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The Future of the EU Scrap Metal Market
Here at BS Fixings, we are experts when it comes to steel with many of our products being manufactured out of the versatile and strong material. As a company, we also support and encourage sustainable practices, including the reusing and recycling of scrap steel. However, it is not only us that are trying to make a difference! The entire world is continuously looking for ways to improve and implement change, with many countries setting green targets to reach in the near future. One of the most noteworthy transformations in recent times is occurring within the scrap metal industry, particularly steel.
The European Union is a significant player in the scrap steel market; however, it might be on the brink of pivotal change. The EU has long been a scrap metal exporter, exporting approximately 18 million tonnes of scrap a year. Yet, with increasing environmental awareness and policy changes, the EU could transition from a scrap metal exporter to an importer. As the EU becomes more focused on sustainability and circular economy goals, the consumption and production of recycled materials, including scrap steel, will likely increase. These goals along with the increasing use of Electric Arc Furnaces (EAF) could lead to a greater demand for scrap materials, resulting in the need for importation.
The imminent change from exporter to importer in the EU is underscored by emerging trends in the scrap metal industry. The demand for both ferrous and non-ferrous scrap metals is expected to rise in the coming years. With the EU's sustainability goals in sight, there is a greater need for recycling, reusing, and reducing waste, which includes increasing reliance on scrap metals.
Moreover, various industries within the EU, including automotive and construction, have expressed a growing need for these materials. This surge in demand is expected to drive the EU towards becoming a significant importer of scrap metals.
An increasing number of nations are taking protective measures by imposing restrictions on exporting this valuable resource, as EAF production takes centre stage in steel manufacturing. Consequently, the global demand for ferrous scrap is anticipated to grow, with over 70 countries already implementing limitations or outright bans. Such a global trend could result in the European Union becoming a major importer in a relatively short time frame. The dynamics of scrap trade within the EU could dramatically shift, redefining its role in the international scrap market.
To read the original article by Gerber Group, please follow the link!
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