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Metal Recycling News July 09, 2020 09:30:19 PM

S. African Iron and Steel Institute Hails Export Tax on Scrap Metals

Paul Ploumis
ScrapMonster Author
SAISI observed that the new tax mechanism could help to revamp current export guidelines.

S. African Iron and Steel Institute Hails Export Tax on Scrap Metals

SEATTLE (Scrap Monster): The South African Iron and Steel Institute (SAISI) welcomed the government move to impose export tax on scrap metals. The proposed system could support the scrap metal supply chain and help to maintain the viability of the ferrous scrap and steel manufacturing sectors.

Charles Dednam, Secretary General, SAISI noted that the investigation by the International Trade Administration Commission of South Africa (ITAC) into the supply and demand market conditions of scrap in the country would help in identifying measures needed to ensure a sustainable supply chain. It must be noted that the investigation followed complaints by local mills and foundries citing demand-supply imbalance.

ALSO READ: Crude Steel Output by African Nations Posted 42% Dip

SAISI observed that the new tax mechanism could help to revamp current export guidelines. The move is likely to ensure sufficient domestic supply of high-quality scrap materials. It must be noted that the government intends to carry out a second round of consultation by mid-July this year. The consultation process is expected to last until end of August. The country has declared two-month halt on scrap metal exports.

Further, the Association welcomed the forthcoming Steel Master Plan, which according to them would help in stimulating steel demand growth.

SAISI represents 64% of the steel manufacturers in the country, whose total output equates to nearly 92% of the South Africa’s total steel output.

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