Deputy Minister of the Russian Ministry of Industry and Energy Andrei Dementiev has stated that Russian may increase its stainless steel import duty from the current €840/mt to about €1,200-1,300/mt and also extend the duty to cover Chinese origin products in 2008.
During the briefing regarding the problems of steel imports in the Russian Federation, A. Dementiev had pointed out that the duty imposed on stainless flat rolled products imports from the European Union (EU) member states in March of the current year for the period of three years have not brought a desirable affect, since the EU-origin materials were substituted by imports from China.
The introduction of the new duty will protect the Russian stainless steel market from undesirable imports and therefore stimulates developments of Russian stainless steel production.