The government of Russia has announced that it has decided to extend the export duty exemption for long steel and pig iron until December 31, 2024. Initially, the exemptions were valid until August 31, 2024.
In addition, the Russian Cabinet of Ministers has exempted tin ore and tin concentrates from export duties and extended the zero export duties on thermal coal and anthracite until November 30.
The export duties were imposed earlier for the period from October 1, 2023, until December 31, 2024, at a rate of 4-7 percent if the exchange rate was at $1 = RUB 80-95 and at zero percent if the rate was below $1 = RUB 80, as SteelOrbis previously reported. Currently, the rate stands at $1 = RUB 96.67.