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South Africa’s Finance Minister, Tito Mboweni, announced in his budget speech earlier this year that National Treasury would work with the Department of Trade and Industry and the Department of Economic Development to explore the introduction of an export tax on scrap metal. Mike Benfield, Macsteel’s CEO, firmly believe that markets should not be regulated in favour of any one constituent party or sector over another. Market forces should be left to themselves to create equilibriums in supply and demand.

Macsteel believes the intentions and rationale behind the proposed introduction of an export tax on scrap metal may be contradictory to the greater wellbeing of the scrap metal sector.

First mooted in 2013, the Minister stated in his Budget Speech earlier this year, that National Treasury would work with the Department of Trade and Industry and the Department of Economic Development to explore the introduction of an export tax on scrap metal.

However, one of the biggest players in the sector, Macsteel, is of the view that markets should not be regulated in favour of any one constituent party or sector over another. According to Mike Benfield, Macsteel’s CEO, market forces should be left to themselves to create equilibrium’s in supply and demand.