Global scrap consumption fell 5% in 2023,reached to 588 million tonnes. Statistics show that 42% of this global consumption allocates to China and its imports increased by 5% to 237 million tonnes.

Among the reasons for the last year’s decline in iron scrap consumption, a decline in scrap consumption in steel production, decrease in steel production in some important markets in Southeast Asia, and restrictions of some exporting countries can be pointed out.

Asia’s largest scrap exporter, Japan, which exported 7 to 9 million tonnes between 2018 and 2020, witnesses exports drop to about 6 million tonnes in 2023, compared with 7 million tonnes a year ago. The EU is also actively considering a ban on scrap exports.