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07 Feb

UAE ferrous scrap exports halt, domestic prices plummet

Scrap prices in the United Arab Emirates have plummeted, scrap exports have come to a standstill, and dealers are holding back stock to find a way around the newly imposed export duties on steel scrap of AED 400/tonne ($109). However, scrap exporters are concerned about the AED 100,000 ($27,229) fine per false declaration, notes Kallanish. "The export duty on aluminium scrap is AED 100/t, a quarter of the steel scrap under HMS code 7204," observes one sc…
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