Russia has used up HR coil quota allocated by China

Russia has used up HR coil quota allocated by China

Market sources report that, Russia has used up hot-rolled coil quota of 380'000 tons as of October 30. The tonnage of the quota allocated for the abovementioned product from Russia was valid for the period of May 24, 2003-May, 23, 2004, as previously reported by SteelOrbis. However, as Russia has already filled the quota that is allowed, China government is implementing 9.5% tariff on the imports of hot-rolled coil from Russia.Upon this implementation of the surplus tax by the China government, officials from Russian mill Severstal stated that they stopped exports into China, while other major mills MMK and NLMK have not made any announcement about the matter yet. On the other hand, Russian government expressed that it will back up the rights of local steelmakers.