Increasing trend in iron scrap consumption

The use of ferrous scrap in steel production is expected to increase by 35% to 40% by 2030, due to the decarbonisation behavior that surrounds the world steel industry. According to the data, the global steel production was over 1.8 billion tons last year and the total consumption of ferrous scrap in steel production was around 598 million tons. 

China, which accounts for approximately 55% of world steel production, was known as the top consumer, recording 225 million tons of iron scrap consumption in 2020. After China, EU countries with 78 million tons, America with 55 million tons, Turkey with 30 million tons, Japan with 30 million tons, India with 26 million tons and South Korea with 25 million tons  were included.