EEC resumes zero duty on imports of ferroniobium into EAEU

MOSCOW. Jan 20 (Interfax) - The Board of the Eurasian Economic Commission (EEC) has reduced the rate of import customs duty on ferroniobium (code 7202 93 000 0 of the Commodity Nomenclature of Foreign Economic Activity of the Eurasian Economic Union or EAEU) used in ferrous metallurgy to zero, effective through February 29, 2028, inclusive, the commission's trade division said.

The decision will take effect 30 calendar days from the date of publication.

Previously, a zero rate of import duty on ferroniobium was introduced from December 20, 2023, to December 31, 2025. Without the reduction to zero, the duty on imports of this product into the EAEU is 5%.

"The specified ferroalloy is widely used in the production of high-quality special-purpose steels and is a critically scarce raw material. The approved measure of customs and tariff regulation will reduce the existing raw material deficit in the domestic market, increasing the competitiveness of domestic products and boosting capacity utilization of metal rolling producers in the Eurasian Economic Union," the director of the EEC Department of Customs-Tariff and Non-Tariff Regulation Vaagn Kazaryan was quoted as saying.

Ferroniobium contributes to increased plasticity and corrosion resistance when added to heat-resistant and stainless steels, and its introduction into structural steels improves weldability, enhances strength, and also increases plasticity, the EEC said, citing Kazaryan.