Russian authorities think steel export duties may not be prolonged

Wednesday, 01 September 2021 16:52:29 (GMT+3)   |   Istanbul

Russia’s trade authorities, responsible for the recent imposition of export duties, have recently indicated that there may be no grounds for the prolongation of the trade restrictions. The key factor is that the local market in Russia has been largely regulating itself in terms of price decisions.

At the end of July this year, Russia’s Ministry of Industry imposed 15 percent export duty for most steel products, while the minimal payable value was set individually for each product. The measure has been imposed for the period from August 1 until December 31, 2021. Recently, the government had said that the duties may not need to be prolonged. “I do not see the export duties being valid next year. There is no need for that. The local prices have started to decrease and the market has started to cool off. We cannot foresee now how the economy will be, but today it is not bad. The decision can be either one,” Victor Evtuhov, deputy minister for industry, said.

He added that at present Russia has fixed the price decreases in the local market for all of the primary products. Moreover, some products locally are priced lower than in the international markets. However, scrap prices remain strong among all of the products, which is explained by the decent demand in both local and export markets, the minister explained.

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