Economy, Business And Markets

Shortage of Scrap Steel

Shortage of Scrap SteelShortage of Scrap Steel

Despite a desperate need at home for scrap steel, it is widely exported due to higher prices in international markets, reported Fooladnews. The Customs Administration recently announced the export duty for scrap steel at 80%, but the high tariff has not yet prevented traders from exporting. The domestic casting industries and steel plants annually need 3 million metric tons of scrap steel, while only 1.3 million tons are available in the market. Experts believe that the scrap shortage is a serious problem facing the steel sector, which currently produced as much as 20 million tons of steel a year.