Deputy Prime Minister Denis Manturov, at a meeting with President Vladimir Putin on the development of the mining industry in Russia, said that world steel prices are falling sharply amid a slowdown in the global economy.
Manturov, who holds the position of Minister of Industry and Trade, noted that the situation with non-ferrous metals is better, as prices for aluminum, copper and nickel have stabilized at the level of the end of 2020.
He added: “Amid the slowdown in the global economy, global steel and black steel prices are experiencing a sharp decline. In addition, in new markets for us, Russian mining companies are forced to look for customers and offer price discounts. At the current exchange rate of the ruble, exports seem to be very unprofitable abroad, and in some places even not economically feasible. The situation is somewhat better for a group of non-ferrous metals that are in high demand on world markets. “Prices for aluminum, copper and nickel have stabilized at the level of the end of 2020.”
Manturov noted that some Russian mining companies operated at a loss in June and July.