News Update: – 14th May 2020
United Arab Emirate Administration Minister of Economy in scheduling to temporarily ban the export of ferrous scrap and paper waster and issued a notice regarding the terms of reference of 1791. This ban will be imposed on all exports dealing from 15th May 2020.
Furthermore, this decision is made on the situation of the Ministry’s keenness on stabilizing the corporations and ensuring that economic dealers are provided with the necessary. While other reliable sources said that since the COVID-19 pandemic and lockdown in UAE the recycling corporations’ owners suffered a lot and they have requested the government to ban the scrap export for few months to regain the loss and till it balances and restored in the local marketplace. Besides, it is also decided based on the requirements of the public interest.
The statement also highlighted that the iron and paper waste concerned induvial are also requested to stop the export temporarily under the imposts and scrap. Furthermore, UAE had been going in first to exporting Heavy Melting Scrap to countries such as Pakistan & India. Now, mills in both countries will have to source their raw material requirements from different countries which may bump up prices on the international market. Our Team at Kamraj would recommend purchasing material at this moment as prices could possibly go up.
