UAE bans ferrous scrap exports; short-term effect limited by low overseas consumption

The United Arab Emirates Ministry of Economy has announced a ban on exports of ferrous scrap for a period of four months starting on Friday May 15, 2020.

The ban affects scrap under HS codes 720410, 720421, 720429, 720430, 720441, 720449 and 720450.
The ministry did not give an official reason for implementing the export ban. But market participants in the UAE told Fastmarkets the decision was taken to avoid price hikes in the local market. The main scrap users in the UAE are Emirates Steel, Arabian Gulf Industries, and Shattaf Steel.
The UAE had been under a Covid-19 related lockdown during April but has recently eased restrictions.

The scrap export ban for UAE material...

Published

Serife Durmus

Carrie Bone

May 14, 2020

13:58 GMT

Bursa, London