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Russian steel export tariffs impact domestic steel prices
Date: 23/07/2021

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.

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