World Steel Recycling in Figures: January-September 2024 update

Global crude steel production totalled 1.394 billion tonnes in the first nine months of 2024 for a drop of 1.9% when compared to January-September 2023, according to worldsteel. Data in our table show higher crude steel production in Africa, the EU-27 and Other Europe whereas decreases were registered by Asia/Oceania, the Middle East and Russia/Other CIS (plus Ukraine), as well as by North America. The figure for South America was unchanged at 31.4 million tonnes.

Regionally, the biggest producer in the first nine months of 2024 was once again Asia/Oceania although its total declined 2.5% year on year to 1.032 billion tonnes. Year-on-year production decreased by 1.5% to 38.4 million tonnes in the Middle East, by 2.5% to 64.9 million tonnes in Russia/Other CIS (plus Ukraine) and by 3.9% to 80 million tonnes in North America.  

Elsewhere, there were the following production increases in the first nine months of 2024: 2.3% to 16.6 million tonnes for Africa; 1.5% to 97.8 million tonnes for the EU-27; and 7.8% to 33.1 million tonnes for Other Europe.

BIR’s use of the term “recycled steel”

As explained previously, the BIR Ferrous Division uses the term “recycled steel” rather than “steel scrap” in order to resonate more effectively with the public and policy-makers when highlighting the importance of our material for global steelmaking.

From our own calculations and those of worldsteel, it can be concluded that some 630 million tonnes of recycled steel are used each year in global steel production, thereby preventing almost 950 million tonnes of CO2 emissions while also saving energy and conserving natural resources. The term “recycled steel” also reinforces the importance of our material for “green” steelmaking.

China`s recycled steel usage down 2.1%

In the first nine months of 2024, recycled steel consumption in our key countries and regions was lower than in the opening three quarters of 2023 for the majority of countries and regions.

China retained its position as the world’s largest user of recycled steel despite a 2.1% decline in its consumption to 164.03 million tonnes when compared to January-September 2023 and a 3.6% decline in its crude steel production to 768.5 million tonnes.

Better performances in recycled steel usage when compared to crude steel production were registered in January-September 2024 by the EU-27 (+2.7% to 58.592 million tonnes of recycled steel usage as against the above-mentioned +1.5% for steel production) and India (+22.9% to 25.53 million tonnes of recycled steel usage versus +5.8% for steel production to 110.3 million tonnes). For Turkey, recycled steel consumption was 10.5% higher at 23.565 million tonnes in January-September 2024 as compared to a 13.8% increase in its steel production to 27.9 million tonnes.

Also in the first nine months of 2024, there was a decrease of 1.4% in US recycled steel usage to 41.2 million tonnes and a 1.6% drop in the nation’s crude steel production to 60.3 million tonnes. For Japan, recycled steel consumption dipped 1.5% to 23.386 million tonnes versus a 3.2% fall in steel production to 63.3 million tonnes. South Korea also recorded negative figures, with recycled steel usage sliding 16.5% year on year to 16.751 million tonnes despite a relatively small 4.6% drop in the country’s crude steel production to 48.1 million tonnes.

Turkey’s overseas recycled steel purchases jump 6.4%

The first nine months of 2024 brought a 6.4% year-on-year increase in Turkey’s overseas recycled steel purchases to 15.007 million tonnes, thus maintaining the country’s position as the world’s foremost recycled steel importer. Its main suppliers were the USA (+5% to 3.411 million tonnes), the Netherlands (+33.9% to 2.033 million tonnes), the UK (+44.5% to 1.609 million tonnes), Belgium (-25.5% to 0.947 million tonnes) and Lithuania (+25.9% to 0.741 million tonnes).

India was the world’s second-largest recycled steel importer in the first nine months of 2024 (-17% year on year to 6.360 million tonnes), with its main suppliers being the USA (-23.5% to 1.17 million tonnes), the UK (-38.4% to 0.77 million tonnes), Poland (-10% to 0.36 million tonnes), Brazil (+50% to 0.42 million tonnes) and Canada (-25% to 0.21 million tonnes).

Meanwhile, Vietnam occupied third place in the recycled steel importer league table despite a decrease of 3.6% in incoming volumes to 4.051 million tonnes during the first three quarters of 2024.

Lower year-on-year recycled steel imports were also recorded in January-September 2024 by the USA (-2.3% to 3.255 million tonnes), Taiwan (-11.6% to 2.266 million tonnes), South Korea (-37.4% to 1.884 million tonnes) and Mexico (-18% to 1.768 million tonnes).

By contrast, higher recycled steel imports were recorded by the EU-27 (+24.3% to 3.703 million tonnes) and Pakistan (+11.6% to 1.628 million tonnes).

EU-27 recycled steel exports down 9.6%

The EU-27 registered a 9.6% decline in its overseas recycled steel shipments to 12.436 million tonnes in the first nine months of 2024 but retained its position as the world’s top exporter. The main buyers were Turkey (-2.4% to 7.752 million tonnes), Egypt (+22.2% to 1.339 million tonnes), India (-48.4% to 0.737 million tonnes), Pakistan (-11.3% to 0.459 million tonnes) and Morocco (-0.8% to 0.393 million tonnes).

Despite a decline in US recycled steel shipments in the first nine months of 2024 (-7.8% to 11.187 million tonnes), the nation remained the world’s second-largest recycled steel exporter. The biggest buyers of US material were Turkey (+20.2% year on year to 3.500 million tonnes), Mexico (-40.5% to 1.651 million tonnes), Bangladesh (+32% to 1.468 million tonnes), Taiwan (-6.5% to 0.928 million tonnes) and India (-14.8% to 0.911 million tonnes).

Year-on-year declines in recycled steel shipments were also recorded by Japan (-8.8% to 4.673 million tonnes) and the UK (-8.7% to 4.262 million tonnes).

By contrast, the first nine months of 2024 brought increases in recycled steel exports from Canada (+7.6% to 3.811 million tonnes), Australia (+33.3% to 1.896 million tonnes), Hong Kong (+24.2% to 0.923 million tonnes), Mexico (+27.1% to 0.869 million tonnes) and Singapore (+8.1% to 0.619 million tonnes).

US and EU-27 export prices for recycled steel followed a largely parallel course in January-September 2024.