Russia has abandoned plans to impose an export duty on iron ore and rolled steel products, Interfax news agency has reported, citing deputy economic development minister Andrei Slepnyov.
According to the deputy minister, automakers and steel producers have reached agreement on delivery and prices, and therefore it is no longer necessary to impose an export duty.
As SteelOrbis previously reported, in January 2010
Russia's economic development ministry proposed a tax scheme which included the introduction of a 10 percent export duty on shipments of rolled steel products and a 30 percent duty on exports of iron ore, as a measure to increase domestic supply and prevent domestic price rises.