President of Russia Vladimir Putin expressed that the federal authorities and regional governments should focus on ensuring to meet domestic steel demand.

In addition, the Minister of Industry and Trade Denis Manturov proposed that Russia should establish a steel reserve system and is currently discussing the formation of steel reserves to facilitate effective intervention in the domestic market if the international steel prices hike in the future.

In the second quarter of this year, steel exports in Russia reduced by about 20% compared with the same period last year. In this regard, Manturov said that according to the current ruble exchange rate, the export trade of Russian metallurgical enterprises is unprofitable.

Global steel prices are falling against the backdrop of a slowing global economy. The government decided that from 2022, the excise tax rate on pig iron will be 2.7%, and the mining tax of 4.8% and 1.5% will be levied on iron ore and coking coal, respectively.