Russia decided to impose a 15% export duty on steel products

The Russian government announced on June 24 that it would impose a 15% export tariff on all steel products and some non-ferrous metals. The new tariff measures will take effect from August 1, 2021 to December 31, 2021.

In addition to the 15% benchmark tax rate, the Russian government has also set a minimum tariff amount for specific products, and the actual tariff collection will be implemented by the higher amount between the two.

In terms of categories, the minimum export tariff for pellets is US$54 per ton; the minimum tariff for hot-rolled coils and rebars is US$115/ton; cold-rolled products are US$133/ton; stainless steel and ferroalloy products, 150 USD/ton.

According to Maxim Reshetnikov, Russian Minister of Economy, the move is aimed at stabilizing the price of Russian metal products that have followed the recent surge in the global market.