9,374.20 TL BIST 100 BIST 100
31.06 $ USD USD
€33.62 EUR EUR
43.65 TL Interest Interest
81.25 $ Fossil Oil Fossil Oil
22.84 $ Silver Silver
3.88 $ Copper Copper
118.72 $ Iron Ore Iron Ore
394.00 $ Ship Dismantling Ship Dismantling
2,032.54 TL Gold (gr) Gold (gr)

China's steel scrap supply expected to rise

Analysts forecast that China's steel scrap supply in the fourth quarter of 2023 will exceed the third quarter. This increase is triggered by a gradual increase in the operating rates of steel recyclers and government efforts to promote the reorganization of "urban villages".

China's steel scrap supply expected to rise

The term "urban villages" refers to projects in rural areas, usually within the jurisdiction of major cities in China. This government initiative is aimed at revitalizing the Chinese economy. This revitalization has been particularly aggravated by difficulties in the property sector, which is the main driver of steel demand in China.

Industry sources report a noticeable increase in scrap supply due to an increase in dismantling activities. On November 22, China's Ministry of Industry and Information Technology announced that it has identified 135 steel scrap recyclers in the country that meet quality standards for entry into the scrap recycling sector.

Scrap utilization by 255 Chinese steel mills rose 6.1% to 512,000 metric tons in the week to November 9.

Looking back to 2022, the pandemic and the sluggish economy have had negative impacts on steel scrap supply and demand in China. According to data from the China Iron and Steel Industry Association, China's steel scrap production in 2022 was 260 million metric tons, down 10 million metric tons from 2021. In addition, the steel industry's use of steel scrap in 2022 reached 210 million metric tons, down 16.19 million metric tons from the previous year.


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

Muhaj Baghdad partners with Danieli to revolutionize steel production in Iraq

Monday, February 26, 2024

Emirates Steel Arkan maintains rebar prices for March amidst Ramadan slowdown

Monday, February 26, 2024

New sanctions against Russia

Monday, February 26, 2024

Ukrainian drone strike hits major Russian steel plant

Monday, February 26, 2024

Global steel production dips in January 2024: Africa, and Middle East show growth trends

Monday, February 26, 2024
Follow List
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