14th July, 2022: Chinese Scrap Metal Prices Slumped on Index


The draft policy proposes to adopt various measures that will create a new metal trading regime in the country


South Africa Ponders Export Ban to Counter Scrap Metal Thefts

SEATTLE (Scrap Monster): The South African government proposed a six-month ban on scrap metal exports out of the country. It published a draft policy proposal outlining plans to combat scrap metal thefts which causes billions to the country’s economy.

Earlier, President Ramaphosa had noted that the damage caused by the theft of scrap metal and cable in the country’s infrastructure such as electricity and trains is enormous. He had promised to take decisive steps through improved law enforcement and measures to rein in exports of these metals.

It must be noted that the stolen scrap metal are either exported as scrap or are transformed into semi-finished or finished metal, which then are exported.

The draft policy proposes to adopt various measures that will create a new metal trading regime in the country, which will mainly target criminal syndicates. The regulatory measures would be implemented in three phases. The legislative actions proposed in third phase may take up to two years from the date of launch of first phase to finalize. In the initial phase, the government plans to impose a six-month prohibition on exports of all ferrous and non-ferrous waste and scrap metal.

The public as well as all interested or affected members could submit their written representations and comments regarding the draft policy and the draft directives and notices within a period of three weeks.





Image and article originally from www.scrapmonster.com. Read the original article here.

By admin