Korean industry requests ban on export of steel scrap and bars

Korean industry requests ban on export of steel scrap and bars

According to recent news in the market, Korean manufacturing industry requested from the government to bring restriction on exports of steel scrap and steel bars. This request is reported to have stemmed from supply shortage of steel products in Korea, in addition to the rising prices. In response to this request, Minister of Commerce, Industry and Energy stated that the restriction on exports will be temporary and the restriction ruling may be lifted in case the scrap supply problem is solved. The new regulation is expected to be in effect as of next week.