Ukraine decided to raise the export duty on scrap iron from 58 euros/ton to 180 euros/ton. The new fees will be effective from early 2022. The government is scheduled to present the decision to Parliament for enactment within a month.
The Ukrainian Steel Industry Association Ukrmetallurgprom expressed concerns about the rise in scrap exports in mid-2021 and asked Ukrainian Deputy Prime Minister Denis Shmyhal to implement a temporary ban on scrap iron exports during the period 2022-2023.
Market players believed that Ukraine's current export duties failed to reduce scrap exports because these duties represent only 10% of market prices.
In the first 10 months of this year, Ukraine's scrap exports totaled 515 thousand tons, almost 16 times more than in the same period last year.