“The best way to resolve the deficit issue is a new restriction or a complete ban on the export of this raw material until it is possible to form a reserve necessary for the functioning of the metallurgical industry,” according to the Ukrainian National Committee of the International Chamber of Commerce (ICC).
According to the ICC, among other benefits, using these resources within the country brings a much more significant cumulative economic effect than a simple sale. Due to the occupation of part of the country, the volume of scrap collection has significantly decreased, and exporters began to export scrap metal to Europe in large quantities. Because of this, enterprises, primarily metallurgical, have announced a production shutdown.
The ICC added that it is imperative to constantly monitor the scrap balance, and as soon as it becomes negative, limit or ban exports.