According to the Russian Steel Association, the Russian government’s imposition of temporary tariffs will reduce ferrous metal exports by 1 to 2.5 million tons.

The temporary tariffs on ferrous and non-ferrous metals will be imposed from August 1 to December 31, announced by the Russian government on June 25.

However, the Russian Steel Association said that the tariffs will reduce Russia’s total export volume by 1 million tons or around 40 billion rubles, based on the current market conditions.

The output of rolled steel and cast iron will be reduced by 1.2 million tons, with a profit reduction of roughly 150 billion rubles and a profit tax reduction of 30 billion rubles, and the country’s taxation will be decreased by approximately 30 billion rubles.