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ArabFinance: Egyptian Minister of Trade and Industry Nevine Gamea has issued a decree banning exports of some types of scrap and raw material, in addition to scrap paper, for six months, to control shortages in the local market, according to an official statement published on March 30th.
Items banned by the decree include some scraps of copper, lead, steel, and tin cans.
The decree has been issued to address complaints from Chamber of Engineering Industries and Chamber of Metallurgical Industries regarding shortages in scraps and raw material of some metals and the increase in local prices which impacted many companies, Assistant to Minister of Trade for Economic Affairs Ibrahim El-Seginy said.
Prices of these materials are not likely to decline in the current period due to the ramifications of Covid-19 and supply chain crises, along with the economic impacts of the Russian-Ukrainian war, El-Seginy added.
Earlier in March, the Egyptian Ministry of Trade and Industry banned the exportation of a number of commodities for three month including cooking oils, freekeh, corn, fava beans, lentils, pasta, wheat, and flour.
