CIS FLAT STEEL: Russian duties push down HRC price for prompt shipments

Export prices of hot-rolled coil from the Commonwealth of Independent States (CIS) have dropped for prompt shipments in the week to Tuesday June 29 due to implementation of new export duties in Russia, sources told Fastmarkets.

Fastmarkets' weekly price assessment for steel hot-rolled coil, export, fob Black Sea, CIS was $955-985 per tonne on June 29, down from $980-995 per tonne one week previously.
Russia has implemented temporary export duties with a base rate of 15% - or $115 per tonne - on HRC, which will be effective from August 1 until December 31.
Sources anticipate that Russian suppliers will increase HRC exports in July, before the export duties come into force.

"MMK [Magnitogorsk Iron & Steel Works] has postponed all domestic orders which were booked with a...

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