Europe's economy continues to gain momentum
Europe’s economy continues to gain momentum

24 April 2024 – Europe’s economy is gaining momentum. This is shown by the recent surprisingly strong purchasing managers’ indices. And Israel is discussing a draft law to introduce restrictions on the export of iron and steel scrap.

Europe’s economy continues to gain momentum

The economy in the eurozone is gaining momentum. In April, the Purchasing Managers’ Index rose unexpectedly sharply to 51.4 points, its highest level for eleven months, pointing to growing economic output. In Germany, the service sector was particularly strong at 53.3 points, but the manufacturing sector also improved with an increase of 1.8 points to its highest level in the last three months.

Israel wants to severely restrict iron and steel scrap exports

Israel has been struggling with a shortage of iron and steel scrap for some time. This scarce availability should now be countered with a new law that has recently been put up for public commenting. The law is specifically about the introduction of export licences for scrap and quantitative quotas in order to curb the shortage in Israel.

Scrap export bans becoming more widespread

Various other countries have also issued bans or restrictions on scrap exports in the recent past. With its new Waste Shipment Regulation, the European Union also wants to enforce an export ban at the request of domestic steel producers, but is once again wrapping this up in a construct of fine words so as not to have to surrender moral leadership in terms of responsibility and environmental protection.

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