Russia raises duty on steel scrap exports

A prominent scrap exporter, Russia has increased its export duty on ferrous scrap to hold the sharp increase in pricing. The minimal export tariff would go up to Euro 45/t, as per the recent media reports. The duty will come into effect from late Jan’21 for six months. Russia exported around 4.5 mnt ferrous scrap in CY’20 with Turkey and South Korea being the key destinations.