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Russia Pressures Metals Producers to Keep Prices at Home Low

  • Industry Ministry wants a transparent pricing domestically
  • Steel prices already started to decline in Russia this week
Updated on

Russia is in talks with metals companies to set prices for domestic clients below market rates for some period, three people familiar with situation said, as the country braces for a sanctions-induced downturn. 

The government has asked steel, nickel and aluminum producers to maintain low prices at home as the part of the measures to support the economy under sanctions over the Russian invasion of Ukraine, the people said, asking not to be identified as the information isn’t public. Officials want to cap margins at 20% to 25%, they said.