugural trading session will be able to purchase a total of 4,700 tonnes of cold-rolled coils at the initial price of €460 per tonne. Miory Steel offers the following terms of payment and delivery: full advance payment within 3 banking days from the invoice issue date and shipping under Ex Works (Miory). Several foreign traders registered on BUCE have already expressed interest in buying Miory Steel products,” Roman Yaniv said.
“We have a pool of regular buyers of Belarusian metal products. These are mostly EU companies. They are likely to be the first participants of the forthcoming trades,” said Evgeny Bureiko, BUCE head of Metals Trading.
He also stressed that BUCE's foreign partners, including exchange brokers, will be closely involved in the preparation for the trades. “Within the next couple of weeks we intend to expand the list of potential buyers by bringing in new companies from markets with a strong demand for flat steel. Our brokers in Latvia, Lithuania and Poland will be assisting us in this work. We expect pretty tough competition among participants of the first trades”, Evgeny Bureiko noted.
Miory Steel is a large Belarusian-Austrian investment project with foreign investments exceeding €300 million implemented under the State Innovative Development Program of Belarus for 2016-2020. The mill is the only manufacturer of cold-rolled coils and tinplate in Belarus. After the mill reaches its design capacity, it will export a significant part of its output.
The public joint-stock company (OAO) Belarusian Universal Commodity Exchange was established in 2004. The first trade sessions took place in June 2005. BUCE is one of the largest mercantile exchanges in Eastern Europe. Its key function is to assist Belarusian companies with exporting their products and assist foreign companies with entering the Belarusian market. The commodity exchange facilitates trade in metals, timber, agricultural products, and a broad choice of industrial and consumer goods.