Scrap metal supplies to Ukrainian steel mills up 70%, exports 50% in Q1

MOSCOW. April 22 (Interfax) - Scrap metal supplies to Ukrainian steel mills rose 70% year-on-year in Q1 2024 to 344,500 tonnes, Ukrainian media said, quoting preliminary data from the Ukrainian Association of Secondary Metals or UAVtormet.

Scrap yards boosted ferrous scrap metal procurement 90% year-on-year to 426,800 tonnes

Scrap exports rose 50% to 61,300 tonnes while imports rose to 250 tonnes from 50 tonnes.

Scrap metal stocks at steel plants were estimated at 25,000-35,000 tonnes as of April 1.

UAVtormet has forecast that scrap yards might boost ferrous scrap procurement 17-33% in 2024 compared with 2023 to 1.5-1.7 million tonnes.

It forecasts Ukraine will produce 7-7.2 million tonnes of steel in 2024, up from 6.228 million tonnes in 2023 and 6.263 million tonnes in 2022; and procure 1.75-1.85 million tonnes of scrap metal, up from 1.277 million tonnes in 2023 and 996,700 tonnes in 2022. It is also expected that Ukraine will consume 1.4-1.5 million tonnes of scrap in 2024, up from 1.035 million tonnes in 2023 and 895,700 tonnes in 2022) and export 250,000-300,000 tonnes compared with 182,500 tonnes and 53,600 tonnes, respectively, the exports rising 37-64% compared to 2023.