The GCC have announced that the Gulf Cooperation Council countries have issued definitive Safeguard Measures on certain steel products. And scrap prices worldwide continue to rise sharply and could exceed $500 per ton.
GCC to set definitive steel safeguard measures
The Gulf Cooperation Council (GCC) is set to provide definitive safeguard tariffs on steel products imports.
The GCC plans to put in place new measures that will protect domestic industries from foreign competition, it’s said by the Bureau of Technical Secretariat for Anti-Injurious Practices in International Trade (GCC-TSAIP).
Scrap prices could break through $500 per ton
Global steel scrap prices surged in the week to Friday, May 7, and could break through the $500 per tonne cfr mark, starting in Asia, market sources told Fastmarkets.
This is due to continued demand for raw materials used in steelmaking and the current high prices for alternative iron ore feedstocks, they said.
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