Domestic steel rebar prices in Russia's Central Federal District declined during the week to Monday August 2 because an export duty came into force on August 1, directing more material into the local market.
The Russian government has imposed an export tax on rebar for the period between August 1 and December 31, 2021. The base duty rate will be 15% but the duty will be no lower than $115 per tonne. This was intended to restrict the rise in domestic steel prices.Trading activity was slow during the week to August 2 because buyers have been anticipating a further price reduction. Most mills did not...