Russia may ease duties on some metal products

摘要

Russia's ministry of industry and trade is considering lowering recently introduced export duties on pig iron, ferro-alloys and aluminium, industry and trade minister Denis Manturov said yesterday at the Eastern Economic Forum in Vladivostok. “It is too early to estimate the results of the duties since they have only been in force for a month," Manturov said. "But we see a 12–18pc drop in prices [for some construction steel products], so a certain effect has already been achieved as the duties were introduced as a fiscal measure to create a financial cushion for metals-consuming industries, which were impacted by sharply rising metal prices. For next year, we have not yet envisaged any duties.”