The annual volume of consumption is forecast at the level of 236.4 million tonsConsumption of steel scrap in China will decrease by 3% in 2024 compared to 2023. According to Hu Hongsheng, director of Fubao’s research department, the annual consumption of raw materials is projected at 236.42 million tons. In particular, 77.9 million tons will be used to produce steel in electric arc furnaces (EAFs), and 236.42 million tons in blast furnaces (BFs). Steel scrap prices are likely to remain volatile in the short term, while long-term expectations still depend on actual circumstances. As GMK Center reported earlier, China’s steel exports are expected to reach 90-100 million tons in 2025, down from 110 million tons forecast for 2024.

Source: Economic Times November 06, 2024 10:12 UTC