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Russia will levy 15% of black and non-ferrous metals from August 1st

Time : 2021-06-25 Hits : 2021-06-25

Russia plans to levy temporary export tariffs on black and non-ferrous metals from early August, which is to compensate for the rolling prices in government projects. In addition to 15% of basic export tax rates, each type of product has a specific component.

On June 24th, the Ministry of Economic Development of the Russian Ministry of Economic Development proposed to levy 15% of the national black and non-ferrous metallic interim export tariffs in countries outside the tariff alliance from August 1st, 2021. In addition to basic tax rates, the lowest level of fiscal measures will also decide on market prices in the 5 months of 2021. In particular, the pellets are 54 $/ton, and the hot-rolled steel and threaded steel are at least 115 $/ton, cold rolled steel and wire of 133 $/ton, stainless steel and iron alloy is 150 $/ton. For non-ferrous metals, tariffs will be calculated according to the type of metal. The Russian version of "vedomosti" quoted the Prime Minister Mikhailm Shustin said: "I ask you to quickly prepare all the necessary decision documents and submit it to the government. "The decision must be made no later than June 30th to take effect before August 1st.

According to METAL EXPERT (metal experts), the Ministry of Economic Development has also supported the support of the Ministry of Industry and the Ministry of Finance. After introducing this tax, it will be possible to compensate for the rise in metal products in the domestic market. Its purpose is to create a compensation source for national defense procurement, national investment, housing construction, road construction and other construction plans. This is part of a series of protection measures taken in the domestic market. The first deputy premier Andrey Belousov emphasized at the Government meeting: "We must protect our domestic consumers from the present world market.

influences. According to his estimate, budget income from black metal will reach 114 billion rubles ($ 1.570 million, exchange rate 1 US dollar = 72.67 ruble), budget income from non-ferrous metals is approximately 50 billion rubles ($ 680 million). At the same time, according to Andrey Belousov, this amount only accounts for 20-25% of the super profit obtained by metallurgical enterprises, and therefore, the holding company should continue to sign a contract to provide rolling products to government projects and give discounts.

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