BIR Ferrous World Mirror: Metal Demand Boosted by Economic Revival

SEATTLE (Scrap Monster): The latest World Ferrous Mirror by the Bureau of International Recycling (BIR) states that rising global auto production and rebounding steel sector have driven metal markets.  

According to George Adams of SA Recycling, the first set of factors that has been driving demand for metals is the interruption of the supply chain last spring, the depletion of inventories and the reduced capacity to produce the raw materials to refill them. Secondly, the robust demand for metals-intensive products such as freezers too has boosted the demand.

The revival in U.S. economy has reinstated increased steel production levels by mills. In addition to domestic demand, there has been an increased demand for ferrous scrap from China, after lifting of the ban effective January this year. Elsewhere, the removal of import duty on ferrous scrap in India is likely to boost demand from hundreds of domestic steel manufacturers in that country who mainly depends on imported scrap for steel production, noted BIR Ferrous Division.

Meantime, the latest U.S. Census Bureau data indicates that the exports of ferrous scrap totalled 1.07 million tonnes in January 2021, significantly down by 28% from the same month a year before. The scrap shipments to Turkey reported notable decline during the month.

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