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Russian steel producers will again pay export duties to the US
The US Department of Commerce decided to cancel a 15-year-old trade agreement that protected Russian steel producers from potential duties. This was reported by Reuters with reference to a letter from the US Department of Commerce to the Russian authorities.
In the letter, the Americans notify Russia of the termination of the agreement in 60 days. The agreement allowed Russian steel companies to avoid large anti-dumping duties on hot-rolled steel. Instead of duties, the US set a quota and a lower price limit.
Russia is a major global supplier of hot rolled steel. In July, steel makers in the United States accused Russian competitors of flooding the American market with low-cost flat-rolled products and asked their Ministry of Trade to cancel the trade agreement. "The complaint of American companies also reflects general concerns about the fall in steel prices, overproduction and sluggish demand for flat products, which are mainly used in the manufacture of machinery and household appliances," the agency comments.