Russia's economy ministry has proposed that the government impose temporary export duties on ferrous and non-ferrous metals sold outside the Eurasian Economic Union (EAEU), documents seen by Fastmarkets state.
The duty will affect steel products as well as copper, nickel and aluminum.The change is because global metals prices are increasing, pressuring the domestic market, the country's minister of economy Maxim Reshetnikov said."Over the first five months of 2021 prices for ferrous metals rose by 30% year on year, for non-ferrous by 50%. The growth of global prices results in higher prices domestically...