According to sources, the Russian government will increase the tax on metal ore mining by 3.5 times from the original, and the new policy is expected to be implemented early next year.
While this has not yet been formally implemented, many sources believe it should be an established fact. The cost of purchasing raw materials for Russian steel companies will increase, which, in turn, will increase the cost of metal products.
The Iron and Steel Association said the tax increases would be carried over to higher steel prices for end-users, which would lower the revenues of many companies involved in the steel supply chain.
