Ferrous scrap utilization by the world’s steel industry for the calendar year 2013 witnessed a growth of 0.9 percent. In addition, it also recorded the new highest Scrap consumption ever in 2013.

Ferrous scrap consumption in the world for the calendar year 2013 had reached nearly 528.3 MnT, that’s an increase of 0.9 percent from the 523.7 MnT consumed in 2012. The global ferrous scrap consumption maintained a consistent 500 MnT level consumption from past three years continuously. Earlier, in 2011 it had reached the highest ever consumption unit of over 500 MnT.

Highest Every Scrap UtilizationIn 2008, the world’s overall steel production was about 1.3 billion tonnes, out of which about 500 MnT was produced by using scrap metal. The total ferrous scrap consumption in 2008 was at about 457.8 MnT up by 1.4 percent from its overall consumption in 2007. However, it witnessed a plunge in consumption during 2009 when it declined by 21.3 percent to 360.2 MnT. The global ferrous scrap consumption then recovered by about 30 percent in 2010 reaching 468 MnT. Thereafter, it witnessed a gradual increment in its consumption for the next three consecutive years recording the highest ever units consumed in 2013.

Major exporting countries of the ferrous scrap metal are South Africa, the United Kingdom and Europe. While, the major buyer of the scrap metal in the world is Turkey.

Ferrous scrap metal usage has been gradually increasing by the world’s steel industry owing to the fact that it helps in reduction of CO2 emissions. As compared to Iron ore extraction, if steel industry uses scrap metals, lesser energy and water will be consumed along with helping in decreasing air pollution in the environment.