After joining the World Trade Organisation recently, Russia is likely to export more scrap steel into Europe.
As part of its membership, Russia must reduce a tax on scrap exports to 5 per cent from 15 per cent over five years, steelmaker NLMK spokesman Anton Bazulev told Bloomberg.
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“We expect scrap exports to increase and the spread between lower domestic scrap prices and higher European to narrow,” he said.
Scrap prices in Russia for steel are about $276 (£177) per tonne compared to $425 (£272) in Europe.
