UAE extends ferrous scrap export ban to support local steel industry

The United Arab Emirates (UAE) has extended its ban on ferrous scrap exports for an additional three months until December 19, 2023, to support the local steel industry's raw material supply. Despite the ban, scrap exports from the UAE have continued, but Indian Customs recently stopped clearing scrap shipments from the UAE, resulting in a 60% year-on-year drop in scrap imports to India. However, scrap shipments to Pakistan and Bangladesh from the UAE continue. Delivered scrap prices in the UAE remain stable. This extension highlights the UAE's commitment to its domestic steel industry and raw material supply.