The domestic economy and business conditions are improving. However, there is still a shortage of scrap metal and prices being paid are very high.
Export permits are continuing to be issued for brass scrap (Drink) and for aluminium scrap.
The International Trade Administration Commission (ITAC) is continuing to send representatives to yards in order to verify export applications. ITAC, the Department of Trade & Industry and the Treasury are proposing to introduce an export tax on scrap metal by August 1 this year at the latest. Further updates will be issued when available.
Scrap dealers are still melting copper, brass and aluminium into blocks, ingots and billets, thereby causing a domestic shortage of suitable scrap metal.
Although COVID cases have been falling, there are concerns about a third wave starting shortly. The vaccination of health workers has already begun and this is now being extended to those aged over 60, but there is still a long road ahead
Meanwhile, the rand is trading at 14.10 to the dollar, mainly due to the weaker US currency.