17 October 2023 – According to media reports, the UAE has extended the existing export ban on steel and stainless steel scrap until at least December 2023. This is an important indication of the importance of waste in the stainless steel production chain. Because the EU stainless steel production again has a scrap problem. And the Canadian economy showed signs of strength in August.
UAE scrap export ban extended until December 2023
Although there is no official announcement on the website of the UAE Customs Authority on the extension of the ban on scrap exports, several media outlets have reported that the UAE has extended the export ban, which has been in place since 2020, until at least December 2023.
EU stainless steel production running out of scrap?
Even if the UAE market is manageable in terms of tonnage compared to the European Union, it shows once again how strategically important stainless steel scrap is and remains. In the EU, prices for stainless steel scrap have risen in recent weeks. The background to this is a widening scrap shortage, for example in France. Filling order books in stainless steel plants are driving demand for scrap, which is in short supply despite increased imports from other EU countries.
US HDG and CRC availability tight
In the United States, HDG and CRC availability has been extended by more than 10%. HDG and CRC prices had also recently made their strongest gains since early July. According to market statements, availability for these steel products is tight.
Canadian economy shows signs of strength in August
The Canadian economy showed signs of strength in August as key indicators such as manufacturing and wholesale sales rose, Statistics Canada said. Manufacturing sales rose 0.7% to $72.4 billion, driven by gains in petroleum, food production and machinery. Petroleum sales rose 10.5 % thanks to higher volumes and prices. Food sales reached an all-time high of $12.6 billion, up 1.5%. Machinery sales also reached a record $4.8 billion, driven mainly by industrial equipment.
Wholesale sales excluding petroleum and grains jumped 2.3% to $83 billion in August. This broad-based growth in manufacturing and wholesale trade shows that the Canadian economy continued to expand last month. As manufacturing and wholesale trade accelerate, the outlook for the economy remains positive.
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Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.
