Some steel products can be exempted from export duties in Russia

In Russia, rebar exports, pig iron and wire rod can be exempted from the exchange tax. This issue will be examined by the Subcommittee on Tariff and Non-Tariff Regulations. The proposal was made by the producers of rebar, who claimed that the current tariffs make their exports unprofitable and uncompetitive.

The government is considering suspending export duties on such steel products, which are linked to the rouble exchange rate. A working group of the Ministry of Economy decided at its meeting on May 22 to abolish duties on such products from June. The final decision is expected to be made at the subcommittee meeting on customs tariff and non-tariff regulations.

Meanwhile, export duties imposed by the Russian government on a broad list of goods will apply from October 1, 2023 to December 31, 2024 and will apply to deliveries outside the Eurasian Economic Union. Taxes are set at 4-7% on an exchange rate of 80-95 rubles/$, while they are reset at an exchange rate below 80 rubles/$. Let us remind you that as of March 2024, A500C rebar prices in Russia on CPT basis are approximately 65 thousand rubles (approximately $720) per ton, including VAT. World rebar prices are at $600 per ton (FOB, Türkiye).