12 Dec 2012 15:15

EurAsEC lowers import duty on molybdenum ore and concentrate to 0%

MOSCOW. Dec 12 (Interfax) - The Eurasian Economic Commission (EurAsEC) has decided to reduce the import rate on molybdenum ore and concentrate from 5% to 0% of the customs cost, the commission said in a press release.

"All the molybdenum concentrate obtained at the Sorsky and Zhirekensky plants [Khakassia and Baikal] go to local ferromolybdenum plants. Other producers of ferromolybdenum and other molybdenum products need to import - mostly from non-CIS countries and pay 5%. This decision is aimed at increasing competitiveness at ferromolybdenum plants in the Customs Union and companies that use molybdenum alloys," the release cites EurAsEC Trade Minister Andre Slepnev as saying.