Russia raises tariffs on steel exports to curb steel 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 deficit in some types of steel products.
According to the requirements of FRTP, the Ministry of development agreed in December last year to increase the minimum financial value of Russian steel scrap export tax from 15 euro / ton to 45 euro / ton for six months, which will be implemented in February this year. The purpose is to ensure sufficient supply of raw materials and reasonable prices for Russian steel plants, and to prevent the rise of house prices.
Russian authorities have not tightened export restrictions on scrap and will continue to monitor the impact of the latest measures implemented in February this year.