Will there be a high export tax on metals in Russia?

Russian Deputy Minister of Industry and Trade, Victor Evtukhov, told reporters on the sidelines of a panel that the 15% tax imposed by Russia on iron and basic basic metal exports from August 1 to December 1 will not be transferred to 2022 in light of falling prices. .

While the 15% duty is set as the base, Russia has also introduced fixed minimum tariffs for metal such as $115-150/mt for hot briquetted and directly reduced iron products and steel, $254/mt for aluminum, $1,226/mt for copper, and $2,321/mt for nickel.

The deputy minister said on 30 August that there is no reason to extend export duties on metals until 2022 as the market has cooled.

Evtukhov observed that metal prices fell, except for steel scrap, where domestic and foreign demand remained high.