Russian government extends ferrous scrap export quota till 31 Dec'24

The Russian government has extended the tariff quota for exporting ferrous scrap and waste metals outside the Eurasian Economic Union (EAEU) until 31 December 2024. The quota has now been set at 550,000 tonnes (t), subject to a 5% duty within the quota, with a minimum tariff of Euro 15/t. Exports exceeding the quota will face a higher duty of 5%, with a minimum of Euro 290/t.

Strategic objective: According to the Russian government's press service, the decision aims to ensure supply security of a strategic raw material for the domestic metals enterprises. Temporary export duties on ferrous and non-ferrous metals from 2021 to 2024 were intended to mitigate the impact of global price fluctuations, stabilise the domestic market, adjust raw materials prices, and support major infrastructure projects.

As per industry reports, in the first four months of the year, scrap exports increased by 9% compared to the same period of last year. Turkiye accounted for half of Russia's exported tonnage during this period, underscoring robust overseas demand for Russian scrap metal.