Russia wants to scrap dollar-pegged metals market

The Russian Ministry of Industry and Trade proposed on Monday to temporarily set maximum possible domestic prices for steel products and raw materials, decoupling them from the US dollar. The measure is expected to support the industry.

The ministry explained that at the moment, there is a transformation in the structure of global demand for energy, raw materials, and metals, which often leads to record price increases. Thus, prices for raw materials such as iron ore and coking coal remain high, and the price of ferrous scrap has also been rising. Aluminum and copper products are exposed to currency fluctuations.