February 2023 saw some notable trends in the steel scrap and iron market. Purchased steel scrap receipts increased by 3%, while recirculating scrap production decreased by 7%. However, iron and steel scrap consumption remained essentially unchanged compared to January. Pig iron production and consumption both decreased by 5% from the previous month, and direct-reduced iron receipts increased by 11% while consumption decreased by 3%. Exports of iron and steel scrap in February 2023 saw a 9% increase from January, with Turkey being the leading destination, followed by Vietnam and Mexico. On the import side, iron and steel scrap imports in February 2023 rose by 12% compared to January, with Canada being the leading country of origin. In the United States, the daily average domestic raw steel production for February was 219,000 metric tons, showing a 4% increase from January but a 4% decrease from February 2022. The raw steel production capability utilization rate was 75.5% in February 2023.

In the United Kingdom, British Steel Ltd. made significant announcements regarding its Scunthorpe works. Due to high energy prices and the need for low-carbon technology investments, the coking ovens at the works will be shut down by the end of 2023. This decision comes in the context of discussions about potential government support of up to $362 million (£300 million) each for British Steel and Tata Steel Ltd (India), the only steel producers in the country. The support is intended to facilitate the upgrade of their integrated steel mills into more efficient and lower-carbon electric arc furnaces.
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