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.
Short comments: The supply of iron and steel resources is in short supply internationally. Although the price of iron and steel materials shows a downward trend, the overall decline is small. The prices of our drum closure, clamp and other iron and steel products fluctuate greatly with the materials, but we will try our best to control the cost to provide the most favorable prices for customers.
Innovations and Advancements in Oil Drum Cap TechnologyJanuary 18, 2024In today's rapidly evolving industrial landscape, the need for enhanced efficiency, safety, and sustainability has become paramount. Among the various elements within industrial processes, oil dru...view
The Speech Of Luo Tiejun Of Steel SituationJuly 1, 2022Luo Tiejun made a response to the hot issues of production limitation, export tax rebate, carbon peak, industry self-discipline and so on, and pointed out:At the beginning of this year, the state prop...viewImporters Should Pay Special Attention To Take What Measures?July 4, 2022First, it is necessary to make clear the type of the product, to determine whether it belongs to the scope of application of the above-mentioned national standards, when coating products are applicabl...view
The Process of the Drum flangeMay 26, 2023The production process is mainly divided into forging, casting, cutting, rolling these four kinds. (1) Casting flange and forging flangeCasting out of the flange, blank shape size is accurate, process...viewSuggestions On Risk Control Of Environmental Protection ReconstructionJuly 1, 2022In order to do a good job of risk control in environmental protection renovation, the following control measures are suggested:1. Comprehensive and accurate identification of various risks in the proc...view
What Types Of Motor Oil Are There?July 1, 2022What are the commonly used lubricating oil additives?With the progress of machinery and the development of automobile internal combustion engine, higher requirements are put forward on the load, speed...view
EN
ko 
fr 
de 
es 
it 
ru 
pt 
ar 
vi 
th 
