Zelensky signs law to extend export duty on ferrous scrap 2 min read
President of Ukraine Volodymyr Zelensky has signed the law On Amendments to Section II Final and Transitional Provisions of the Law of Ukraine On Amending Certain Laws of Ukraine Concerning Reducing the Deficit of Ferrous Scrap on the Domestic Market , by which it is proposed to prolong the export duty in the amount of EUR 58 per tonne for another five years. This document extends for five years - until September 15, 2026, the period of validity of the export (export) duty rate of EUR 58 per tonne for waste and scrap of ferrous metals. Thus, conditions are created to prevent a shortage of ferrous scrap in Ukraine, which will contribute to smooth operation of domestic metallurgical industry, preserving jobs and increasing tax revenues to the budgets of all levels, the press service of the head of state said.
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BANGLADESH STEEL SCRAP: Bulk market in standoff amid high prices High prices for deep-sea cargoes of scrap are preventing fresh deals involving bulk shipments into the key Bangladesh import market, sources have told Fastmarkets. A bid for a bulk cargo of shredded scrap from the United States was heard at $490 per tonne cfr Bangladesh over the last week, but no sales were concluded. Sellers said on Thursday March 4 that acceptable prices for bulk cargoes of shredded scrap were no lower than $500-510 per tonne cfr Bangladesh.
Seller indications were as high as $510-520 per tonne cfr Bangladesh for US-origin composite deep-sea cargoes comprising a mixture of heavy melting scrap 1&2 (80:20) and shredded scrap, a South Asian trading source said.
VIETNAM STEEL SCRAP: Buyers shun imports on narrow scrap-billet spreads Spot prices in the key Vietnamese scrap import market rebounded strongly during the week to Friday February 26, even though buyers with inventories were not actively purchasing due to high prices and the narrow scrap-billet spread, according to market sources. Japanese H2 was offered at $440-445 per tonne cfr Vietnam in the early part of the week, up $20 per tonne week on week. But offers increased to $455-460 per tonne cfr Vietnam by Thursday, with bids at $440 per tonne cfr Vietnam, and to $460-465 per tonne cfr Vietnam by Friday.
Buyers were not interested in purchasing H2 cargoes at these prices, preferring instead to purchase domestic scrap.