Global Ferrous Industry Brought Closer by Covid-19 Pandemic

SEATTLE (Scrap Monster):  The latest Ferrous World Report published by the Bureau of International Recycling (BIR) indicates that the Covid-19 pandemic has brought the industry closer together, though it has resulted in slump in global ferrous markets. During this period, there has been increased communication among various recycling associations.

According to Greg Schnitzer, president of the ferrous division of the BIR, the recycling industry has been a major contributor to world economic growth during these crisis times, by ensuring its service to the manufacturing sector, though at reduced capacity.

The improvements in Chinese steel market have become the backbone of the scrap and steel industry. The country has recorded significant pickup in demand for steel billets as well as ferrous and non-ferrous metals post Covid-19 pandemic crisis. The worldwide steel scrap demand has recovered, thus reflecting in prices too.

The domestic scrap and steel industries in the U.S. have witnessed modest recovery, starting from June onwards. The scrap intakes, which had dropped by almost 50% during the shutdown period, have now recovered to almost 10-15% of pre-pandemic levels. Meantime, the impacts of the pandemic continue to impact the UK scrap metal market. There has been a fair demand for quality scrap- both from domestic and export markets.

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