The Russian government is mulling over the introduction of export duties on rebar and billet to combat a sharp rise in domestic long steel prices.
Federal Antimonopoly Service of Russia (FAS) suggested the export measures to curb sharp price increases in Russian domestic long steel market, according to a letter from FAS to the Ministry of Industry and Trade of the Russian Federation (Minpromtorg) .
FAS proposed a 13% duty on billet exports and a 12% duty on rebar exports. The duty would be no less than $73 per tonne on billet exports and no less than $78 per tonne on rebar exports.