Russia's ministry of economic development has reduced or removed its export duties on ferro-alloys, following widespread pushback from suppliers and traders who have struggled to remain competitive amid the price hikes that their imposition prompted.
The changes came into effect on 15 October, signifying the total removal of export duties from noble alloys including ferro-titanium and ferro-tungsten. Export duties remain in place for bulk alloys but have been lowered from the 15pc level that has been in place since 1 August. The duty on ferro-manganese has been cut to 5pc but not less than $49/t, ferro-silico-chromium to 5pc but not less than $71/t, and ferro-chrome lowered to 5pc, although with the caveat that the duty should not be less than $57/t, $109/t or $134/t, depending on the type of alloy.
The decision to revise the taxes has been made "in response to requests from industry representatives and is associated with a partial change in the situation on foreign markets," the ministry said. The changes are in line with recommendations made by the ministry's subcommittee on customs tariff and non-tariff regulation last month, which said that "market fluctuations" allowed for the taxes to now be removed, after they were originally put in place to protect Russian industry.
Markets remain muted
Expectations that the export tariffs would be reduced or removed have been a major talking point in the market for several weeks, but trading activity is still fairly muted.
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