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Ban on scrap metal exports boosts steel industry

STEEL INDUSTRY: The local steel industry has revived by the ban imposed on scrap metal exports from Sri Lanka. The Chairman of the Foundry Development Services Institute (FDSI), M. Samarasinghe told the Daily News that the ban on scrap metal works well for the local steel industry. Now industrialists could find sufficient raw material through scrap metal.

At present scrap metal prices remained at Rs.350 in the local market. Before banning scrap metal exports, industrialists suffered due to lack of raw materials and prices of the raw material peaked.

The Industrial Development Board (IDB) is also providing scrap metal for selected metal industrialists for a lesser price.

However some metal industrialists sell scrap metal purchased from the IDB to scrap metal traders for a higher price without utilizing them for manufacturing brass and other metal products. Most of the small-scale industrialists involve in this he said.

Scrap metal exports are done through BOI companies. High value metal such as copper have been exported through these BOI companies and it is difficult to monitor these companies.

This has made a negative impact on the high value metal industries in the country, in finding raw materials he said. Meanwhile FDSI expects to reward successful local metal industrialists to gain better recognition for the metal industry.

Samarasinghe said they expect to have an awards ceremony for metal industrialists who are involved in different sectors in the metal industry such as water pumps and wire products.

This would motivate industrialists and bring firms recognition to the local metal industry, he said.

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