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Putin urges attention to domestic steel demand in Russia

On August 1, Russian President Vladimir Putin said at the Russian metallurgical complex development conference that the current focus of the federal authorities and regional governments should be to ensure that domestic steel demand is met.

"The focus of our discussion is not only to stably supply steel products to the domestic market, but also to increase supply and expand demand. At the same time, we should also pay special attention to the positive growth of domestic metal consumption to ensure that the price of products is affordable for enterprises and citizens." Putin said.

In addition, Denis manturov, Russian Minister of Industry and Trade, proposed that Russia should establish a steel inventory reserve system. He said: "we are discussing the formation of steel reserves to facilitate effective intervention in the domestic market in the future when international steel prices rise."

It is reported that in the second quarter of this year, Russia's steel exports fell by 20% year-on-year. Manturov said: "according to the current ruble exchange rate, the export trade of Russian metallurgical enterprises is unprofitable. Against the background of the global economic slowdown, the global steel price is falling. Therefore, it is necessary for us to reduce the financial burden of domestic metallurgical enterprises by adjusting the consumption tax of pig iron and revising the mineral exploitation tax of iron ore and coal."

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