Ukrmetallurgprom and Vtormet have initiated changes to legislation to lead the scrap market out of the shade. “We have just signed the letter to the prime-minister Vladimir Groysman on legislation initiatives. They will make the scrap market more clear”, the Ukrmetallurgprom president Alexander Kalenkov said. In particular, the changes propose the cancellation of VAT in…
According to the Ukrmetallurgprom president Alexander Kalenkov, the decree on scrap export duty increase, signed by the Ukrainian President Petro Poroshenko, will play a major role in industry revival. “This decree is very useful for Ukraine, as we feel a sharp shortage of scrap. In 2015 Ukraine exported 1.2 million tons of scrap, it was…
In January-August Ukrainian companies supplied 1.99 million tons of ferrous scrap to local metal producers, down by 8.1% YoY. According to the Ministry of economic development and trade, this is 83% of the scrap needs. In August metal companies received 240 thousand tons of scrap and 254 thousand tons in July. Scrap exports in January-August…
Ukraine sees the decrease in scrap procurement. In H1 scrap procurement dropped by 40% YoY. In January-June Ukraine procured 1590 thousand tons of scrap, down from 2393 thousand tons in H1 2015. The main reason for the decrease is the low local prices. As of July 1, 1 ton of scrap FOB Black Sea cost…
The President of Ukraine Petro Poroshenko has signed a decree, which increases the ferrous scrap metal export duty from 10 euro per ton to 30 euro. The Verkhovnaya Rada adopted the decree on April 21. The decree presupposed the temporary duty increase – for 3 years. But the President vetoed it, and returned it to…
The Ministry of economical development and trade has suggested canceling VAT in operations with scrap metal, as well as the income tax when submitting scrap. The ministry suggests canceling VAT for good, instead of making amendments to the state budget on annual basis, as it is done now. Thus VAT will not be imposed on…
In January-August Ukraine exported 233.37 thousand tons of ferrous scrap valued at $40.99 million, down by 76.5% and 83.1% YoY respectively. According to the State Fiscal Service, scrap was not exported in July and August, with 26.78 thousand tons exported in June, 112.57 thousand tons in May, 82.47 thousand tons in April, and 11.54 thousand…
In July Ukraine imported $0.44 million worth of ferrous scrap. At the same time, no scrap was exported. According to the State Fiscal Service, the major supplier of scrap in July was Turkey ($0.26 million). In January-July Ukraine exported $40.99 million worth of ferrous scrap, while imports stood at $4.12 million. In June ferrous scrap…