Metal Remelting Scrap Ingots Market

The article discusses the declining demand for metal remelting scrap ingots worldwide, with a projected decrease in consumption volume and an increase in market value over the period from 2022 to 2030. It covers statistics on consumption, production, imports, and exports of metal remelting scrap ingots, highlighting key countries and trends in the market. The data shows fluctuations in consumption and production volumes, as well as changes in import and export prices over the years.

Market Forecast

Depressed by shrinking demand for metal remelting scrap ingots worldwide, the market is expected to continue its downward consumption trend over the next eight-year period. The performance of the market is forecast to contract with an anticipated CAGR of -1.2% for the period from 2022 to 2030, which is projected to depress the market volume to 19M tons by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of +2.8% for the period from 2022 to 2030, which is projected to bring the market value to $42.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Remelting Scrap Ingots Of Iron Or Steel

In 2022, consumption of remelting scrap ingots of iron or steel decreased by -10.3% to 21M tons, falling for the fifth year in a row after two years of growth. Overall, consumption saw a perceptible shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 2.9%. Over the period under review, global consumption reached the maximum volume at 33M tons in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

The global metal remelting scrap ingots market size surged to $34.3B in 2022, increasing by 21% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked in 2022 and is expected to retain growth in the near future.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Turkey (3.2M tons), India (2.2M tons) and the United States (1.5M tons), together accounting for 33% of global consumption. China, Japan, Nigeria, Brazil, Russia, the UK, Bosnia and Herzegovina, Mexico, Germany and Canada lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2022, the biggest increases were recorded for Bosnia and Herzegovina (with a CAGR of +28.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Turkey ($12.5B) led the market, alone. The second position in the ranking was held by India ($1.7B). It was followed by the United States.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey stood at +4.1%. The remaining consuming countries recorded the following average annual rates of market growth: India (-6.3% per year) and the United States (-4.6% per year).

In 2022, the highest levels of metal remelting scrap ingots per capita consumption was registered in Bosnia and Herzegovina (150 kg per person), followed by Turkey (37 kg per person), Canada (9 kg per person) and Japan (8.1 kg per person), while the world average per capita consumption of metal remelting scrap ingots was estimated at 2.7 kg per person.

In Bosnia and Herzegovina, metal remelting scrap ingots per capita consumption increased at an average annual rate of +29.7% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Turkey (+1.0% per year) and Canada (-3.3% per year).

Production

World Production of Remelting Scrap Ingots Of Iron Or Steel

In 2022, production of remelting scrap ingots of iron or steel decreased by -10.5% to 22M tons, falling for the fifth consecutive year after two years of growth. Over the period under review, production showed a noticeable setback. The pace of growth was the most pronounced in 2017 when the production volume increased by 3% against the previous year. Over the period under review, global production hit record highs at 33M tons in 2012; however, from 2013 to 2022, production failed to regain momentum.

In value terms, metal remelting scrap ingots production contracted notably to $26.9B in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 68% against the previous year. Over the period under review, global production hit record highs at $46.4B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were Turkey (3.2M tons), India (2.2M tons) and the United States (1.5M tons), with a combined 32% share of global production. China, Japan, Palestine, Nigeria, Brazil, Russia, the UK, Bosnia and Herzegovina, Mexico and Germany lagged somewhat behind, together comprising a further 31%.

From 2012 to 2022, the biggest increases were recorded for Bosnia and Herzegovina (with a CAGR of +28.2%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Remelting Scrap Ingots Of Iron Or Steel

In 2022, global metal remelting scrap ingots imports dropped remarkably to 321K tons, reducing by -20.8% on the previous year. Overall, total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +31.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 66% against the previous year. Over the period under review, global imports reached the peak figure at 433K tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, metal remelting scrap ingots imports fell notably to $160M in 2022. In general, total imports indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +48.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 92%. As a result, imports reached the peak of $207M, and then dropped rapidly in the following year.

Imports By Country

In 2022, Kuwait (93K tons) and Belarus (91K tons) were the main importers of remelting scrap ingots of iron or steelacross the globe, together constituting 57% of total imports. It was distantly followed by Austria (33K tons) and South Korea (16K tons), together making up a 15% share of total imports. Croatia (13K tons), Hungary (12K tons), Latvia (11K tons), Italy (8.8K tons), Turkey (8.8K tons), Germany (8.1K tons) and Greece (6.4K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +96.7%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest metal remelting scrap ingots importing markets worldwide were Belarus ($39M), Kuwait ($30M) and Austria ($8.6M), with a combined 48% share of global imports.

Belarus, with a CAGR of +95.6%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average metal remelting scrap ingots import price amounted to $499 per ton, dropping by -2.3% against the previous year. Overall, the import price continues to indicate a perceptible contraction. The pace of growth was the most pronounced in 2021 an increase of 16%. Over the period under review, average import prices reached the peak figure at $748 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($698 per ton), while Hungary ($75 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belarus (+8.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Remelting Scrap Ingots Of Iron Or Steel

In 2022, overseas shipments of remelting scrap ingots of iron or steel decreased by -18.2% to 861K tons for the first time since 2015, thus ending a six-year rising trend. Overall, exports, however, continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2019 with an increase of 35%. Over the period under review, the global exports reached the maximum at 1.1M tons in 2021, and then dropped notably in the following year.

In value terms, metal remelting scrap ingots exports reduced dramatically to $393M in 2022. Over the period under review, exports, however, showed a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 40% against the previous year. As a result, the exports attained the peak of $495M, and then fell markedly in the following year.

Exports By Country

Palestine dominates exports structure, accounting for 678K tons, which was approx. 79% of total exports in 2022. It was distantly followed by Austria (48K tons), comprising a 5.6% share of total exports. The following exporters - France (31K tons) and Australia (17K tons) - together made up 5.7% of total exports.

Exports from Palestine increased at an average annual rate of +19.4% from 2012 to 2022. At the same time, Austria (+49.8%) and France (+13.1%) displayed positive paces of growth. Moreover, Austria emerged as the fastest-growing exporter exported in the world, with a CAGR of +49.8% from 2012-2022. By contrast, Australia (-2.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Palestine and Austria increased by +36 and +5.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Palestine ($320M) remains the largest metal remelting scrap ingots supplier worldwide, comprising 81% of global exports. The second position in the ranking was taken by Austria ($17M), with a 4.3% share of global exports. It was followed by France, with a 3.6% share.

From 2012 to 2022, the average annual growth rate of value in Palestine totaled +16.8%. In the other countries, the average annual rates were as follows: Austria (+49.2% per year) and France (+19.9% per year).

Export Prices By Country

The average metal remelting scrap ingots export price stood at $456 per ton in 2022, waning by -3% against the previous year. Overall, the export price saw a perceptible slump. The most prominent rate of growth was recorded in 2018 when the average export price increased by 12% against the previous year. The global export price peaked at $632 per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Palestine ($472 per ton), while Australia ($159 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+6.1%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform