Russia Is Considering Doubling The Export Tax On Scrap Steel To 90 Euros A Tonne.
Russia's economic development ministry is to decide the fate of the possible increase of ferrous scrap export duty to €90/tonne ($110) this week. This comes after economic development minister Maxim Reshetnikov ordered the appropriate departments to conduct a feasibility study of the size of the increase.
This is in order to make a balanced decision and not jeopardize the country's scrap processors, he said at a meeting on Friday, giving the deadline for the next meeting as 26 May, the ministry says. The department is considering to increase the existing 5%duty with the minimum fiscal value of €45/t, to €90/t. The value was increased from €15/t on 29 January for 180 days.
Reshetnikov states the importance of increasing the scrap export duty in order to alleviate risks of rising domestic steel prices and retain necessary volumes of scrap for domestic supply. He however concedes it is important to justify the size of the increase and secure a balance between scrap processors' and users' interests.
The ministry has two days to analyse the consequences of application of higher export duty on Russian businesses profitability and investment potential. Reshetnikov also underlined the necessity of securing predictable terms and to give guarantees to the industry that the duty will be amended in the event of scrap export prices declining, the ministry says.
Most Russian scrap is exported to turkey, which saw scrap import prices reaching $510/tonne CFR Turkey on Friday for premium HMS 1/2 80:20.
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