Russian government may lift import duty on metal products

Russian government may lift import duty on metal products

According to recent news in the market, Russian government considers abolishing import duty on metal products due to rising prices. The prices are stated to have increased by 30% in the first quarter of 2004 in the domestic market. In line with the statement released from Economic Development Ministry, as Russian metallurgical mills' operations are directly affected by the developments in world economy, the import duty on metal products hinder development of Russian industry. Moreover, that there is no competition among metallurgical mills in the country leads to high prices and production of low quality materials. To ease such problems and to develop Russian industry, Russian government may lift import duty on metal products.