Russia may resume nickel export tax

Print this page Posted on : 08-22-2009 by recycleinme.com

Russia, the world's biggest nickel producing nation, may reintroduce an export tax on the metal after prices surged 66 per cent this year. A 5 per cent tax was scrapped in January to aid OAO GMK Norilsk Nickel, the largest producer, after prices slumped for two consecutive years. The recommendation to resume a variable export tax was made by the commission on protective measures in foreign trade and announced on its Web site late yesterday. A tariff tied to prices should be imposed once prices on the London Metal Exchange exceed $12,000 a tonne, the Government said.

Source : Business Line