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MIL OSI Translation. Region: Russian Federation –

From August 1 to December 31, 2021, export duties on ferrous and non-ferrous metals are introduced in Russia. This resolution was approved by the Government. The decision was made to contain the growth of prices for metal products in the domestic market.

The duties will consist of a base rate (15%) and a specific component (in dollars per tonne). The value of the latter is calculated depending on the type of metal (for non-ferrous metals) or the degree of processing of products (for ferrous metals), taking into account the dynamics of world prices for the first five months of 2021.

For copper, the value of the specific component will be at least $ 1226 per ton, for nickel – $ 2321, for aluminum – $ 254.

For pellets (ore concentrate), the specific duty will be at least $ 54 per ton, for hot-rolled flat products and rebar – at least $ 115, for cold-rolled steel and wire – at least $ 133, for stainless steel and ferroalloys – at least $ 150 …

The duties will apply only to exports outside the Eurasian Economic Union. Russia will hold negotiations with partners on the integration association in order to reduce the risks of re-export of metal products.

By the end of the duties, it is planned to develop a permanent mechanism to stabilize prices for metals and metal products.

The explosive growth in world prices for metals and, as a result, the rise in prices for such products in the domestic market made it difficult to implement large infrastructure projects, required additional costs for the construction of social facilities and the production of industrial products. The introduction of duties will make it possible to mitigate the influence of external conditions on the domestic market, and to adjust prices for metals and metal products.

The introduction of duties was discussed at meeting of the Government on June 24… This measure, proposed by the Ministry of Economic Development, was supported by the Ministry of Finance and the Ministry of Industry and Trade. Following a broad discussion, they were instructed to quickly coordinate the necessary documents and submit them to the Government.

The document will be published.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

MIL OSI Russia News