Min wants size of increase in export duty on metal scrap justified

MOSCOW, May 21 (PRIME) -- Russia’s Economic Development Minister Maxim Reshetnikov has ordered relevant authorities to work out the feasibility of a suggested doubling of the amount of the export duty on metal scrap within two days, the ministry said in a statement on Friday following a meeting of the government’s subcommittee for customs tariff regulation.

On Wednesday, the Industry and Trade Ministry suggested doubling the export duty on metal scrap to at least 90 euros per tonne from the current at least 45 euros per tonne.

Reshetnikov said as quoted by his ministry, “We understand the necessity of raising the duty due to risks of internal prices growing and the necessity of keeping a sufficient amount of raw materials in the country. The issue is whether the amount of the increase is feasible and the balance between interests of producers and consumers of metal products is ensured.”

The authorities have two days to calculate and analyze consequences of the increase for “profitability and investment prospects of Russian producers,” the ministry said.

The next meeting of the subcommittee devoted to the issue will be held on May 26.

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