Russia to adjust excise duties on steel with increased export profitability

The profitability of exports of semi-finished steel products by Russian steelmakers in the first half of 2023 has increased to 37%, compared to 12% in the first half of 2022. Russia's Ministry of Finance plans to adjust the mechanism of excise duties on steel to improve its efficiency, taking into account the interests of the state and business, the rating agency Rusmet reported.

The average slab price for January-June 2023 was $562 per tonne, up from $442 per tonne in the second half of 2022, while the price of steel billets also increased from $507 to $564. The profitability of Russia's domestic rolled steel shipments in this January-June was 27%, the same level