The Colombian government has imposed restrictions on scrap exports as of this week. Due to the reduced supply in the domestic scrap market, it was recommended to adopt the scrap export quota.
The Colombian Ministry of Industry and Trade stated that the purpose of this measure is to ensure the supply of raw materials, which is highly necessary for the country's steel industry.
This measure is fully in line with the country's multilateral commitments, and the World Trade Organization (WTO) allows such measures to be temporarily taken to prevent or control shortages of essential products.
The scrap subject to export quota belongs to the codes 7204.10.00.00, 7204.21.00.00, 7204.29.00.00, 7204.30.00.00, 7204.41.00.00, 7204.49.00.00 and 7204.50.00.00. This measure is valid until September 2022.
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