Russia to introduce metal export duties to protect domestic market from price spikes – RT Business News

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Russia can adopt temporary export tariffs on sales of ferrous and non-ferrous metals (copper, nickel, aluminum) and metal products from August 1 to December 3.

The duties will not affect exports to member states of the Eurasian Economic Union, which includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.

According to Minister of Economic Development Maxim Reshetnikov, an export duty is determined by an increase in metal prices in the world and in Russia as well.

“During the five months of this year, the export prices of ferrous metals increased by 30% in annual terms, for non-ferrous metals – by 50%. Rising world prices lead to higher prices of metal products in the domestic market, therefore, plant construction becomes more expensive ”, said the minister.



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Reshetnikov stressed that metal prices are not expected to fall by the end of the year. Thus, he suggested the introduction of export duties for the next five months on “Key products” ferrous and non-ferrous metallurgy. According to him, the base rate of the tax will be 15%, and in addition, specific duties will be established, which will be calculated as the minimum rate per tonne.

Such a minimum duty for steel pellets can be $ 54 per ton, for hot-rolled flat products and rebar – $ 115, for cold-rolled products – $ 133, for stainless steel and ferroalloys – $ 150.

Reshetnikov also said that for non-ferrous metals, tariff rates could be as high as $ 1,126 per tonne of copper, as well as $ 2,321 for nickel and $ 254 for aluminum.



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The minister said the tariff rates are expected to be adopted by the government no later than June 30.

“The introduction of tariffs is not a punishment for steel workers. This is part of the range of protective measures for the internal market. We must protect domestic consumers from what is currently happening in global markets ”, said First Deputy Prime Minister Andrey Belousov.

For more articles on economics and finance, visit the business section of RT



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