The Russian government has approved raising the export duty on ferrous scrap. The bill was signed by Prime Minister Mikhail Mishustin on November 27 and was published officially on November 30.
Within 180 days from January 1, 2022, the duty on ferrous scrap exported to regions outside the Eurasian Economic Union (EAEU) will be hiked to 5% but not less than EUR 100/ton. The current export duty is 5% but not less than EUR 70/ton, valid from August 1.
The adjustment was to ease Russia’s domestic scrap market that mills worried about the growing scrap exports in recent months.
Source: YIEH
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