Russian metallurgical companies have reached agreement with car manufacturers on prices of steel, the head of Russia's Ministry of Industry and Trade Denis Manturov said, as reported by TASS News Agency.
According to Mr. Manturov, the Ministry of Industry and Trade has been working with many metallurgists to negotiate compromises on price formulas rates and to ensure containment of escalating prices.
However, the issue of pricing of steel for defense enterprises has yet to be resolved. The ministry hopes to have successfully negotiated prices with suppliers by the end of the current month.
At the end of 2014, domestic consumers of steel products in Russia had started to complain about the sharp rise in prices following the weakening of the ruble against the dollar.
At the beginning of February, Mr. Manturov had warned that the Russian authorities would increase export duties on metals if within two weeks metallurgists and consumers did not compromise on prices in short-term supply contracts.