Russia scraps nickel, copper export duties ahead of schedule
MOSCOW, July 24 (Reuters) – The Russian government said it would cancel export duties for nickel and copper ahead of schedule, as expected, signalling support for a project by Norilsk Nickel, the world’s largest nickel producer.
Prices of nickel, used in making stainless steel, have gained 38 percent this year after top exporter Indonesia in January banned shipments of unprocessed ore, leading to fears that shortages would develop.
Russia’s decision on Thursday to cut duties to zero from the current 3.75 percent for unalloyed nickel and 10 percent for copper cathodes will come into affect in 30 days after its official publication, which is expected in a few days.
The cut to zero was originally slated for 2016.
Read more at: http://af.reuters.com/article/metalsNews/idAFL6N0PZ3PA20140724
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