Russia thinks about limiting steel prices

The Russian government is considering measures to curb the rise in steel prices. After receiving numerous complaints from end users, the Russian government began to take notice of the sudden rise in steel prices, Kitco News reports. According to the Ministry of Industry and Trade, prices for some goods at the end of last year and the beginning of this year increased by about 30%, which caused an avalanche of complaints from companies, incl. building.

The government's statement, cited by reporters, calls for a list of products deemed essential to the market, which would allow price controls or interventions to be introduced.

The instruments under consideration include, for example, the creation of stocks of certain commodities, the introduction of which to the market could lead to a decrease in prices during a period of significant growth. Decisions are likely to be made in June.

According to Kitco News, in April, the Chinese government announced market regulation in response to excessive price increases, noting that rising prices for certain commodities in international markets are putting undue pressure on enterprise spending and thus limiting economic recovery from the pandemic.