Increase in export scrap duty in Russia may strongly support local consumers

摘要

An export duty on Russian scrap may increase significantly at the beginning of 2021. The Ministry of Economic Development has developed a draft decree stipulating the minimum export tariff for scrap at EUR 45/t for six months, instead of the current 5% rate (about EUR 20/t taking into account current global prices). The draft decree has been forwarded for agreement to the related agencies, with the Ministry insisting on completing all necessary procedures as fast as possible. Therefore, the new regulations may come into force in late January already.