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China's scrap supply is expected to increase

Beijing is preparing to launch a campaign promoting large-scale equipment upgrades and the replacement of consumer goods, which will lead to a faster increase in local iron scrap supply in China in the coming years.

China's scrap supply is expected to increase

During a meeting chaired by President Xi Jinping on February 23rd, it was emphasized that accelerating equipment upgrades and renovations is an important measure to promote high-quality development in the country.

In 2023, China had over 3 billion home appliances in use. While encouraging the replacement of vehicles and household appliances, the need to promote large-scale recycling and utilization of waste materials was underscored during the meeting.

These incentives will lead to a faster increase in China's overall iron scrap supply. In 2023, China's total steel scrap supply fell by an annual rate of 0.3% to 249 million tons, while demand declined by an annual rate of 0.7% to 248.6 million tons.

If product renewal and replacement rates can be increased as expected, it is believed that China will see significant increases in the volume of steel scrap generated from machinery, household appliances, and the automotive industries. This will help alleviate cost pressures faced by local EAF steel producers and expand steel production via the EAF route, which aligns with China's long-term goals of reaching carbon peaks and neutrality.

With Beijing's incentives, scrap supply in China will increase, thereby boosting EAF steel production. This move will aid in revitalizing China's economy and reducing carbon emissions.

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SteelRadar Insight - Sayı 1 (Haziran 2024)

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