A Russian government committee has recommended increasing the country’s customs duty on ferrous scrap exports by Euro25/t to Euro70/t from the current Euro45/t, as per reports. The recommendation, intended to conserve raw material for Russia’s EAF steelmakers amid sharp rise in global ferrous scrap prices, could be enacted by the government earlier than end-July’21. On 18 Dec’20 the Russian government had raised duty on ferrous scrap exports by 5% which led to a decline in external sales this year. However, the rally in global scrap prices lately saw Russia’s exports to Turkey jump three-fold m-o-m to over 75,000 t in Apr’21.
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