The Global Market for Stainless Steel Scrap

One of stainless steel's key qualities is its sustainability, which is becoming increasingly important in a world seeking to reduce its environmental impact and fight climate change. The metal is completely recyclable and retains all of its properties during the recycling process, unlike most other recyclable materials. On average, any given stainless steel item contains about 60% recycled material, as revealed by the ISSF (International Stainless Steel Forum) 

In 2023, the level of stainless steel production globally reached a record high of 58.4 million tonnes, representing an increase of close to five percent on the 2022 figure. Much of this production was facilitate by the use of stainless steel scrap, demand for which continues to grow around the world. 

The Stainless Steel and Special Alloys Committee at the BIR (Bureau of International Recycling) recently released a report which noted that demand for stainless steel scrap in Europe has 'remained robust' during the first quarter of this year. Data from the report showed a 'substantial increase' of a massive 50% in net imports of stainless scrap into Europe as compared to 2023.

In East Asia, the biggest rise in stainless steel scrap demand was seen in Japan which, requiring the material mostly for domestic use, has decreased its level of exports. South Korea was one of the only countries to have experienced a reduction in demand; this was attributed by the BIR report to the fact that many furnaces in the country are to be shut down for annual maintenance in the second quarter of 2024. 

Numerous steel mills in India are 'actively replenishing their low raw material inventories' according to the BIR report and so have started booking stainless scrap cargoes in the past few weeks. As the certification for ferro-nickel set out by the Bureau of Indian Standards is now being implemented, stainless scrap imports are expected to receive a further boost. 

BS Stainless is one of the UK's leading suppliers and processors of stainless steel wire, with our products being sold all over the world. We continue to build on our reputation for excellence by insisting on exceptional quality and by tailoring our services and products to exactly meet the needs of our diverse client base.

Please browse the BS Stainless website to find out more about who we are and what we do. Do not hesitate to get in touch with our expert technical team if you have any further questions.