Russia: Government approves hike in ferrous scrap export duty

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The Russian government has approved increasing customs duty on ferrous scrap exports to Euro 100/t from Euro 70/t.
The duty will take effect from 1 Jun’22 for a period of 180 days.
The decision is expected to mitigate the impact of external conditions on the domestic market, adjust prices, and secure raw materials supply for domestic producers.
Russia exported around 4.5 mn t of ferrous scrap in CY’20.

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