News Room - Steel Industry

Posted on 10 Sep 2024

Global ferrous scrap consumption dips y-o-y in H1CY'24. What lies ahead?

• Countries with weaker industrial output see dip
• Asian countries show rising consumption trend
• CBAM to boost scrap usage in steel production

Morning Brief: Global consumption of ferrous scrap dipped by around 2%, to 325 million tonnes (mnt) in H1, 2024 (H1CY'24) from 330 mnt seen in H1CY'23, as per data maintained with BigMint.

Factors that dragged down scrap consumption in H1CY'24

The decline was mainly observed in countries like Mexico (-17%), South Korea (-12%), Canada (-2%), the US (-2%), Japan (-2%), and Russia (-2%), followed by the decline in cumulative scrap consumption

 

Source:BigMint