EU exported 15.6 million tons of scrap in January-November

In January-November 2024, EU companies specializing in ferrous scrap operations reduced their exports of raw materials to third countries by 9.3% compared to the same period in 2023, to 15.56 million tons. This is evidenced by GMK Center’s calculations based on Eurostat data.

More than 60% of total exports went to Turkey – 9.88 million tons (+4.8% y/y). The largest consumers of raw materials include:

• Egypt – 1.545 million tons (-2.6% y/y);
• India – 976.71 thousand tons (-52.7% y/y);
• Pakistan – 580.05 thousand tons (-18.4% y/y).

These four countries account for 83.4% of EU scrap exports.

In November 2024, the EU exported 1.62 million tons of ferrous scrap, down 3.4% compared to November 2023 and 7.1% more than in November 2023. Overall, November shipments are the highest since January 2024.

In November, 1.13 million tons of scrap were shipped to Turkish consumers (+45.8% y/y; +9.2% m/m), 132.38 thousand tons – to Indian consumers (-54.4% y/y, +27.2% m/m), to Egypt – 124.4 thousand tons (-42.6% y/y, +51.9% m/m), and to Pakistan – 61.84 thousand tons (-18.3% y/y, +11.2% m/m).

In 2024, EU scrap exports show mixed trends: the total volume of supplies is declining, but Turkey, traditionally the largest importer of European raw materials, is increasing purchases amid the recovery of the steel sector. At the same time, the decline in exports to India and Pakistan indicates a change in the regional demand structure and possible changes in supply chains. EU regulatory initiatives aimed at preserving scrap for domestic production remain an additional factor, which may limit third countries’ access to European raw materials in the future.

As GMK Center reported earlier, in 2023, exports of scrap from the European Union increased by 7% compared to 2022 – to 18.53 million tons. In 2022, exports fell by 10% y/y for the first time after more than 6 years of upward trend.

EU steel production in 2024 increased by 2.6% y/y – to 129.5 million tons. Global steel production fell by 0.9% y/y – to 1.84 billion tons.