The Ministry of Economic Development of the Russian Federation offered to decrease export duty on pig iron from a minimum of $115/mt to $54/mt, but the duty’s base rate will remain 15pc, Davis Index has learned.
The Ministry suggests adjusting the duty to the same level as hot briquetted iron, considering domestic and global market conditions.
Late in June, the Russian government imposed an export duty of 15pc, but no lower than $115/mt for pig iron, which will be valid from August 1 through December 31, 2021.