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Russia to raise import duties on steel, steel pipes

Russia government has announced to raise the import tax on some rolled steel products and steel tubes and pipes, to protect domestic producers from cheap imports.

According to the legislation, tariffs on steel rods used in construction will increase to 15 percent from 5 percent.

Import duties on a range of steel tubes, such as those used by the oil and gas industry, will also increase by the same amount.

Last month the government also abolished a range of other import duties on cold rolled steel products used in the auto industry in order to help domestic manufacturers.

The protectionist move comes after the government mulled ending import tariffs on some raw materials and steel products in order to contain rising prices before the global crisis acted to crimp demand from Russian industrial producers. Source: Yieh.com

Jan 18, 2009 13:29
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