Shares of Russian metallurgical companies dropped sharply after the appearance of news about the plans of the Ministry of Finance to increase the mineral extraction tax rate (NPPI) to six percent. According to the bidding, the “Pipe Metallurgical Company” (TMK), whose shares fell at a peak to 97.44 rubles per piece (-7.61 percent) compared with the opening of trading (at 14:30 Moscow time).
Mechel shares collapsed by 1.35 percent to 258.8 rubles, Norilsk Nickel – 1.33 percent to 23910 rubles, Severstal – 0.42 percent to 1615.6 rubles, “Magnitogorsk Metallurgical Combine “(MMK) – by 0.88 percent to 75.98 rubles. By 17 o’clock, some companies have played a fall, but compared with the discovery of trading remain in the minus.
At 17:40, TMK shares have grown to 99.42 rubles, “Mechel” – up to 261.55 rubles. Shares “Nickel” continued to fall up to 23,370 rubles, “Severstal” – up to 1607.2 rubles, MMK to – 75.13 rubles.
September 16 reported on the meeting of the Ministry of Finance of Russia with representatives of metallurgical companies and manufacturers of mineral fertilizers. Following the negotiations, the Office decided to raise the NPPI rate to six percent and bind it to world prices for raw materials. On the same day, the Ministry of Finance will present his proposal to the Russian Prime Minister Mikhail Mishustina.
At the end of May, the First Deputy Prime Minister Andrei Belousov accused the metallurgical companies in the “fattening” of the state for 100 billion rubles due to the increase in prices in the domestic market. The government has introduced export duties from August 1 to December 31, 2021 to return the superficial metallurgists to the budget.