The St. Petersburg International Mercantile Exchange (SPIMEX) will launch Russia's first ferrous metals exchange in the Urals city of Chelyabinsk in March, the regional Industry and Natural Resources Ministry said on Friday.
"Trade at the Chelyabinsk branch of the SPIMEX will be launched before March 15, 2011," the ministry said in a statement.
Companies located in the ore-rich Urals will sell 1 percent of their monthly production via the new trading floor, Industry Minister Valery Prudskoi was quoted as saying.
The Federal Antimonopoly Service believes that exchange trade of metals that Russia exports could solve several important problems, including transfer pricing and taxation.
CHELYABINSK, Russia, January 28 (RIA Novosti)
