The Russian authorities decided on Tuesday, November 16, to increase the minimum tariff value applied to ferrous scrap exports for a period of 180 days on 1 August from the current 70 EUR/t to 100 EUR/t.
According to the Russian government, the current export tariff of 70 EUR/tonne is lower than similar tariffs imposed by other countries, and other CIS countries such as Kazakhstan and Belarus have banned scrap exports.
The increase in ferrous scrap export tariffs was to stabilize domestic scrap prices and steel prices. Without raising export tariffs, export scrap prices may rise, which will increase steel prices in the domestic market. Adjusting scrap export duties was expected to drastically reduce scrap exports.
The approval will take effect 30 days after the announcement, and the date of the planned announcement has not been confirmed.
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