FOCUS: Duties have minor effect on steel exports from Russia

Temporary steel export duties in Russia, which have been in effect since August 1, have not impacted export volumes significantly so far, sources have told Fastmarkets.

Export duties on 340 steel and non-ferrous metals sold outside the Eurasian Economic Union (EAEU), with a base rate of 15% and specific minimum rate for each product, will remain in effect until December 31, 2021.
It is mainly mid-sized producers which have reduced or completely stopped exports and begun concentrating on the domestic market, one source in Russia told Fastmarkets.
“Exports from large steelmakers have not visibly reduced, and now that the construction season in Russia is coming to an end [and steel demand reducing as a consequence], they have been increasing exports compared with the summer period," the Russian source said.
Fastmarkets’ weekly price assessment for steel hot-rolled sheet domestic, cpt Moscow, Russia averaged at 73,000 roubles ($1002) per tonne in September, inclusive of a 20% value-added tax.

This was down by $434.93 per tonne or 30.27% from the average level in June, when it peaked...

Published

Vlada Novokreshchenova

Marina Shulga

September 30, 2021

14:04 GMT

Dnipro