Author: Paul Ploumis20 May 2015 Last updated at 03:43:44 GMT
BRUSSELS (Scrap Monster): The Bureau of International Recycling (BIR) has released the sixth edition of ‘World Steel Recycling in Figures’ report. The report which provides comprehensive analysis of worldwide ferrous scrap markets was published during the World Recycling Convention, being held in Dubai from May 18th to 20th.
According to the report, global crude steel production climbed higher by 1% in 2014 to 1.665 billion mt. The production from basic oxygen furnace (BOF) increased significantly during the year, accounting for nearly three-fourth of the global production. On the other hand, electric arc furnace (EAF) production witnessed small decline during the year.
The global steel scrap consumption by steel industry totaled 585 million mt, going higher marginally by 0.9%, when compared with the scrap consumption of 580 million mt during 2013. The steel scrap consumption reported highest increase in the US. The scrap usage by the US steel industry grew by 5.1% year-on-year. The other countries which reported increased scrap usage were EU-28 (+1%), China (+3%) and Japan (+0.6%). Meantime, Korea and Russia reported reduced scrap usage during the year. The scrap intake by Korea and Russia declined by 0.3% and 0.5% respectively.
Key scrap importing nations reported reduced levels of scrap intake during the year. The new Chinese policy to promote domestic activity reduced Chinese steel scrap imports by 42.6% over the previous year. The other countries to report drop in steel scrap imports were Turkey (-3.2%), South Korea (-13.6%), Taiwan (-4.1%), EU-28 (-2.0%), Indonesia (-10.9%) and Canada (-12.9%). Meantime steel scrap imports by Thailand surged by 43.9%. Imports by India and the US too increased by 1.1% and 8.6% respectively.
EU-28 region emerged as the leading steel scrap exporter during 2014. The exports were up marginally by 0.3% to 16.859 million mt during the year. The US steel scrap exports dropped 17.1% to 15.34 million tons. Steel scrap exports by Japan declined 9.6% to 7.351 million mt in 2014.