The committee within the Russian government decided to increase the scrap export duty from the current €100/mt to a minimum of €290/mt. The tax rate is still at 5%. This tax will not be applied to exports made within the annual scrap export quota of 810,000-830,000 mt. According to statistics, in 2021 Russia exported 3.22 million mt of scrap, the quota volume is 25% of this amount. The quota is distributed among the regions of Russia according to certain coefficients.
The new measure will come into effect on May 1, covering a period of three months. According to foreign market sources, the government's decision to increase the tax is aimed at restricting scrap exports and guaranteeing supply in the domestic market. Therefore, with this move, domestic market prices are desired to be regulated.
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