Argentina prohibits exports of aluminum and metal scrap until 2024

Argentina published in the Official Gazette the prohibition of exports of copper, aluminum, and metal scrap until December 31, 2024. The Official Gazette justified that the decision was due to the fact that Argentina lacks a fluid supply of iron and steel scrap, which is why the steel industry is affected by the supply of these raw materials for its development. The export ban coincides with global supply problems for some of these raw materials, such as aluminum. In January, Goldman Sachs forecasted that the price of aluminum will rise to US$3,125 per ton on average, which meant a rise of about 30% from the current price.