According to the Ministry of Economic Development of Russia, the country drafted a bill to extend the existing restrictions on ferrous scrap exports, including tariff quotas and export duties, for another period of six months, until June 30, 2024. The proposed quota remains at the previously established 600,000 tons.

According to the draft, ferrous scrap exports within regional quotas to regions outside the Eurasian Economic Union (EAEU) should be imposed an export duty of 5% but no less than EUR 15 per ton. Exports outside the quota will be levied a duty of 5% but no less than EUR 290 per ton.

80% of the quota, 480,000 tons, will be distributed to exporters before December 22 this year based on the previous export activities for the period from January 1 to December 15, 2023.

The proposal was expected to be finalized by the end of November.