Several vessels loading tens of thousands of tonnes of wheat for the state buyer of Egypt, the world's largest wheat importer, are stuck in Russia's Black Sea ports ahead of the launch of an export tax in Moscow, trade sources said. After the rouble's slump against the dollar spurred grain exports, driving up domestic prices, the Russian government was forced to curb exports with informal limits and announced an export tax that will come into force on February 1.
Due to the informal curbs, these supplies for Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), have already missed deadlines of previously agreed contracts, but traders can not change the origin of supply. "There have been negotiations to try to change the origin even to Ukraine but GASC insisted that it remains Russian," one of sources said.
The tax, or a duty on wheat exports, will amount to 15 percent of the customs price plus 7.5 euros and will be no less than 35 euros ($40) per tonne from February 1 until June 30, 2015. "There is a serious issue in Russia. There is one vessel which has only loaded 23,000 tonnes cargo so far. It is not able to load more cargo as there is no cargo moving to the port," another trader said.
If vessels are not able to get their final loading documents by February 1, trading companies will have to pay the tax, according to the third source. "GASC will not bear any extra cost if that happens as it will be the trading firms that will pay," he said.
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