The Ukrainian Iron and Steel Manufacturers Association has submitted a temporary ban on the export of scrap steel to the Prime Minister of the country, requesting it to consider banning the export of scrap steel from Ukraine before December 31, 2023 to ensure the stable development of the metallurgical industry and the country’s economy.
The association stated that the recovery of the global economy has led to a sharp increase in the prices of raw materials including scrap steel. In the past year, scrap prices have risen from US$265/ton in May 2020 to US$468/ton in June 2021. The increase was nearly 80%.
In Ukraine, the price gap between domestic and export scrap prices is too large, even after deducting tariffs and other costs, it can still reach US$100/ton. Ukraine’s scrap export tariff dropped from 58 euros/ton to 13.5% of the export price, a drop of 26.8%, which further led to the outflow of scrap resources.
From January to May of 2021, Ukraine's scrap export volume increased significantly, increasing 9 times year-on-year to 143,000 tons. The association believes that Ukraine will export 1.5 million tons of steel scrap in 2021. If measures are not taken, Ukraine will face a 500,000 tons/year scrap gap, which will lead to a 9.5% drop in steel production and a 5.6% drop in exports.
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