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JJUB - Pain Continues For European Aluminum Buyers
Barclays Bank PLC
Russian authorities decided to slap export duties - set at 15% as a base rate or a specific minimum of $254 per ton - on exports of aluminium ingot and billet.
The export tariffs will apply to some 340 nonferrous and steel products, according to the official decree signed last month. For aluminum, it will cover those HS code products starting with 760110.
The European aluminum market is already extremely tight for semi-finished aluminum products. Many mills are booked out until the end of the year.