Russia is introducing export duties on ferrous and non-ferrous metals from 1 August 1 until the end of the year in a bid to protect the domestic market from higher prices for raw materials.
The TASS press service reported: ‘Duties will comprise the base rate (15%) and the specific component (in US$ per tonne). The value of the latter will be computed depending on the kind of metal (for nonferrous metals) or the conversion degree of products (for ferrous metals), subject to global price dynamics as of the end of five months of 2021.’
The charge will be at least US$ 1 226 per tonne for copper, US$ 2 321 per tonne for nickel, and US$ 254 per tonne for aluminium. Other duties will be at least US$ 54 per tonne for pellets (ore concentrate), US$ 115 for hot-rolled flats and reinforcement bars, US$ 133 for cold-rolled products and wire and at least US$ 150 for stainless steel and ferroalloys.
The government said duties will apply only to exports outside the Eurasian Economic Union. Russia plans talks with partners in the association to reduce risks of metal products being re-exported.
‘Introduction of duties will make possible to soften the influence of external market situation on the domestic market and adjust prices of metals and metal products,’ the announcement went on. ‘The decision was made to restrain the price growth for metal products on the domestic market.’
Don't hesitate to contact us to share your input and ideas. Subscribe to the magazine or (free) newsletter.