The Russian government has announced that starting from September 1 export customs duty rates for ferrous scrap shipments outside the Eurasian Customs Union will be reduced.
The resolution was drafted by Russia’s Ministry of Economic Development in line with the country’s international commitments and in connection with its accession to the World Trade Organization (WTO).
Accordingly, the reduced export duty rates will be 7.5 percent, not lower than €7.5/mt. The current export duty rates, which came into force in August 2013, stand at 12.5 percent, not lower than €12.5/mt.
This decision rules out a possible export ban on scrap which was rumored earlier this year.