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Global ferrous scrap trade fell by 5% to 14.3 million tonnes (MT) between January and March 2024, compared to the same period in 2023. According to a BigMint analysis, more than 60% of the importing countries saw a decline in performance.
Turkey is still the top importer of scrap globally. In January-March 2024, raw material imports totalled 5.3 MT, an increase of 8% over the previous year. Steel output in the country expanded by 28% YoY over time as local producers overcame the obstacles of declining currency and rising energy prices through new investments, capacity, and value-added products.
India remained the second-largest importer, but its imports fell by more than 29% YoY to 2.3 MT, weighing on the global total. USA, the third-largest importer and the largest exporter, also reduced its imports by 9% YoY to 1.1 MT.
In addition, the leading importers in East and Southeast Asia – South Korea, Taiwan, Thailand and Indonesia reduced their scrap imports, which also affected the global figure.
Global scrap imports declined due to the Red Sea crisis. This problem led to a temporary reduction in market capacity and a sharp rise in freight rates. Amid high logistics costs and longer delivery times, importers were forced to look for alternative suppliers and reduce order volumes.
Global consumption of steel scrap by steel enterprises in 2023 decreased by 12% compared to 2022 to 411.28 MT. The figure contrasts with a slight increase in global steel production, up 0.2% to 1.155 billion tonnes.
BCG expects global scrap trade to decline by about 15% by 2030, from 110 MT to 93 MT. Currently, global trade accounts for about 17% of the world’s annual scrap collection. The US and EU markets will experience the main decline in trade, in particular, due to restrictive measures.
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