Posted on 24 May 2024
Russian export duties on wire rod, rebar in coils, and pig iron might be temporarily suspended to support the country's exporters.
This move is based on requests from unnamed Russian producers, who argue that these duties make exports unprofitable and non-competitive. They add that offsetting the lower exports with increased supply to Russian and EAEU markets is impossible, according to Russian media reports.
The final decision, including on which products are affected, is yet to be made, according to sources surveyed by Kallanish. Among the products being considered are longs under HS codes 721310, 72139149 and 722790100.
The Russian economy ministry’s working group has preliminarily decided to temporarily suspend export duties from June. A final decision will be made by the sub-commission on customs tariffs and non-tariff regulation after review.
Export duties ranging from 4-7% apply from October 2023 to 31 December 2024, for exports outside the EAEU. These duties are zeroed if the exchange rate drops below RUB 80 per dollar.
The government previously exempted certain goods from export duties, such as thermal coal and anthracite, from May to August, to support the industry amid low global prices.
Source:Kallanish
