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.
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.
The Evolving Cap Seal Industry in International TradeSeptember 22, 2023Introduction:In the dynamic world of international trade, cap seals play a crucial role in ensuring product integrity, preventing tampering, and enhancing consumer trust. Cap seals have witnessed a re...view
Environmental Progress of Steel Drum ClosuresJune 10, 2023Electroplating, painting and other processes in the production process of steel drums are major causes of water pollution and air pollution. Therefore, in the cause of environmental protection, our st...view
Prolonging the Lifespan of Tab Seals for DrumsJanuary 18, 2024Tab Seal for Drums are essential components that contribute to the longevity and durability of drums. As a drummer, you know the importance of maintaining these seals to ensure optimal performance. In...view
Express Delay ReminderJune 30, 2022Express Delay Reminder:Some of our customer reflected that the international express is delayed, there are many reasons for that.The impact of COVID-19, many countries are not recovered from the epid...view
Why Do Steel Drum Bung Use R-Type Plug Barrel?April 10, 2023Standard steel barrels have a plug barrel made of steel. A gasket is designed at the cylindrical neck of the plug, just under the edge. Due to these designs, when the plug is tightened, the gasket may...view