Russia cuts exportduty on ferrous scrap

摘要

Russia will reduce its customsduty on scrap exports from 10%to 7.5% (to a minimum of Eur7.50/mt)effective September 1 as part of an overallgradual reduction to 5%. The moveis in line with Russia’s obligations followingits accession to the World TradeOrganization in 2012.Prior to the accession, the country’sexport tax on scrap was 15%, but from H22012 it started to fall by 2% per year. Thefull reduction to 5% is due to be achievedby 2017 and will be phased over fiveyears as reported.