In a recent move to address domestic demand and stabilize local markets, the United Arab Emirates (UAE) has taken the decision to suspend all exports of ferrous scrap and paper waste until September 19, 2023. The decision, announced by the UAE government, aims to prioritize the country's industrial needs and ensure sufficient supply for local manufacturers during this period. The suspension comes amidst a surge in demand for raw materials worldwide, leading the UAE to prioritize its own industries to meet internal requirements. The suspension will apply to specific customs items within the classification, including (720410), (720421), (720429), (720430), (720441), (720449), and (720450).
Industry experts speculate that the export suspension may lead to increased competition for ferrous scrap among other importing nations, potentially affecting steel production and construction industries that rely heavily on recycled materials.