On July 3, the Russian Iron and Steel Association, which includes large-scale steel products companies in Russia, issued a statement stating that the imposition of temporary
tariffs will reduce ferrous metal exports by 1 to 2.5 million tons (valued at 40 to 75 billion rubles).
The Russian government announced on June 25 that a minimum 15% temporary tariff (including 15% basic tax rate + specific tax rate) will be imposed on ferrous and
nonferrous metals from August 1 to December 31. Among them, the tariff for ferrous metals depends on the degree of the processing; the lowest tariff for direct reduction pellets
is US$54/ton; the lowest tariff for hot-rolled flat steel and rebar is US$115/ton; the lowest tariff for cold-rolled coils and wire rods is US$133 /Ton; the lowest tariff for stainless
steel and ferroalloy is 150 US dollars/ton.
The Russian Iron and Steel Association said in a statement: “If you look at the current market conditions, the total export volume may be reduced by 1 million tons, about 40
billion rubles (about 552 million US dollars), and the output of rolled metal and cast iron will be reduced by 1.2 million tons. , Profits will be reduced by approximately 150 billion
rubles (approximately US$2.05 billion), profit taxes will be reduced by 30 billion rubles (approximately US$400 million), and Russian taxes will be reduced by approximately 30
billion rubles (approximately US$400 million).”
(Source: Tech Life Express)