MOSCOW (Scrap Monster): Russia has plans to impose 30% export duty on iron ore and 10% duty on steel flat products including hot rolled and cold rolled steel, tentative according to the steel prices at global market.
The Ministry of Economic Development of the Russian Federation has also planned to increase the produce tax of iron ore to 8.8% from 4.8% at present.
Market analysts indicates that the imposition of export duty would decrease the export volume, consequently, Russian mills would be forced to cut prices and may lose margin to compete against the offers from the US and Europe, Yieh Corp reports.
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