European Union will cut 3% excise on the imports of aluminium

The EU (European Union) will cut 3% tariff on the imports of aluminium next month (i.e. from January1, 2007), so that shipments from Russia can be augmented. Thereby, safeguarding interests of the producers in the European Union including the Alcoa Inc.

After Poland's demanded respite for the importers, EU intends to lower the excise on pure primary aluminium, which was set at 6% for the last ten years, to 3% from January 1, 2007. The proposal of EU will be a "primary step" to alleviate the burden on importers. The respite will be a compromise, leaving intact the import duty on alloyed version of aluminium.

Of about 2.3 MMT ( Million Metric Tons ) of unalloyed aluminium imported by the EU last year, nearly one Million Tons were subject to 6% duty. Most of the imports in that year came from Russia. Respite for Poland over import tax on aluminium could help in resolving a separate Russia-EU trade issue, say experts.

As per a Research Analyst's view at RNCOS, who has recently researched a report on "European Aluminium Market ( 2007 )", "European importers of aluminium will probably delay shipments till the time tariff reduction comes in effect and that will likely create a short period of tightness in aluminium supply in this region."

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