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10 JULY 2018 AL CIRCLE

Russia plans to increase aluminium demand by 300,000 tonnes in 2018

EDITED BY : HEENA IQBAL 1MINS READ

Russia’s Minister of Industry and Trade Denis Manturov said on Monday, July 9, that the country plans to increase domestic aluminium demand by 300,000 tonnes in 2018, according to news reported by TASS.

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"We have about one million [tonnes of aluminium consumed in Russia in 2017 - TASS]. 300,000 tonnes will be added this year," Manturov said. Aluminium consumption in Russia can grow to 2.5 million tonnes in five years.

Russia announced last week it would levy additional import duties of 25 to 40 per cent on the US industrial goods, as a retaliatory act against the US tariffs on imported aluminium and steel. Manturov said additional duties on US products will not affect national market.

Manturov added: "We proceeded from and prepared the range of products we are manufacturing. Therefore, colleagues - consumers will always have an option: either to buy expensive but imported machines or to buy cheaper Russian ones."

The economy ministry said Russia would impose tariffs on some products from the US for which there are Russian-made substitutes. Those products include fibre optics and equipment of road construction, the oil and gas industries and metal processing and mining.


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EDITED BY : HEENA IQBAL 1MINS READ

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