Mr Viktor Zubkov first deputy PM of the Russian Federation held August 11th 2011 meeting of the subcommittee on customs tariff and non tariff regulation, protective measures in foreign trade of the Governmental Commission for Economic Development and Integration.

During the meeting the participants agreed on a settlement rate of export duty on refined copper. It is planned that in setting stock prices below USD 6000 to operate duty free export.

The current rate of customs duty of 10% will be applied to stock price for refined copper from USD 6,000 to USD 8,000 to 1,000 tonnes in the case of a price increase of copper in excess of USD 8,000 fee is proposed to calculate the formula, USD 800 + 30% difference between current price and the top plate fee per 1 m, the press service of the Government of the Russian Federation.

(Sourced from IMS Metal Supply and Sales)