The Board of the Eurasian Economic Commission (EEC) decided to reduce the tariff rates on ferroniobium, under the code 7202 93 000 0 of the CN FEA, to 0% from the previous 5%, valid for a period of two years.

Ferroniobium is a raw material used to manufacture special steel, such as high-strength steel, structural steel, and weldable and cold-resistant steel. The addition of this alloy into heat-resistant and stainless steels helps improve ductility and corrosion resistance, and the addition into structural steels raises weldability, strength, and ductility.

Vahagn Ghazaryan, the Director of the Department of Customs Tariff and Non-Tariff Regulation of the EEC, said the decision was to solve the shortage problem of ferroniobium in the EAEU market, lower the costs of special steel production, raise competitiveness, and increase the capacity utilization rate of EAEU enterprises.

The determination will take effect 30 calendar days from the official publication date (November 14).