Note: Russia is one of the world’s largest exporters of nickel, which is used mainly in creating alloys, especially stainless steel, and for plating. The price of nickel has fallen to the point that Moscow made this move in order to prop up the nickel industry in Russia. Nickel producers in other countries are facing similar problems, with the price of nickel falling so low that producers are coming close to bankruptcy. The duty on cathodes, which are often made of nickel, was also eliminated. Russia’s unemployment rate is rising rapidly and the government fears civil unrest. It is taking strong measures to keep housing, banking and other industries afloat.
MOSCOW, January 22 (Itar-Tass) – Russian Prime Minister Vladimir Putin signed the government resolution fixing export customs duties on unalloyed nickel and copper cathodes, the government’s press office told reporters.
Following are the new rates: refined copper and untreated copper alloys – 10 percent, cathodes and cathode sections – 0 percent, unalloyed nickel – 0 percent, a government spokesman said.
The rates will become effective after seven days from the official publication of the government resolution.
