Israel will make legislative changes to restrict the country’s export of ferrous scrap, with its Ministry of Economy citing a shortage of supplies, local media reported.
The Ministry highlights an annual deficit of hundreds of thousands of t of scrap in the country’s steel sector, a shortage exacerbated by multiple factors including reduced collection activities during the Gaza conflict and the suspension of sales tenders. Israel’s Ministry of Environment is proposing export quotas for metals, prioritizing the needs of domestic industries. To facilitate these changes, the Ministry of Economy plans to establish an interdepartmental coordination commission.
The steel market in Israel is estimated to be around 2 mnt annually, largely reliant on imports, as per the report.
Note: This article has been written in accordance with an article exchange agreement between MySteel Global and BigMint.