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  • Russia plans export tax on ferrous and nonferrous metals to fight inflation

    2021-06-28 09:30:05   【Print】
    Russian Prime Minister Mikhail Mishustin signed a decree introducing export duties on ferrous and nonferrous metals to help cool domestic inflation after prices surge.

    The government is proposing that a duty of at least 15% will be effective from Aug. 1 through year-end, with each metal also having a specific duty, Economy Minister Maxim Reshetnikov said.

    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 duty rates could amount to $1,126 per ton of copper, as well as $2,321 for nickel and $254 for aluminum.

    The duties will not affect exports to member states of the Eurasian Economic Union, which includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.
    .Asian Metal Copyright The government is proposing that a duty of at least 15% will be effective from Aug.Asian Metal Copyright
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