Metal Producers Open A New Front In Economic War With Russia.

Ukraine has opened several large antidumping investigations against its northern neighbor. Inguletsky GOK, got the ball rolling by charging Russia with exporting concentrate to Ukraine for 34.7% less than its domestic price. The iron manufacturers Silur and Stalkanat joined the fray by accusing Russia of selling steel rope to Ukraine at 31.6% cheaper than domestically. Additionally, the Kharkiv Bearing Plant accused Russia producers of exporting bearings to Ukraine at 63.8% cheaper prices than in Russia. Concorde Capital: Over the past year Ukraine has increased imports of Russia iron concentrate, steel ropes and bearings. According to IGOK figures iron ore concentrate imports increased by 39% yoy, and the total amount of steel rope imports increased by 46.2%. Moreover, Russia’s share in aggregate iron imports was 43.8%, a 140.8% increase yoy. Officials from the Kharkiv Bearing Plant claim that bearing imports have shot up 295% yoy. It looks likely that after Russia’s onslaught on Ukraine’s pipe, milk and gas intensive industries, Ukrainian producers will enjoy government backing.