Russia sets export duties on 340 metal products [CORRECTED]

The Russian government has approved temporary export duties on 340 steel and non-ferrous metals sold outside the Eurasian Economic Union (EAEU), which are set to take effect from August 1 through December 31, according to an official government decree.

The duties, which are intended to control inflation of metal prices domestically, are expected to raise approximately 160 billion rubles ($2.22 billion) over that five-month period.

The duty’s base rate will be 15%, with the following specific rates for each product:

  • Aluminium – $254 per tonne
  • Copper – $1,226 per tonne
  • Nickel – $2,321 per tonne
  • Steel for pellets (iron ore concentrate) – $54 per tonne
  • Flat hot-rolled steel and rebar – $115 per tonne
  • Stainless steel and ferro-alloys – $150 per tonne
  • Cold-rolled mill products and wire – $133 per tonne

The decree noted specific products that will be subject to the export tax, including: unwrought, non-alloyed aluminium, copper cathodes and sections of cathodes and nickel mattes, as well as unalloyed pig iron and alloyed pig iron products.
Before the export taxes were officially announced, Fastmarkets reported that a duty on pig iron exports would help support global prices, and that Brazilian steel slab producers also could benefit from the imposition of a Russian export duty on shipments of steel and non-ferrous metals. Aluminium market participants also speculated that the tariffs - if implemented - could be extremely disruptive to the global market and would almost certainly increase all regional P1020 premiums.

[Editor’s note: This article was updated on Monday June 28 to amend the rate given for cold-rolled mill products and wires. An earlier version of this story gave this rate as $1,300 per tonne - this should have been $133 per tonne.]

What to read next
Fastmarkets has decided to proceed with the launch of a new European low carbon ferro-chrome price covering material with lower chrome content.
Fastmarkets invites feedback on a proposal to increase the publication frequency of non-exchange-deliverable equivalent-grade (EQ) copper cathode premium, cif Shanghai, from once every two weeks to once every week.
The outlook for North American steel scrap prices has headed further into bearish territory ahead of June’s trade, with prices for all grades expected to fall again after a round of across-the-board decreases in May
Fastmarkets is inviting feedback on a change of publishing time for our ferro-chrome price in the Chinese domestic market as well as ferro-chrome import prices in Japan and South Korea, to 5-6pm Shanghai time from 2-3pm London time.
Fastmarkets is inviting feedback on a proposal change the publishing time for our silico-manganese, ferro-manganese and manganese ore port prices in China, to 5-6pm Shanghai time from 2-3pm London time.
The publication of Fastmarkets copper concentrates TC index, cif Asia Pacific was delayed on Friday March 26, due to a reporter error.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed