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UAE Extends Ban on Steel Scrap Exports for 4 Months
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UAE Extends Ban on Steel Scrap Exports for 4 Months

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UAE Extends Ban on Steel Scrap Exports for 4 Months

Update:2020-09-28   View(s):109   Keywords :UAE Extends Ban on Steel Scrap Exports for 4 Months

UAEs Ministry of Economy has announced the extension of the countrys ban on exports of ferrous and paper waste, aiming to support local steelmakers amid the deteriorating market conditions. UAEs 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 from September 17, 2020.

 

UAE had banned the export of all ferrous scrap products for four months from 15 May. Products banned for export are listed under the HS codes 720450, 720449, 720430, 720429, and 720410, which encompass virtually all possible ferrous scrap export products, and 720421, which is stainless steel scrap.

 

UAE was the largest single supplier of ferrous scrap to India in 2019, when it dispatched 1.15 million tonne to the country and accounted for 16.35% of all Indian ferrous scrap imports.