The UAE’s Ministry of Economy has announced the extension of the country’s ban on exports of ferrous and paper waste, aiming to support local steelmakers amid the deteriorating market conditions.
Accordingly, on September 17 the UAE’s Ministry of Economy issued a directive to suspend the export of raw materials, in particular steel scrap under the following HS codes 720410, 720421, 720429, 720430, 720441, 720449 and 720450, for another four months. Initially, the ban was implemented on May 15 this year, as SteelOrbis reported earlier.
Following the ongoing suspension of scrap exports from the UAE, some strengthening of prices for raw materials in India and Pakistan (the most traditional destinations for UAE scrap exports before the implementation of the ban) is not excluded in the nearest future, market insiders believe.