The price of scrap iron has been soaring, turning the once humble material into a treasured and protected commodity. The international price of scrap iron rose by 36 percent last year, and in just the first four months of this year it has leaped by 73 percent. Over the past three years the price has increased 2.5 times.
The skyrocketing price is the result of surging demand for less costly metal in the wake of price hikes for iron ore. Another reason is the growing use of scrap by steelmakers in Europe and Japan looking to reduce greenhouse gas emissions, as scrap emits much less carbon dioxide than iron ore when making steel.
With prices rising, "resource nationalism" is kicking in, with Russia and Taiwan imposing controls on scrap exports. Meanwhile countries around the world have been plagued by metal thieves who steal any kind of iron they can get away with, from manhole covers to gates, guardrails and even bridges.
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