Aluminum Copper Lead

Russian Ministry of Economic Development proposes cutting export taxes on ferroalloys

The tariff and non-tariff regulation subcommittee of Ministry of Economic Development of the Russian Federation proposed that the 15% export tax on ferroalloy from August 1 to December 31, 2021 could now be reduced or completely eliminated depending on the requirements of Russian manufacturers and market fluctuations in recent months. The subcommittee said, for example, that the main raw material for ferrochrome is chrome concentrate which is imported to the Russian Federation, and the international price of the material rose sharply, however, ferrochrome is mainly for export.

The proposal suggested to reduce the tax rate for HC ferrochrome to as low as 5% or not lower than USD57/t, for LC ferrochrome to as low as 5% or no less than USD134/t, and for LC ferrochrome C0.05% and C0.05-0.5% to as low as USD109/t. It also proposed not imposing tariffs on certain expensive alloys (including ferrotungsten, ferromolybdenum, ferrotitanium and ferroniobium) and iron powder.