By takumihamano 
In a significant move that could reshape the global steel market, Russia has announced the imposition of new tariffs on steel exports. This decision comes as the country grapples with various economic challenges and aims to protect its domestic steel industry from external pressures.
- Tariff Introduction: The Russian government has introduced new tariffs on steel exports to safeguard its domestic market. This measure is expected to stabilize the local steel industry, which has been facing increased competition and declining prices.
- Economic Context: The decision to impose tariffs is influenced by the recent plunge in Russian coking coal prices, which fell to $122–132 per tonne by early April 2025, the lowest since early 2024. This decline has made the export of semi-hard coking coal unprofitable below $100/tonne, adding pressure on the steel industry.
- Global Market Impact: The global steel market has been experiencing high volatility due to trade restrictions and overproduction. Russian exporters are facing increased competition from Mongolia and Australia, further complicating the market dynamics.
- Domestic Industry Protection: By imposing tariffs, Russia aims to protect its domestic steel producers from the adverse effects of global market fluctuations. This move is also seen as a response to the declining domestic prices for some coking coal grades, which fell by 11–7.5% in April.
- Strategic Measures: The tariffs are part of a broader strategy to ensure the competitiveness of the Russian steel industry. The government is closely monitoring the market to make necessary adjustments and support the sector.
In summary, Russia’s decision to impose new tariffs on steel exports is a strategic move to protect its domestic industry amid global market pressures. The declining prices of coking coal and increased competition from other countries have necessitated this measure. As the global steel market continues to experience volatility, Russia’s tariffs are expected to stabilize its local industry and ensure its long-term competitiveness.