Russia set to export more scrap steel into Europe following WTO membership


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.


“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.