RF Government gives up idea of imposing export duties on ferrous metals scrap and coking coal

Market participants have persuaded the Russian government to give up the idea of imposing export duties on ferrous metals scrap and coking coal in favor of long-term contracts between companies, said a source in one of the metallurgical companies. At a meeting with the metallurgical industry representatives held by VP Igor Sechin on Saturday, June 21, the issue was raised of signing long-term contracts between metal, coal, pipe and oil producers, the source said. According to the same source, the issue of imposing export duties on ferrous metals scrap and coking coal was not discussed at the meeting. "No final decision was adopted at the meeting", the source said. The day before, Igor Sechin, while on business trip in Ivanovo, said that it was an exploratory meeting for metallurgical products export and its results were to be reported to Russian PM Vladimir Putin. "Nobody wants to make any rash decisions on increasing the export duty rates. We are less concerned about hiking prices than reducing business expenses in the industry", said Sechin.