Eastern Europe

As of January 1 2025, Russia lifted the export tariffs implemented in October 2023 which were comprised of ​​flexible percentages depending on the rouble/US dollar exchange rate. This puts exporters in a more favourable position as they have no additional costs compared to local consumers when they purchase raw material.

The true impact has yet to be felt given the long New Year holidays and a stronger Russian currency which is trading at 98 rubles to the dollar at the time of writing compared to more than 110 roubles in early January. However, the biggest effect is expected to be seen in aluminium ingot exports.

As regards the presidential elections in Belarus on January 26, the region is keeping a watchful eye on how the results may change the geopolitical situation in the area.

There have not been many changes in Ukraine’s non-ferrous landscape of late. Producers are being careful not to extend their order books while queues at the border have eased at the time of writing.