The global steel recycling industry has demonstrated remarkable resilience in the first half of 2024, with key nations and regions consuming 255.18 million metric tons of recycled steel, marking a 4.6% increase from the previous year. This growth is particularly noteworthy as it occurs against the backdrop of a 0.2% decline in total crude steel production, according to the latest report from BIR's Ferrous Division.
China has emerged as the dominant force in recycled steel consumption, with usage reaching 122.54 million metric tons in the first half of 2024, representing a 5.4% increase from the same period in 2023. This substantial growth is even more remarkable considering China's crude steel output decreased by 1.1% during the same period, indicating a strong shift towards recycled materials in the country's steel industry.
European Union and India have shown significant progress in their recycling efforts, with consumption increases of 8.8% and 14% respectively. Turkey has also demonstrated strong growth in recycled steel usage, posting a 13.1% increase. These figures reflect growing awareness and commitment to sustainable steel production practices across different regions.
However, not all major markets have experienced growth in recycled steel consumption. The United States recorded a 1.8% decrease, with consumption falling to 27.6 million metric tons. Japan also witnessed a slight decline of 0.9%, with usage dropping to 16.031 million metric tons. The most significant decrease was observed in South Korea, where consumption plummeted by 14.3% to 11.895 million metric tons.
The contrasting trends across different regions highlight the complex dynamics affecting the global steel recycling market. While some nations are rapidly advancing their recycling initiatives, others face challenges that have led to reduced consumption of recycled materials. These variations can be attributed to factors such as economic conditions, industrial policies, and environmental regulations specific to each region.
The BIR's comprehensive data analysis, presented at BIR Singapore 2024, provides valuable insights into the shifting patterns of global steel recycling. The report emphasizes the growing importance of recycled steel in the global supply chain, particularly in developing economies that are increasingly focusing on sustainable industrial practices.
