The authorities intend to compensate for the rise in prices for metal products by means of duties

by time news

The funds received from the introduced temporary duties on the export of non-ferrous and ferrous metals outside the EAEU can be used to compensate for the rise in prices for metal products in construction and industry, according to the government’s website.

“… to work out the issue of the direction of funds received from the payment of … export customs duties [на металлы], to compensate for the rise in prices for metallurgical products used in construction and in the production of industrial products, including the execution of the state defense order, ”the statement said.

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 on the eve.

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.

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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