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Russian Ministry of Industry eyeing export ban on certain nonferrous metals

Сommenting on the forecast of the World Steel Association on the steel consumption decline in Russia by 20% in 2022, Denis Manturov said that the Ministry did not rule out revising the demand downward but the drop would not be a double-digit one

MOSCOW, May 25. /TASS/. The Russian Ministry of Industry and Trade is considering an opting of banning exports of certain nonferrous metals, Minister Denis Manturov told reporters on Wednesday.

"As regards scrap metal prices - we have already made the decision twice to lift export duties on scrap metal exports. Concerning certain positions, particularly alloys, referring to nonferrous metals, we will probably even impose a ban on certain metals, the ones containing tungsten in particular," Manturov said.

The Ministry does not rule out revising the demand downward but the drop will not be a double-digit one, the Minister said, commenting on the forecast of the World Steel Association on the steel consumption decline in Russia by 20% to 35.1 mln tonnes in 2022.

"I would elect not to confirm such expert estimates. We do not see it. Furthermore, the domestic demand remains, on the assumption of implementation of National Projects, development of industry sectors at large and the construction industry in particular," Manturov said. "Probably some revision is possible, including downward. However, this is definitely not a double-digit figure," he added.

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