Ukrainian president signs bill to increase scrap export duty

The Ukrainian parliament (Verkhovna Rada) has announced that Ukrainian president Petro Poroshenko has approved the bill to increase export duties on scrap from €10/mt to €30/mt for one year. The bill will officially enter into force after its publication in the country’s official gazette.  

In May this year, the Ukrainian president vetoed the draft law to increase Ukraine’s export duty on scrap to €30/mt from €10/mt for three years.

Market players are not happy with the decision; they believe that the increase in the tax will make exports non-profitable. Meanwhile, for Turkish mills, short sea scrap supply is likely to decrease considering the winter conditions and the increased scrap export tax.