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Russia is looking to purchase metals to facilitate domestic steelmakers, who have been affected by sanctions on the country for its Ukraine incursion, reported Reuters citing Russian Industry and Trade Minister Denis Manturov.
The minister did not share details on the number of metals to be bought.
However, he said that the stockpiled metal would be utilised to reduce pressure on the domestic market in the event of a commodity price hike or for Donbas’ infrastructure reconstruction.
In April 2022, Russian President Vladimir Putin proposed structural changes in the country’s metals industry to counter sanctions imposed by Western nations.
At that time, Putin noted that the country is restricting its ability to export some goods to meet the local demand for the components.
Manturov was cited by the news agency as saying in a televised meeting with Putin and industry officials that Russia’s metals exports dipped by 20% in Q2 2022.
However, details were undisclosed on whether the percentage was derived through comparison with Q1 2022 or the same period last year.
Manturov noted that the country’s efforts to find new export markets by offering price discounts and a relatively strong rouble are providing little profit margin for steelmakers in the country.
The minister added that the Russian government would consider reducing the financial burden on the steelmakers.