Last Updated: 1/18/2024 10:58:00 PM
In order to curb inflation and suppress steel prices, the Russian government decided to impose steel export tariffs with a duty rate of 15% or the minimum of US$115/ton on exported steel products from August 1 to December 31. Russia expected to reduce export volume and increase domestic sales through this measure. According to the latest news, domestic steel prices immediately dropped, including the prices of hot-rolled steel and rebar. In the past year, the price of these two major products increased by 180% and 138%, respectively.