On August 1, Russian President Vladimir Putin said at a conference on the development of the Russian metallurgical complex that the current focus of federal authorities and regional governments should be to ensure that domestic steel demand is met.
“We are talking about not only a steady supply of steel products to the domestic market, but also increasing supply, expanding demand, but also with particular emphasis on positive growth in domestic metal consumption, ensuring that the prices of products are affordable for businesses and citizens ” Putin said.
In addition, Russian Industry and Trade Minister Denis Manturov proposed that Russia should establish a steel inventory reserve system. He said: “We are discussing the formation of steel reserves to facilitate effective intervention in the domestic market in the future when international steel prices rise.”
It is reported that in the second quarter of this year, Russian steel exports fell by 20% year-on-year. Manturov said: “At the current exchange rate of the ruble, the export trade of Russian metallurgical enterprises is unprofitable. In the context of the global economic slowdown, global steel prices are falling. Therefore, it is necessary for us to adjust the excise tax on pig iron. , amend the mining tax on iron ore and coal to reduce the financial burden of the country’s metallurgical enterprises.”
It is reported that Russia has previously stipulated that from 2022, the country’s pig iron consumption tax rate will be 2.7%, and iron ore and coking coal will be levied 4.8% and 1.5% mining tax respectively.
Post time: Aug-12-2022