Posted in | News | Ferrous Alloys and Metals | Energy | Iron and Steel

Korea to Suspend Exports of Scrap Iron and Steel

Mar 4 2004

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In response to the skyrocketing of the international price of steel, the Korean government have imposed restrictions on the export of scrap iron and steel.

The restriction will also help to ease the effects of domestic steel supply shortages in Korea. However, the restrictions are only a temporary measure and will only be maintained while supply shortages exist.

The National Tax Service along with local governments will act to regulate any market influencing activities such as stockpiling until supply shortages have been resolved. Furthermore, the Ministry of Commerce, Industry and Energy (MOCIE) will monitor prices of scrap iron and steel and act to dampen the effects of sharp changes.

For more information on iron, click here.

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