Green steel offers calm after ‘perfect storm’

2024 has been a challenging year for the recycled metals industry which has faced a ‘perfect storm,’ according to the Bureau of International Recycling.

The conclusion comes in BIR’s latest quarterly Mirror which attributes the result to a combination of demand, pricing and sourcing. Shane Mellor, president of the Ferrous Division, writes: ‘The subdued ferrous market continues its search for more positive sentiment regarding both furnace-ready feed and finished products.’

Mellor points out that the ferrous metal recycler has to play a crucial role as the steel industry looks to decarbonise using ‘greener’ steel with more scrap. The importance of green steel is the proposed focus of the Ferrous session at BIR’s upcoming convention in Singapore (28-29 October).

Standards

Specifically, BIR supports the World Trade Organization’s Steel Standards Principles, an initiative that is charting mutual recognition, data consistency and interoperability for measuring greenhouse gas emissions. The Ferrous Division board believes that BIR should, where possible, participate in discussions that will shape the future of sustainable steel.

‘It is important to ensure that carbon savings from recycled steel are considered in the definition of near-zero steel, emphasising the role of recycled ferrous metal in decarbonisation efforts,’ Mellor writes. ‘With BIR’s participation, the initiative provides a platform for the recycling industry to champion the principles of the circular economy within the framework of steel decarbonisation.’

Use of recycled steel

The Mirror also has the latest insight on data of crude steel production. Statistics advisor Rolf Willeke notes that for the first time, BIR is reporting on consumption of recycled steel in BOF and EAF steel production.
He reports that major producing countries with a high proportion of EAF production involving intensive recycled steel usage are Turkey on 94.2%, India on 80.4% and Japan on 73.1%.

‘Despite the high share of BOF production in China (88.6%), the country is still the largest user of recycled steel because of its very high overall crude steel production.’