EU allocates an additional quota for Russian steel exports
According to recent market news, European Union (EU) and
Russia have reached a comprising determination regarding Russian steel exports into EU. Accordingly
Russia is granted with an additional quota.
An official from EU expressed that, this further quota includes certain steel products, however did not mention which products are included.
In a statement released from Russian Economy Ministry, it is stated that
Russia is allowed to export steel products worth $50 million into EU next year.
Accordingly
Russia is allowed to export a further 115'000 tons for this year and 117'000 tons for next year. As previously reported by SteelOrbis
Russia was allowed to export 1.3 million tons of steel products into EU for next year, under the scope of the agreement signed between
Russia and EU in July 2002.
Again SteelOrbis previously reported that,
Russia was worried about the expansion of EU, as the exports of the country will reduce after certain Eastern European countries join EU and the exports into these countries will be included in the quota allocated for
Russia by EU. Steel exports of
Russia into Eastern European countries amount approximately 500'000 tons.