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Russia zeroed export duties

30 July 2014

July 22 Prime Minister of the Russian Federation, Dmitry Medvedev, signed a decree on zeroing export duties imposed on manufactured from copper cathodes and unalloyed nickel. Resolution Act starts after a 30-day period after the official announcement. At present the duty on exported copper 10%, nickel — 3.75%. The initial term cancellation fees accounted for 2016, but in late May of this year, the subcommittee on customs tariff settlement was made a decision on early zeroing. The offer of early zeroing duties on exports of copper and nickel have been made, «Norilsk Nickel», the world's largest nickel producer worldwide, with it being in the lineup of the world's leading manufacturers of copper. From the volume of global nickel produced by the company «Norilsk Nickel» owns 17%, the company smelts copper of about 2%. Early zeroing bring economic benefits to the company of $ 11.5 billion. RUB.

In addition, «Norilsk Nickel» gets rid of the production capacity, are not subject to modernization — in May of this year, «Norilsk Nickel», the Ministry of Industry and the Ministry of Economic Development has signed an agreement regarding the accelerated closing of the Norilsk nickel plant, owned by the company. According to the contract the elimination of outdated production will be made before the end of 2016. The funds allocated for the implementation of the task, will make 11.5 billion. RUB, and will be received «Norilsk Nickel» in the result of zero export duties on copper and nickel in the case of the status quo of customs and tariff regime with respect to other metals. The plans of «Norilsk nickel» increase in copper smelting in 2018 to an annual volume of 420−445 thousand tons of nickel — up to 225−235 thousand tons.

Analysts «Goldman Sachs» as a result of a recent study of copper market have come to the conclusion that for 2014−2015, it is expected a surplus of products in the amount of 350−500 thousand tons. As for the cost, according to analysts, since the end of July and during the next three months the price of copper is expected to decrease to the level of 6.6 thousand. USD. For half a year the price reached the level of 6.4 thousand. USD / ton, and for 12 months the price per ton dropped to the level of 6.2 thousand. USD.

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