New Steelmaking Norms to Boost Global Ferrous Scrap Consumption

As per estimates, EAFs are likely to account for around 30% of the global steel production by 2026.

SEATTLE (Scrap Monster): The meeting of the Bureau of International Recycling (BIR) Ferrous Division held Tuesday noted that the rising intent to reduce steelmaking’s carbon footprint will likely boost the global consumption of ferrous scrap.

Renate Featherstone of Scotland-based Wood-Mackenzie noted that the Chinese steel manufacturing in centred on iron ore-fed basic oxygen furnace (BOF) process. The electric arc furnace (EAF) steel production accounted for only 12% of the total Chinese production in 2019. The EAF’s share is unlikely to exceed 16% over the next 20 years, she said. Meantime, the implementation of emerging techniques to allow BOF facilities to melt more scrap will boost scrap usage in the country.

As per estimates, EAFs are likely to account for around 30% of the global steel production by 2026. The EAF market share is likely to rise further to up to 35% by 2040. The EAF’s share in global steel production excluding those in China and India is predicted to be as high as 52%. The surge in EAF steel production promises further upside for ferrous scrap consumption.

Incidentally, the global ferrous scrap consumption had soared by 3.4% in 2019, compared to the prior year.

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