With an estimated market size of 745.9 million metric tons by 2026, it represents a stable outlook for the global scrap steel market.

San FranciscoAnd the May 31, 2022 /PRNewswire/ – Today released a new market study published by Global Industry Analyst Inc. (GIA), the leading market research company, released its report titled “Scrap Steel – Global Market Path and Analytics”. The report offers fresh perspectives on opportunities and challenges in the dramatically altered post-COVID-19 market.

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Version: 21; chest: May 2022
Executive pool: 1262
companies: 82 – Players covered include ArcelorMittal SA; Baosteel Resources Limited; Metal Trading Company. EVRAZ North America; Gerdao Group Maanshan Iron and Steel Co., Ltd. Metalico, Inc; Nucor Oryx Stainless Group; Schnitzer Steel Industries; Sims Metal Management Limited; Steel Dynamics et al.
coverage: All major geographies and major sectors
Slides: part (old, fast, home); End use (construction, automotive, shipping, consumer appliances, and other end uses)
Geographical areas: Globalism; United States of America; Canada; Japan; China; Europe; France; Germany; Italia; United kingdom; Spain; Russia; turkey; rest of Europe; Asia Pacific; India; South Korea; rest of Asia Pacific; Latin america; Brazil; rest of Latin america; Rest of the world.

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Abstract-

Amidst the COVID-19 crisis, the global market for steel scrap of 624.5 million metric tons in 2022 is expected to reach a revised volume of 745.9 million metric tons by 2026, at a compound annual growth rate of 4.6% during the analysis period. . Compound annual growth rate, one of the sectors analyzed in the report, is expected to grow 5.4%, while growth in the spot segment is readjusted to a revised 3.5% compound annual growth rate. The global steel scrap market has declined significantly in 2020, amid the overwhelming impact of the ongoing COVID-19 crisis on the global steel industry. Several factors related to COVID-19 have contributed to the sharp decline in steel industry sales and revenue, with a parallel negative impact on the scrap steel market. A major factor negatively affecting the market is the lockdowns imposed by governments in several parts of the world, which have limited the activity of non-essential enterprises as well as the movement of people in the streets and markets. Delays and disruptions in production, exports and imports significantly affect the steel market.

It was evident that steel manufacturers, especially those serving the construction and automotive sectors with complex supply chains, were hit hard as transportation, trade and movement of goods remained disrupted by the COVID-19 pandemic. It is already well understood that the COVID-19 crisis will lead to a shrinkage of capital resources; Manpower layoffs/downsizing and loss of productivity; supply chain disruptions; Difficulties in financing and increased risks of cybersecurity and fraud. Slower economic activity means lower demand for building materials, cars, machinery, and appliances, and lower manufacturing orders in general.

The massive drop in construction spending worldwide in 2020 paints an even bleaker picture for the steel industry. As consumers are less likely to spend on new homes, construction demand will fall affecting the profitability and revenue of steel manufacturers. With the auto industry collapsing under government shutdowns and restrictions, auto manufacturing is set to receive its worst setback ever sending spillovers through the primary supply chain. Without government intervention and financial support, many auto companies in developed and developing countries are expected to file for bankruptcy.

The COVID-19 crisis has affected the supply chain of the scrap steel industry at various levels. The scrap used by steelmakers is a mixture of obsolete scrap, primary scrap from producers, and returned scrap from factories. Obsolete scrap accounts for more than half of the total scrap volume. Availability of obsolete scrap depends on the product’s useful life and recycling rate. The COVID-19 pandemic has disrupted recycling business and discouraged people from exchanging white goods, resulting in reduced production of old scrap. Returned scrap is generated by steel makers as waste during the production process. With the spread of the epidemic in steel production globally, the production of returning scrap has decreased in 2020. On the other hand, primary scrap is generated during the production of steel-based components. Declining demand for steel products and weak manufacturing activity during the COVID-19 pandemic are expected to affect overall primary scrap output. The low availability of scrap combined with the dim flow has enabled steel scrap to succumb to price escalation. While these factors are expected to limit the overall consumption of steel scrap, the expected change in Chinese policy regarding the import of steel scrap is likely to benefit the steel scrap industry. Steel scrap has seen a drop in supply due to disruptions in the supply chain due to the COVID-19 pandemic, leaving steel companies struggling for raw materials.

Going forward, the main factors influencing the use of scrap in the steel industry will be the volume of metal needed to support steel production which in turn influences selection within blast furnaces and electric furnaces, the availability of domestic scrap and the demand for scrap. Depending on the production process applied in each sector, and the availability of local scrap, the use of scrap in steel manufacturing varies greatly across the world. The total scrap share with respect to metal inputs may reach about 85% in regions that rely heavily on electric arc furnace technology to produce raw steel. Although some markets have a high share of electric arc furnace, choosing direct reduced iron or direct iron as the main input, the overall use of scrap worldwide is very low. Moreover, few countries have cheap and easy access to resources such as natural gas. Another factor affecting the market is the volume and quality of steel products consumed as this affects scrap usage. Availability of cash and capital costs also affect scrap utilization as they influence the choice of steel maker between BOF and EAF.

Since the majority of steel scrap is used in the production of new steel, the trends and developments in the steel industry greatly affect the demand scenario in the steel scrap industry. Also, because scrap metal is globally tradable, economic conditions tend to greatly influence demand patterns and pricing trends. In the coming years, the demand for raw materials used in the steel industry will increase from rapidly expanding emerging markets such as ChinaAnd the India And the Brazil It is expected to fuel the demand for steel scrap. The growth is also driven by the importance emerging economies attach to increasing consumption of recycled scrap metal to reduce their carbon footprint. Global warming is one of the most important issues currently facing the global steel industry. Scrap recycling significantly reduces carbon dioxide emissions which leads to more use of recycled steel in the manufacture of goods, which leads to increased demand for steel scrap. The increase in automobile production is also expected to stimulate the demand for steel and recycled steel scrap used in automobiles. Also, the rapid increase in the number of expired vehicles (ELV) in countries such as China Expected to help expand scrap volumes. However, restrictions on the export of steel scrap by a few countries presents a challenge to the global steel industry, especially countries that depend on imports to meet domestic requirements. This is primarily because although steel scrap, with its limited availability, has been considered a strategic resource in many countries, more than 25 countries have already imposed various restrictions on steel scrap exports. These regulations range from outright bans on scrap steel exports to increasing taxes on scrap exports. Given the scenario, the market is expected to witness a recurring rise in steel scrap prices and an increase in the demand for scrap substitutes in addition to an increase in average steel scrap prices. more

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About Global Industry Analyst, Inc. & StrategyR™
Global Industry Analyst, Inc. (www.strategyr.com) is a renowned market research publisher, the world’s only influential market research firm. Proudly serving over 42,000 customers from 36 countries, GIA has been recognized for accurate forecasting of markets and industries for over 33 years.

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Email: ZA@StrategyR.com

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