PRESS: Russia wants to set up aluminum bourse

MOSCOW, Feb 18 (PRIME) -- The Russian Industry and Trade Ministry has proposed to establish a national non-ferrous metals bourse to tie the aluminum price to the ruble instead of the U.S. dollar, business daily Vedomosti reported Wednesday, citing a government official and a market participant.

According to the ministry’s earlier statements, there are only two alternatives to this step, either metal makers will find a compromise on ruble prices, which soared after the devaluation, with their clients, or the ministry will consider introducing an export duty.

A source in one of the country’s metals producers told Vedomosti that direct contacts between metals suppliers and their clients are more beneficial for the buyers than purchases of metals at a bourse.

A source in defense system producer Almaz-Antei said that there is low demand for metals in Russia and that national producers export up to 80% of their output, while prices are formed on a market with a high demand.

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