SPIMEX increased key indicators in 1H 2024

Based on the results of 1H 2024, SPIMEX has achieved significant growth in key performance indicators:

Turnover in all sections amounted to RUB 1.045 tn, a 52.2% increase year-on-year;
The number of trading participants and their customers increased to 6,801 (as compared to 5,817 a year before);
On the exchange market for refined products, trading volumes increased by 27.4% compared to the same period in 2023;
The Exchange is increasing its turnover in the markets of timber, coal, fertilizers, agricultural products, commodities with a low carbon footprint, in particular, secondary raw materials.

The SPIMEX Refined Products Section

The volume traded in the section amounted to 17.628 MMT, which is 27.4% more than in 1H 2023. The turnover in the section was RUB 964.851 bn (+53% YoY).

The number of registered trading participants in the section and their customers also continued to grow, reaching 2,492, compared to 2,192 a year before.

The SPIMEX Natural Gas Section

The volume traded in the SPIMEX Natural Gas Section amounted to 4.8 bcm (a 4.4% decrease YoY). The turnover in the section amounted to RUB 10.315 bn. The number of participants and their customers in the section is 135.

The SPIMEX Timber and Construction Materials Section

2.706 mcm of timber worth RUB 4.966 bn were sold on the Exchange, a 32.3% increase YoY. The number of trading participants and their customers in the section increased to 3,655.

The growth in timber sales is ensured by the implementation by state subordinate institutions of legislative norms for concluding timber transactions at exchange trading. In addition, the Exchange sells harvested timber from FSIN (Federal Penitentiary Service of Russia) institutions, based on amendments to Part 4 of Article 20 of the Forest Code of the Russian Federation (600-FZ).

The SPIMEX Crude Oil Section

The volume traded in the SPIMEX Crude Oil Section amounted to 1.055 MMT (-0.5%) worth RUB 55.05 bn (+71 YoY).

The SPIMEX Derivatives Section

In 1H 2024, the turnover in the SPIMEX Derivatives Section amounted to RUB 6.673 bn (59,217 contracts), a 12.3% increase year-on-year. Of these, RUB 5.348 bn accounted for physically-settled contracts for refined products traded in the domestic market (+32.8%), in quantitative terms the turnover reached the number of 4,200 contracts (+61.2%). The volume of refined products physically delivered under such futures contracts to the Russian domestic market stood at 24.504 thousand tonnes. The number of cash-settled futures contracts for refined products traded amounted to 55,017 contracts (-2.8%) worth RUB 1.324 bn.

The SPIMEX Mineral Raw Materials and Chemical Products Section

The volume traded in the SPIMEX Mineral Raw Materials and Chemical Products Section stood at 90.368 thousand tonnes, which is 2.8 times more that a year before. The turnover amounted to RUB 2.695 bn (a 3.5-fold rise YoY).

The SPIMEX Agricultural Products and Bioresources Section

53,240 tonnes of commodities (white crystalline sugar, skimmed milk powder) (a 3.6-fold rise YoY) worth RUB 3.199 bn were sold in the SPIMEX Agricultural Products and Bioresources Section.

The SPIMEX Coal Section

Sales on the Coal Exchange are growing dynamically. 468,930 tonnes of this commodity of various brands (a 6.17-fold rise YoY) worth RUB 1.823 bn were sold in the SPIMEX Coal Section. Coal trading was launched on SPIMEX in February 2023 using a new system for calculating prices based on the actual quality of the commodities.

The volume of coal sales since the start of trading has exceeded 700 thousand tonnes.

The SPIMEX Metals and Alloys Section

34,300 tonnes of commodities (A500C grade reinforcement steel) worth RUB 2.309 bn were sold in the SPIMEX Metals and Alloys Section. A carbon footprint verified commodity exchange standard for trading primary and secondary aluminium has been approved.

SPIMEX OTC Platforms

In 1H 2024, PJSC Tatneft named after V.D. Shashin actively sold commodities to neighboring countries via the SPIMEX OTC Platforms.

During the reporting period, 143,500 tonnes of hydrocarbons were sold through 13 trading procedures. The following gasolines were traded: AI-80 (15 thousand tonnes), AI-92 (3.5 thousand tonnes), Euro 5 (25 thousand tonnes), fuel for jet engines TS-1 (10 thousand tonnes), marine fuel (90 thousand tonnes).

Interest in purchasing hydrocarbons on the platform is high: 24 new companies were registered in this segment in 1H 2024. Currently, there are more than 300 companies registered on SPIMEX OTC Platforms.

OTC trading on TEK-Torg Federal Electronic Platform

In 1H 2024, the volume of procurement procedures placed on TEK-Torg, a 100% subsidiary of the Exchange, amounted to RUB 1.144 tn and 215 thousand procurement procedures.

In 1H 2024, the market share of TEK-Torg ETP in the 44-FZ segment amounted to 6.3%. The share of TEK-Torg ETP in the 223-FZ SME market segment amounted to 5.5%. The specified indicators represent shares for open competitive procedures placed in the Unified Information System.

One of the priority areas of activities of TEK-Torg is the integration of the electronic platform with foreign trading systems in the EAEU and BRICS space. TEK-Torg is taking active steps in developing this area.

In June, TEK-Torg took part in TIBO for the second time at the invitation of RUE NCMPS (National Center for Marketing and Price Study). Following the forum and interaction with our partners, NCMPS agreed on a roadmap that included two main areas: project implementation and their media support.

Registration of OTC Transactions

SPIMEX is expanding and improving the procedure of registration of OTC contracts for key commodities for the domestic economy. In 1H, the total number of companies providing information was 996.

During this period, the volume of OTC contracts in refined products registered amounted to 177.624 MMT (+1% YoY).

OTC crude oil contracts registered amounted to 228.724 MMT (-1.7% 1H YoY). The information provided ensures maximum coverage of the export market. Data on crude oil exports received by SPIMEX reflect the actual export revenue of oil companies and constitute a reliable basis for formation of the TsSPB indicator introduced into the Tax Code by Federal Law No. 389-FZ dated 31 July 2023.

For coal, the volume of transactions registered amounted to 287.780 MMT (-10.9%), for timber — 28.266 mcm (+25.2%), for natural gas — 1.619 tcm (-44.9%), for fertilizers — 44.283 MMT (+1.2%).

Clearing

The amount of monetary obligations included in the SPIMEX clearing pool under physical contracts made in the Refined Products, Timber and Construction Materials, Crude Oil, Mineral Raw and Chemical Products, Agricultural Products and Bioresources, Coal, and Metals and Alloys Sections totaled RUB 1.035 tn. The number of clearing members as of the end of 1H 2024 was 6,966.

The amount of monetary obligations included in the clearing pool of NFI CCP RDC (JSC) under natural gas physical contracts amounted to RUB 10.315 bn, the number of clearing members was 112. Monetary obligations included in the clearing pool of NFI CCP RDC (JSC) under trades made in the SPIMEX Derivatives Market amounted to RUB 13.345 bn.

Main events of 1H 2024

The volume of coal trading on SPIMEX since the beginning of 2024 amounted to more than 460 thousand tonnes, since the start of trading – more than 700 thousand tonnes;
The volume of timber trading on SPIMEX since the start of 2024 has exceeded 2.7 mcm;
Trading in grade G and grade Zh coal (industrial product) has begun on SPIMEX;
The decision of the Government of the Russian Federation to increase the minimum volume of diesel sales through the exchange from 12.5% to 16% has come into force;
A joint order of the Ministry of Energy and the Federal Antimonopoly Service of Russia established optional sales of refined products under futures contracts on the exchange;
Trading in used vegetable oil has been launched on SPIMEX;
Trading in secondary plastic raw materials has been launched on SPIMEX;
The State Duma of the Russian Federation adopted in the third reading a draft amendment to the Code of Administrative Offences, which establishes liability for violating the requirement of the Forest Code of the Russian Federation on the sale of timber at organized trading;
SPIMEX has introduced additional measures to combat unfair trading practices on the refined products exchange market;
SPIMEX held two meetings of the Expert Council on Refined Product Indices, at which the expert community approved the Exchange’s approach to calculating regional price indices for refined products and LPG, as well as national and territorial price indices for bitumen;
Major fuel brokers have created an association on SPIMEX;
The SPIMEX forecast service has prepared a consensus forecast for key indicators of the Russian economy until the end of 2024;
SPIMEX, the Belarusian Universal Commodity Exchange (BUCE), the Eurasian Trading System Commodity Exchange (ETS), the Uzbek Republican Commodity Exchange (UZEX) and the Kyrgyz Stock Exchange have concluded a five-party agreement on the creation of an international exchange system of commodity market indicators;
SPIMEX has concluded bilateral cooperation agreements with BUCE; ETS; UZEX; Association of Corporate Treasurers (ACT); Ecopolis Sertifikatsia i Servis LLC and the Self-regulatory organization “Association of Waste Utilizers “Klever”.

The Saint Petersburg International Mercantile Exchange (SPIMEX) is Russia’s largest commodity exchange offering a wide range of products traded both in its Commodities Section (refined products, crude oil, petrochemicals, natural gas, LPG, metals, timber and construction materials, fertilizers, agricultural products) and in its Derivatives Section. Over one fourth of the main refined products delivered to the Russian domestic market was traded on the Exchange. SPIMEX forms a transparent, fair and efficient price determination mechanism for Russian commodities. SPIMEX was founded in May 2008. The exchange license and the license for clearing activities are available on the website. The central office of the Exchange is located in Moscow.