World's major steel scrap importing markets 2022

Turkey is by far the largest importer of steel scrap in the world, with approximately 21 million metric tons of steel scrap imported in 2022. It dwarfed all other main steel scrap importing countries, with India coming in second at around 8.37 million metric tons of imports of the metal. Steel is one of the most widely recycled materials in the world.

Benefits of recycling

Many regions incentivize recycling, as it improves energy efficiency and reduces pollution. Although the price of steel scrap is strongly influenced by the price of iron ore, it has become financially viable to bring electric arc furnaces on line and make new products from recycled steel. The European Union was the area with the highest growth in steel scrap imports between 2020 and 2021, reaching an increase of some 31 percent, while Turkish steel scrap imports rose by 11 percent. Overall, the 2021 results were more optimistic compared to the previous year, when steel scrap imports slowed down worldwide.

Turkish prominence

Steel production is among Turkey’s largest industries, and the country is home to one of the largest steel mining companies in Europe, Ereğli Demir ve Çelik. The steel industry in Turkey has recently come under pressure due to higher prices. Rising costs came as a result of steel tariffs and higher energy prices. Despite these external factors, Turkey’s steel scrap consumption reached almost 30.2 million metric tons in 2022. Its crude steel production was also on the rise by around 13 percent. Turkish total steel exports were over 18 million in 2022, with the European Union being their main destination area.