China’s economy for scrap metal has made a much-needed recovery post-pandemic, as part of their metal-intensive stimulus plan.
With a decline in stainless steel consumption amidst the pandemic last year, the global market for stainless steel production looks to have a surge in growth, with scrap stainless steel to benefit from a scrap metal price increase.
China & Indonesia have increased their global steel developments with their combined share of stainless steel consumption rising from 52% to 64% as of last year.
The stainless steel industry has recovered from the impacts of the pandemic & will continue to lead to nickel demand. The battery market for electric vehicles has become the second-largest user of nickel by a large margin.
Long term growth in the nickel market has come from the battery sector, driven by green energy initiatives with global electric sales doubled since 2020.
The market has shown concern with the availability of nickel units due to the huge demand from the battery sector.
A revival of the European steel demand will follow suit from the collapse of COVID-19. Key factors that influenced this include:
Demand For Ferrous Scrap –
Reduced Crude Production –
China’s demand for scrap steel could jump over 20 million tonnes in 2022, with yearly imports to jump up 10 million tonnes This has not been seen for 10 years. China’s crude steel production is also set to peak next year.
”What other commodity classified as waste has such a high value? The world has to wake up and put pressure on the European Commission to put on a scrap label. It is not waste.”
– BIR ferrous division president Greg Schnitzer of Sims Metal Management.
With changes to import regulations on scrap metal, certain materials have now been seen as waste.
This has since created an issue of scrap metal such as scrap steel being viewed as a waste division in Europe.
This has since caused many issues with metal recyclers reinforcing the view that scrap is a raw material & needs the credit it deserves.
The price of ferrous scrap is expected to boom with the established use of scrap metal from China to meet demand by the EV sector & infrastructure.
With demand for scrap expecting to grow, so will the price of scrap steel. 2021 is expected to show a major boom in demand, with steel Imports expecting to create a shortage of scrap from current scrap buyers.
To find out the latest scrap ferrous prices near you, check out scrap metal prices!
The price of Scrap Metal & Scrap Steel in particular changes regularly with market demand & supply.
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