UAE bans ferrous scrap exports

摘要

London—The United Arab Emirate’s Ministry of Economy issued a notice this week announcing suspension of all ferrous scrap exports to support local steel mills and attain a certain degree of supply-demand balance amid the ongoing COVID-19 crisis, one ministry spokesperson told S&P Global Platts Thursday. The suspension will be in effect starting May 15 for a period of four months. The decision was made in hopes of remedying major disruptions faced by the ferrous scrap industry following the coronavirus outbreak, including higher prices for scrap.