9,367.77 TRY BIST 100 BIST 100
4.79 CNY CNY CNY
34.56 USD USD USD
36.19 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
41.35 TRY Interest Interest
74.24 USD Fossil Oil Fossil Oil
30.90 USD Silver Silver
4.09 USD Copper Copper
100.80 USD Iron Ore Iron Ore
365.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,982.57 TRY Gold (gr) Gold (gr)

Chrysa Glystra made a speech about the scrap consumption in the UK at the conference

The UK does not use enough raw materials, including ferrous scrap opinion was expressed by UK Steel’s Trade and Economic Policy Manager, Chrysa Glystra at the Istanbul Steel Scrap conference.

Chrysa Glystra made a speech about the scrap consumption in the UK at the conference

According to Glystra, The United Kingdom's scrap consumption is only about 25% on a yearly basis. The low level of its use is also determined by electricity prices.

However, Glystra noted, it is expected that the growth in demand for scrap in the UK could lead to a 70% increase in its consumption in 2027.

The UK Steel representative reminded that about 77% of steel is produced by countries that have introduced or plan to introduce measures restricting scrap exports.

According to Glystra, the UK’s scrap exports and subsequent re-importation of steel leads to an additional 1.5 million tons of carbon emissions annually. In addition, 60% of UK scrap exports go to non-OECD countries, many of which have lower environmental standards.

The expert believes that scrap policy is essential for the UK steel sector’s transition to net zero. Domestic buyers should be able to compete on equal terms with buyers in export markets. In addition, innovation will be required to meet the growing demand for high quality scrap to produce steel that has not previously been produced in electric arc furnaces (EAFs).

Green transition of the British steel industry will increase demand for scrap in the country, Gareth Stace, chairman of UK Steel, noted in his report that the challenge for the steel industry will be to ensure that there is enough of this raw material to fuel more electric arc furnaces. According to the organization, the UK annually produces 10-11 million tons of steel scrap, of which less than 3 million tons are processed, the rest is exported due to insufficient demand from local steelmakers.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

A new era begins in the Indian steel sector

Thursday, November 21, 2024

China's HRC, CRC and rebar production decreased y-o-y in October

Thursday, November 21, 2024

HRC prices decline from China to Middle East

Thursday, November 21, 2024

EU construction decreased in september

Thursday, November 21, 2024

Iranian analyst Keyvan Jafari Tehrani shared the effects of world politics on the steel industry

Thursday, November 21, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now