Russia raises export tariffs on ferrous scrap again to stabilize prices
Time:Fri, 19 Nov 2021 10:12:12 +0800
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Russia’s authorities decided on November 16 (Tuesday) to raise the minimal value of tariffs on ferrous scrap exports to EUR 100/ton from the current EUR 70/ton, which was implemented on August 1 for a period of 180 days.
In Russia’s government opinion, the current EUR 70/ton export tariff is lower than the similar tariffs imposed by other countries, and other CIS countries, such as Kazakhstan and Belarus, have banned scrap exports.
The increase in export tariffs on ferrous scrap was to stabilize domestic scrap prices and steel prices. Without raising export tariffs, the export prices of scrap may surge, which will boost steel prices in the domestic market. The adjustment of export duties on scrap was expected to greatly lower scrap exports.
The approval will come into force 30 days after the announcement, while the date for the scheduled announcement hasn't been confirmed.
