Export tariffs for Russian steel affect prices

To curb inflation and lower steel prices, the Russian government decided to impose export duties on steel at a rate of 15% or a minimum of USD 115 per tonne on exported steel products from August 1 to December 31.

Russia expected a reduction in export volumes and an increase in domestic sales due to this measure. According to the latest news, prices for rolled steel on the domestic market immediately fell, including hot rolled steel and rebar.

Last year, prices for these two main products rose 180% and 138%, respectively.