FOCUS: Export tax in Russia to raise global pig iron prices

Russia, the largest global supplier of pig iron, is likely to impose a temporary tax on exports of non-ferrous metals, including pig iron, sold outside the Eurasian Economic Union (EAEU).

Russia's economy ministry has proposed that the government impose temporary export duties between August 1 and December 31, 2021. The final decision must be before June 30, because Russian law requires a month between adoption and implementation of new laws.
The duty on export pig iron has been proposed by the ministry at 15%, but not less than $115, per tonne.
Hot-briquetted iron, of which Russia is the largest global exporter, is proposed to be a subject to a temporary duty of 15%, but not less than $54, per tonne.

“For suppliers it will be...

Published

Marina Shulga

June 25, 2021

12:41 GMT

Dnipro