Russia has decided to increase the duty imposed on steel scrap exports to ?,?70 ($85.57) per tonne in a bid to keep enough material within the domestic market against a background of rising global prices, the country's ministry of economic development said on Wednesday May 26.
"The percentage [at which the duty is applied] is being kept at 5% of the customs value," the ministry said. "And in order to increase the efficiency of customs administration, and to prevent amy underestimate of the customs value, the minimal rate was changed to ?,?70 per tonne from ?,?45 per tonne."Earlier this month, the ministry suggested raising the duty to ?,?90 per tonne because the previous rate of ?,?45 per tonne...