Russia will reduce its duty on scrap exports to five percent from 15 percent over five years as part of its World Trade Organization (WTO) membership requirements, as stated by Russia's ministry of economy and trade. Russia officially entered the WTO on Wednesday, August 22.
The reduction will be phased over five years with a cut of 2.5 percent each year. Upon the official entrance of Russia to the WTO in August this year, Russia's export duty on steel scrap has been lowered to 12.5 percent from 15 percent. Russia's export duty on scrap will be reduced in August each year, finally reaching five percent.