Export duties on Russian steel may limit production

Maxim Reshetnikov, Russia's economic development minister, said the proposal to impose tariffs on Russian steel exports to curb price increases was not only unrealistic, but could lead to a shortage of certain types of steel products.

In December, the Ministry of Development agreed to raise the minimum fiscal value of the export duty on steel scrap in Russia from € 15 /tonne to € 45 /tonne for a period of six months, implemented in February, as requested by the Russian Federation. The Pipe Industry Development Fund, whose goal is to ensure the supply of raw materials for Russian steel mills at adequate and affordable prices, as well as to prevent the growth of housing prices.

The Russian authorities have yet to tighten restrictions on the export of scrap steel and will continue to monitor the impact of the latest measures introduced in February.