The Russian government has changed the export duty on nickel

The Russian government set the rate of export duty on unalloyed nickel in the amount of $2117.8 per 1 ton, corresponding to a resolution, which was published in the Russian Newspaper on Monday.

In April, Russian government has introduced a progressive scale of export duties on nickel. The former scale was flat 10% rate and it was replaced by floating rate, which depends on the LME nickel price. The new rate is calculated by a number of formulas and it is based on the average price of the metal. The rate is going to be implemented from 5th day of the second month after the monitoring period, which is being conducted quarterly by the Ministry of the Economic Development of Russian Federation. The department submits the proposals about the rate to the government, before the 20th day of the calendar month, following the end of the monitoring period.

Therefore, the floating rate for export duty on metal, calculated according to the monitoring, is going to be approved by the government for the first time.

In October, after the changes implemented for export duty on nickel, the Russian government made arrangements to implement a progressive rate for other metal stock – refined copper. The new principle for calculating fees based on stock prices will take effect in third quarter of November. Currently, the export duty rate is being calculated by the flat 10% rate.