Global trade in ferrous metal scrap declined by 6% in the first half of 2024, totaling about 25.9 million tons. The drop was attributed to the influx of low-cost steel exports from China, which pressured scrap demand in various regions. Despite stable global steel production at 954 million tons, economic challenges such as inflation impacted the industry, particularly in key regions affected by China's dumping practices.

Turkey remained the top scrap importer, increasing its imports by 4% year on year to 10 million tons, driven by expanded steel production capacity. In contrast, India, the second-largest importer, saw a 26% year-on-year decline to 3.9 million tons, influenced by logistical issues and cautious buying during its election period. The U.S., South Korea, Taiwan, Thailand, and Indonesia also reported reduced scrap imports, reflecting a broader downturn in global scrap trade. Rising shipping costs and protectionist policies are expected to further suppress trade volumes in the near term.