India sees 26% y-o-y drop in recycled steel imports in H1CY'24: BIR report

• Global recycled steel consumption edges up by 4.6%
  
  
• India's consumption rises 14%, China's usage up 5%
  
  

India's recycled steel imports decreased by 26.1% y-o-y to 3.881 million tonnes (mnt) in H1CY'24, though its consumption increased by 14% y-o-y, reveals the Bureau of International Recycling (BIR) in an insightful update. The organisation's "World Steel Recycling in Figures" report provides a close look at the performance of the global recycled steel industry in January-June 2024.

Recently, at the BIR World Recycling Convention in Singapore, prominent leaders gathered for a critical exploration of the role of recycled steel in decarbonisation efforts and regional trends in production and usage. Some important figures are presented below.

US, India see drop in recycled steel imports

India, the second-largest importer, saw a decrease of 26.1% y-o-y to 3.881 mnt in H1CY'24, with key suppliers being the US and UK. The US recorded a 9% decline in recycled steel imports to 2.082 mnt.

EU-27, US exports decline

The EU-27 exported 7.359 mnt of recycled steel, an 18.7% y-o-y drop, while the US followed as the second-largest exporter at 7.197 mnt, facing a 16.4% y-o-y decline. Japan and Canada also reported decreases in shipments.

Shift to "recycled steel"

BIR now uses "recycled steel" instead of "steel scrap" with the goal of underscoring its importance in sustainable steelmaking.

Approximately 630 mnt of recycled steel is used annually, preventing nearly 950 mnt of CO2 emissions.

Global recycled steel consumption inches up

Global recycled steel consumption rose 4.6% y-o-y to 255.183 mnt in H1CY'24, with China's usage up 5.4% to 122.54 mnt despite a slight dip in crude steel production.

In contrast, the US experienced a 1.8% decrease in recycled steel usage to 27.6 mnt, while India increased its consumption by 14% y-o-y to 17.8 mnt.

Turkiye's recycled steel imports increase

Turkiye remained the top recycled steel importer, with arrivals rising 3.6% y-o-y to 9.985 mnt. It received significant contributions from the US (2.122 mnt), the Netherlands (1.312 mnt), and the UK (1.106 mnt). The three countries also witnessed notable y-o-y increases in their exports to Turkiye, with the US's shipments going up by 6.6%, the Netherlands by 20.5%, and the UK by 50.9%.

Global crude steel production remains stable

Rolf Willeke, BIR's Ferrous Statistics Advisor, highlighted that crude steel production remained stable y-o-y at 954.6 mnt in H1CY'24, with increases in Africa, the EU-27, Other Europe, the Middle East, and CIS. Conversely, Asia/Oceania and the Americas saw declines.