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Russia Raises Steel Export Tariffs To Curb Steel Production

Apr 15, 2021

Russian Minister of Economic Development Maxim Reshetnikov said that the proposal to impose tariffs on Russian steel exports to curb price increases is not only unrealistic but may also lead to a deficit in certain types of steel products.

In accordance with the requirements of the Russian Pipe Industry Development Foundation (FRTP), the Ministry of Development agreed in December last year to increase the minimum fiscal value of the Russian scrap export tax from 15 euros/ton to 45 euros/ton for a period of 6 months, and 2 this year. Implemented every month. The purpose is to ensure that the Russian steel mills have a sufficient supply of raw materials and reasonable prices, and prevent house prices from rising.

The Russian authorities have not tightened the export restrictions on scrap steel and will continue to monitor the impact of the latest measures implemented in February this year.