Russia’s Prime Minister Mikhail Mishustin signed a resolution on 23 June to increase the export duties on ferrous scrap to 5%, but no less than €70/t ($84/t), up from the current duty of 5pc, but no less than €45/t.

The increased duty will take effect within 30 days of publication and will be in effect for 180 days.

A government sub-committee initially decided to impose a new duty of €70/t in late May following a proposal by the Russian Ministry of Industry and Trade to impose a duty of €90/t, in response to the constantly rising prices of domestic and overseas scrap iron.

Scrap metal has been hit hard by Russian authorities’ efforts to control high ferrous metal prices this year. The current minimum export duty of € 45 / t was only introduced in January, tripling the previous minimum duty of € 15 / t.

Russia’s price restraint measures increased significantly over the past month and culminated yesterday with the announcement of blanket duties on finished and semi-finished steel, nickel, copper, and aluminium products from August 1 to December 31.