Nordic Countries

The Nordic non-ferrous market remains difficult to read. There is no single driving factor but sentiment among market participants is generally cautious. While trading activity remains healthy, uncertainty surrounding geopolitical developments, the global economy and future price direction continues to influence business decisions.

Competition for material remains intense. Price spreads between buyers can be wide, with certain grades attracting aggressive bidding, while trading margins continue to be squeezed. Companies continue to compete for new suppliers and additional inflows, making profitability more challenging despite stable demand for many non-ferrous grades.

Ahead of the summer holiday period, many recyclers have sought to reduce inventories before yards and consumers slow their operations. Most market participants remain reluctant to carry large stocks owing to uncertainty over future price developments. At the same time, there is cautious optimism that activity and pricing may improve after the summer.

The Nordic economies continue to show resilience despite increased geopolitical uncertainty and higher energy prices. Sweden and Finland are expected to maintain a gradual recovery supported by domestic demand and industrial activity, while Denmark remains stable with moderate underlying growth. Norway faces a weaker outlook as higher inflation and interest rates continue to weigh on economic activity. Overall, the industrial environment remains supportive for secondary raw materials, although higher costs and ongoing uncertainty are encouraging a cautious approach throughout the supply chain.

The implementation of the EU’s Digital Waste Shipment System (DIWASS) is an important development for the recycling industry. It is now operational in Sweden but the roll-out has presented several practical challenges: supporting PDF documentation cannot be uploaded until the final stage of the notification process; the workspace can be difficult to navigate; and users report a risk of losing work during the application process. While these are likely to be typical implementation issues associated with a new system, they have created uncertainty among companies handling transboundary waste shipments. Further improvements will be necessary to ensure an efficient and reliable notification process.

On the consumer side, Boliden is continuing preparations to restore full copper cathode production at its Rönnskär smelter following the 2023 fire. The new electro-refinery cellhouse is expected to start operations later this year and gradually ramp up to its full capacity of 230,000 tonnes per year during 2027. The return of full refining capacity is expected to strengthen regional demand for copper-bearing secondary raw materials and will be an important development for the Scandinavian copper market.

Overall, the Nordic market remains fundamentally stable but participants continue to balance competition for material against compressed margins, geopolitical uncertainty and an increasingly unpredictable business environment.