23 Nov 2023 10:10

Russia to extend export quotas for scrap metal to July 2024

MOSCOW. Nov 23 (Interfax) - Russia's subcommittee for customs tariff and non-tariff regulation has approved the extension of quotas on exports of scrap ferrous metals to the period from December 1, 2023 to June 30, 2024.

The quota will be 600,000 tonnes, the same as the quota that was in effect in the second half of 2023, the government's press service reported.

The duty within the bounds of the quota will remain unchanged at 5% but not less than 15 euros per tonne. The duty beyond the quota will also remain unchanged, at 5% but at not less than 290 euros per tonne.

"The extension of current measures will help support prices and supply domestic companies in the metallurgical sector with a strategic raw material," the statement said.

According to the previously published draft resolution, the main part, 80% of the quota, is distributed among participants in foreign trade activities on a historical basis, based on export data for the period from January 1 to December 15, 2023 inclusive, multiplied by the ratios for Russia's constituent entities.

The remaining 20% of the tariff quota is distributed among companies that supplied waste and scrap ferrous metals to systemically important organizations or Russian metals enterprises during the period from July 1 to December 31, 2023.

The quota for the export of scrap and scrap ferrous metal waste is currently valid until December 31, 2023.