The Russian government has decided to increase the volume of its quota for exports of ferrous scrap and waste metals to destinations outside the customs territory of the Eurasian Economic Union (EAEU), which includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, according to local media reports.
As a result, the scrap quota volume for exports will increase by 100,000 mt to 650,000 mt, with its deadline until December 31, 2024. As before, the duty rate for the volumes exported as per the quota will remain at five percent, but not less than €15/mt. Once the quota volume is exceeded, duty will also remain unchanged at five percent, but not less than €290/mt.
“This will allow industry participants to sell additional volumes of raw materials in the foreign market, that are not in demand in the domestic market,” the statement reads.
As SteelOrbis reported previously, the Russian Ministry of Industry and Trade had proposed to extend quotas for exports of ferrous scrap and waste metals to destinations outside the EAEU until December 31, 2025.