The government approved the introduction of temporary duties from August 1 to December 31 of this year on the export of non-ferrous and ferrous metals outside the EAEU, the press service of the Cabinet of Ministers said.
The initiative to introduce temporary export duties was made by the Minister of Economic Development Maxim Reshetnikov at a government meeting, supported by Prime Minister Mikhail Mishustin and other ministers of the economic bloc. Reshetnikov proposed to introduce temporary export duties on the supply of key products of ferrous and non-ferrous metallurgy outside the EAEU from August 1 to December 31, 2021, that is, for five months. “And during this time, we have already developed a permanent mechanism that will allow accumulating a part of the profit from this super-favorable situation, in the event, of course, if the situation continues in the next years,” Reshetnikov said.
The fees will be combined and consist of a base rate and a specific one. The base will be 15%, the value of the specific rate will be calculated depending on the type of metal (for non-ferrous metals) or the degree of processing of products (for ferrous metals), taking into account the dynamics of world prices for the first five months of 2021.
In particular, for pellets and other products with an estimated cost of $ 400 per ton, the minimum specific duty will be $ 54 per ton of products, for hot-rolled flat products, for rebar – at least $ 115 per ton, for cold-rolled products, wire with an approximate cost of up to $ 1,300 per ton, the minimum the duty will be $ 133 per ton. “And finally, stainless steel and ferroalloys are all over the threshold, which I said – $ 150 per ton,” Reshetnikov said. According to him, the export duty for non-ferrous metals will be calculated depending on the type of metal. “Copper – $ 1226 per tonne minimum specific rate, nickel – $ 2321 per tonne, aluminum – $ 254. Calculations were made based on the current pricing environment for the first five months of 2021, ”he added.
First Deputy Prime Minister Andrei Belousov stressed that the introduction of duties is “not a punishment for metallurgists.” “This is part of a set of protective measures for the internal market. We must protect our domestic consumer from what is happening on the world markets now, ”he said. The government plans to attract about 163-164 billion rubles to the budget. through the introduction of this fee. “This is an insignificant part – about 20-25% of the excess profit that companies receive from a favorable market environment,” the First Deputy Prime Minister concluded.
The chairman of the board of directors of Severstal, Alexei Mordashov, said that foreign analysts called the government’s initiative “a gift to European metallurgists.” “By the way, foreign analysts are already” grateful to our government for such a gift to European metallurgists. ” They also note that this initiative will only increase world steel prices, ”he stressed.
The shares of the largest metallurgical companies fell in price on the background of the news about the imposition of duties. In particular, during the day the quotes of Rusal, Severstal, NLMK and MMK declined by 3-7%. The total fortune of the largest Russian metallurgists during trading on June 24 decreased by $ 2.8 billion due to the fall in the shares of their companies, Forbes calculated.
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