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Ruble’s weakening, growth of global prices drive domestic metal prices, says ministry

Deputy Prime Minister Marat Khusnullin tasked the Construction Ministry and the Industry and Trade Ministry earlier with examining a sharp growth of reinforcing steel used for housing construction

© Sergei Konkov/TASS

MOSCOW, January 19. /TASS/. The weakening of the Russian national currency and growth of global metal prices are the main factors driving domestic metal prices, State Secretary, Deputy Finance Minister Aleksei Sazanov said addressing the State Duma (lower house) on Tuesday.

"First, we note growth of global prices for those products. For example, the global price for aluminum has increased by 12% compared with last January, for nickel and copper - by 30%, for hot-rolled products - by more than 50%. Consequently, coupled with the recent exchange rate changes, the ruble’s weakening by around 15%, the key factors driving changes in domestic metal prices are changing global prices and the ruble’s weakening," he said.

Deputy Prime Minister Marat Khusnullin tasked the Construction Ministry and the Industry and Trade Ministry earlier with examining a sharp growth of reinforcing steel used for housing construction.

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