The Cabinet of Ministers reduced import duties on ferrosilicon to 5%

AK&M 28 October 2021 11:36

The Government of the Russian Federation has approved a reduction to 5% of import duties on ferrosilicon. The corresponding decree, which comes into force in 30 days and applies to legal relations that have arisen since October 18, was signed by Prime Minister Mikhail Mishustin.

Earlier, a temporary duty of 15%, but not less than $150 per ton, was imposed on this alloy, and 15%, but not less than $254 per ton, on aluminum.

In June, the Government imposed temporary duties on exports of ferrous and non-ferrous metals. The decision was dictated by the growth of world prices for metal products. Its rise in price made it difficult to implement large infrastructure projects, required additional costs for the construction of social facilities. The introduction of duties made it possible to mitigate the impact of external conjuncture on the domestic market.