Venezuela has nationalised its scrap metal market, according to a state decree published in the Venezuelan Official Gazette monitored by Kallanish.

The National government becomes an exclusive trader and exporter of iron and steel and nickel scrap, amongst a variety of other materials. “These materials are declared strategic for the sustained development of the national industry. The processes of the production chain related to the generation, collection, distribution, storage, transformation or marketing of said products, may only be carried out under the conditions and requirements established by the National government through its sectoral regulations,” Decree No 3.586 states.

The Venezuelan steel industry is going through its worst crisis for the last decade, heavily affected by a shortage of raw materials and the tense political situation in the country.