Steel Scrap Market
Steel Scrap Market Analysis by Obsolete, Prompt, and Home for Construction, Automotive, Shipping, Consumer Appliances, and Other End Uses from 2023 to 2033
Analysis of Steel Scrap Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Steel Scrap Market Outlook (2023 to 2033)
The global steel scrap market is valued at 655 Million Metric Tons in 2023 and is forecasted to jump to 1,050 Million Metric Tons by 2033, rising at a steady CAGR of 4.9% from 2023 to 2033 (forecast period).
A majority of scrap steel is used in the production of new steel. Improvements in the steel industry have had a significant impact on the demand for steel scrap. Also, because scrap metal can be traded internationally, economic conditions can greatly impact demand patterns and price trends.
The need for scrap metal recycling is anticipated to increase over the coming years due to the increased demand for raw materials used in the steel manufacturing industry from rapidly growing economies such as China, India, and Brazil. Rising countries’ priority on expanding recycled steel scrap usage to decrease their carbon footprints is also contributing to market growth. One of the most significant problems currently facing the world's steel sector is global warming.
- The Indian government is constantly attempting to improve the environment and promote sustainability. A steel scrap recycling policy was released in 2019 by the Ministry of Steel, and it outlines the practices that must be used for organized, secure, and environment-friendly product processing and steel recycling.
- Over 32 million metric tons of ferrous scrap were used by essential and optional steel producers in 2019, up 11.4% from the previous year, according to the International Trade Administration.
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | 624.5 Million Metric Tons |
| Estimated Market Value (2023) | 655 Million Metric Tons |
| Projected Market Value (2033) | 1,050 Million Metric Tons |
| Global Market Growth Rate (2023 to 2033) | 4.9% CAGR |
| Obsolete Segment Growth Rate (2023 to 2033) | 5.3% |
| Companies Profiled in Market | Baosteel Group Corporation; EVRAZ North America; BlueScope Steel Ltd.; China Steel Corporation (CSC); Commercial Metals Company (CMS); Hyundai Motor Company; CITIC Ltd.; HBIS Group Co. Ltd. |
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Which Global Issue is Driving Demand for Steel Scrap?
“Reducing CO2 Emission to Upsurge Demand for Steel Scrap”
Steel scrap is in high demand since recycling scrap greatly lowers CO2 emissions and increases the utilization of recycled steel in the production of several commodities. It is also anticipated that increased auto production will drive huge demand for steel and recycled steel scrap to be used in auto parts.
It is also anticipated that the rapidly rising number of end-of-life vehicles (ELVs) in countries such as China would contribute to rising scrap volumes. The global steel sector, particularly those countries that depend on imports to meet their domestic requirements, faces a problem as a result of a small number of countries placing limitations on the export of steel scrap.
“Quantity Metal Required to Support Manufacturing of Steel”
The metallic volume needed to support steel production, which, in turn, determines the choice between a basic oxygen furnace (BOF) and an electric arc furnace (EAF), domestic scrap availability, and scrap demand, will be the key factors influencing the use of scrap in steel manufacture in the future. The way scrap is used in the production of steel varies greatly around the world depending on the production methods used in each industry and the availability of domestic scrap.
- In areas that extensively rely on EAF technology for the manufacturing of crude steel, the overall share of scrap relative to metallic input may be as high as 85%. Although some markets choose to use direct reduced iron, or DRI, as their main input, overall scrap consumption is quite low worldwide.
Few countries also have inexpensive and convenient access to resources such as natural gas. The quantity and quality of steel products consumed also have an impact on the market since it affects how much scrap is used. In the same way that cash availability and capital costs affect whether BOF or EAF is chosen as the steelmaker, they also have an impact on the use of scrap.
Which Factor Is Expected to Restrict Market Potential?
“Limitation on Export of Steel Scrap”
Even though steel scrap, due to its scarcity, was regarded as a critical resource in many countries, more than 25 countries previously placed various limitations on the export of steel scrap. These rules range from a complete ban on the export of steel scrap to higher taxes on shipments of scrap.
The market is anticipated to experience frequent increases in the price of steel scrap, increased demand for scrap alternatives, and high average steel scrap prices given the current situation.
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Country-wise Insights
Why is the Steel Scrap Business Booming in China and India?
“Rising Building & Construction Activities in the Region”
With its accelerating economic progress, Asia Pacific is set to exhibit high growth in the market. Over the forecast period, this is expected to be a significant driver for the worldwide consumption of consumer durables and the construction sectors.
China is the hotspot for firms dealing in scrap metal recycling since the use of recovered metals in the construction industry is high in the country. This is supported by a highly advanced manufacturing sector and rising construction and automotive industries.
After China, India is the world's second major producer of steel. The country's industrial sector is accelerating with several new projects since it is a significant producer and consumer.
Why is the United States Driving Demand for Steel Scrap?
“Technological Advancements in Automotives to Flourish Regional Growth”
The United States presently leads North America in the recycling of steel scrap, and it is anticipated that it will maintain this position over the decade. Technology advancements in the automotive and construction industries are driving up the sales of steel scrap across the country.
For the creation of new steel and cast-iron goods, iron and steel scrap are the essential raw materials. The recovery of goods that are no longer in use or required, as well as the quick availability of scrap from production processes, are extremely important to the United States scrap metal recycling. For more than 150 years, the steel sector has recycled steel scrap in the country.
Category-wise Insights
Why Is There Such High Demand from Construction Segments?
“Effects of Metal Mining on Environment”
The steel scrap market's construction segment is expanding at an exponential rate. The use of recycled metals in construction has been driven by the need to lessen the environmental impact of metal mining.
Where is Obsolete Steel Mostly Acquired from?
“Obsolete Steel Mostly Recycled from Scrapped Automobiles”
Recycling steel scrap saves landfill space, energy, and raw resources. Millions of metric tons of steel cans, vehicles, appliances, building materials, and other steel items are recycled annually by domestic steel sectors. Scrapped automobiles are the main source of obsolete steel.
Compared to making iron and steel from iron ore, the remelting of scrap requires a lot less energy. By using iron and steel scrap, which is obtained through the remelting process, less waste needs to be disposed of in landfills and less scrap steel ends up in the environment.
Steel scrap obtained from the automobile sector is predicted to increase at a CAGR of 5.3% between 2023 and 2033.
Why is the Home Segment Exhibiting High Steel Demand?
“Increasing Demand for Home Furnishing across the World”
Steel is used in over 75% of all household appliances. Steel is being used more and more in home furnishings, including dining tables and chairs, sturdy home office equipment, and metal beds. Steel is the ideal material for all furniture because of its high strength, flexibility, and corrosion resistance.
Steel is a crucial component of architectural details, including room partitions, stairs, steel lamps, and steel tables. Glossy, ultra-modern textured steel floors can typically handle considerable traffic. As such, steel scrap is being widely utilized to manufacture home appliances across the world.
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Competitive landscape highlights only certain players
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Competitive Landscape
The global market for steel scrap is characterized by an increase in mergers and acquisitions. Key players in the steel scrap market are investing in small businesses that have implemented cutting-edge technologies, established effective procedures, and had a significant presence in regional marketplaces.
- Totall Metal Recycling was purchased by Wieland Ulm in May 2022.
- In May 2019, Nucor Corporation reported that it had made investments to increase the vacuum degassing capacity at its bar mill in Darlington, South Carolina. The mill was able to produce tailored bar products that adhere to some of the highest quality standards in the industry by introducing this capacity.
Key Segments of Steel Scrap Industry Research
-
By Type :
- Obsolete
- Prompt
- Home
-
By Application :
- Construction
- Automotive
- Shipping
- Consumer Appliances
- End Uses
-
By Region :
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
Table of Content
- 1. Executive Summary
- 2. Market Overview
- 3. Key Market Trends
- 4. Key Success Factors
- 5. Market Background
- 7. Global Market Volume (Units) Analysis 2018 to 2022 and Forecast, 2023 to 2033
- 8. Global Market - Pricing Analysis
- 9. Global Market Value Analysis 2018 to 2022 and Forecast, 2023 to 2033
- 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Type
- 10.1 Obsolete
- 10.2 Prompt
- 10.3 Home
- 11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Application
- 11.1 Construction
- 11.2 Automotive
- 11.3 Shipping
- 11.4 Consumer Appliances
- 11.5 End Uses
- 12. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Region
- 12.1 North America
- 12.2 Latin America
- 12.3 Europe
- 12.4 East Asia
- 12.5 South Asia
- 12.6 Oceania
- 12.7 Middle East and Africa (MEA)
- 13. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 14. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 15. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 16. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 17. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 18. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 19. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 20. Key and Emerging Countries Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 21. Market Structure Analysis
- 22. Competition Analysis
- 22.1 Baosteel Group Corporation
- 22.2 EVRAZ North America
- 22.3 BlueScope Steel Ltd.
- 22.4 China Steel Corporation (CSC)
- 22.5 Commercial Metals Company (CMS)
- 22.6 Hyundai Motor Company
- 22.7 CITIC Ltd.
- 22.8 HBIS Group Co. Ltd.
- 23. Assumptions and Acronyms Used
- 24. Research Methodology
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List Of Table
Table 01: Global Market Volume (‘000 Units) Analysis and Opportunity Assessment 2018 to 2033, By Type
Table 02: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Type
Table 03: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
Table 04: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Region
Table 05: North America Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 06: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Type
Table 07: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
Table 08: Latin America Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 09: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Type
Table 10: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
Table 11: Europe Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 12: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Type
Table 13: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
Table 14: South Asia Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 15: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Type
Table 16: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
Table 17: East Asia Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 18: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Type
Table 19: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
Table 20: Oceania Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 21: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Type
Table 22: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
Table 23: Middle East and Africa Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 24: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Type
Table 25: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
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List Of Figures
Figure 01: Global Market Volume (in 000' Units) Analysis, 2018 to 2022
Figure 02: Global Market Volume Forecast (in 000' Units), 2023 to 2033
Figure 03: Pricing Analysis (US$) Per Type, By Region, 2022
Figure 04: Pricing Analysis (US$) Per Type, By Region, 2022
Figure 05: Global Market Value Analysis (US$ Mn), 2018 to 2022
Figure 06: Global Market Value Forecast (US$ Mn), 2023 to 2033
Figure 07: Global Market Absolute $ Opportunity, 2023 to 2033
Figure 08: Global Market Share Analysis (%), By Type, 2023 to 2033
Figure 09: Global Market Y-o-Y Analysis (%), By Type, 2023 to 2033
Figure 10: Global Market Attractiveness Analysis by Type, 2023 to 2033
Figure 11: Global Market Share Analysis (%), By Application, 2023 to 2033
Figure 12: Global Market Y-o-Y Analysis (%), By Application, 2023 to 2033
Figure 13: Global Market Attractiveness Analysis by Application, 2023 to 2033
Figure 14: Global Market Share Analysis (%), By Region, 2023 to 2033
Figure 15: Global Market Y-o-Y Analysis (%), By Region, 2023 to 2033
Figure 16: Global Market Attractiveness Analysis by Region, 2023 to 2033
Figure 17: North America Market Value Share, By Type, 2023 (E)
Figure 18: North America Market Value Share, By Application, 2023 (E)
Figure 19: North America Market Value Share, By Country, 2023 (E)
Figure 20: North America Market Value Analysis (US$ Mn), 2018 to 2022
Figure 21: North America Market Value Forecast (US$ Mn), 2023 to 2033
Figure 22: North America Market Attractiveness Analysis by Type, 2023 to 2033
Figure 23: North America Market Attractiveness Analysis by Application, 2023 to 2033
Figure 24: North America Market Attractiveness Analysis by Country, 2023 to 2033
Figure 25: Latin America Market Value Share, By Type, 2023 (E)
Figure 26: Latin America Market Value Share, By Application, 2023 (E)
Figure 27: Latin America Market Value Share, By Country, 2023 (E)
Figure 28: Latin America Market Value Analysis (US$ Mn), 2018 to 2022
Figure 29: Latin America Market Value Forecast (US$ Mn), 2023 to 2033
Figure 30: Latin America Market Attractiveness Analysis by Type, 2023 to 2033
Figure 31: Latin America Market Attractiveness Analysis by Application, 2023 to 2033
Figure 32: Latin America Market Attractiveness Analysis by Country, 2023 to 2033
Figure 33: Europe Market Value Share, By Type, 2023 (E)
Figure 34: Europe Market Value Share, By Application, 2023 (E)
Figure 35: Europe Market Value Share, By Country, 2023 (E)
Figure 36: Europe Market Value Analysis (US$ Mn), 2018 to 2022
Figure 37: Europe Market Value Forecast (US$ Mn), 2023 to 2033
Figure 38: Europe Market Attractiveness Analysis by Type, 2023 to 2033
Figure 39: Europe Market Attractiveness Analysis by Application, 2023 to 2033
Figure 40: Europe Market Attractiveness Analysis by Country, 2023 to 2033
Figure 41: South Asia Market Value Share, By Type, 2023 (E)
Figure 42: South Asia Market Value Share, By Application, 2023 (E)
Figure 43: South Asia Market Value Share, By Country, 2023 (E)
Figure 44: South Asia Market Value Analysis (US$ Mn), 2018 to 2022
Figure 45: South Asia Market Value Forecast (US$ Mn), 2023 to 2033
Figure 46: South Asia Market Attractiveness Analysis by Type, 2023 to 2033
Figure 47: South Asia Market Attractiveness Analysis by Application, 2023 to 2033
Figure 48: South Asia Market Attractiveness Analysis by Country, 2023 to 2033
Figure 49: East Asia Market Value Share, By Type, 2023 (E)
Figure 50: East Asia Market Value Share, By Application, 2023 (E)
Figure 51: East Asia Market Value Share, By Country, 2023 (E)
Figure 52: East Asia Market Value Analysis (US$ Mn), 2018 to 2022
Figure 53: East Asia Market Value Forecast (US$ Mn), 2023 to 2033
Figure 54: East Asia Market Attractiveness Analysis by Type, 2023 to 2033
Figure 55: East Asia Market Attractiveness Analysis by Application, 2023 to 2033
Figure 56: East Asia Market Attractiveness Analysis by Country, 2023 to 2033
Figure 57: Oceania Market Value Share, By Type, 2023 (E)
Figure 58: Oceania Market Value Share, By Application, 2023 (E)
Figure 59: Oceania Market Value Share, By Country, 2023 (E)
Figure 60: Oceania Market Value Analysis (US$ Mn), 2018 to 2022
Figure 61: Oceania Market Value Forecast (US$ Mn), 2023 to 2033
Figure 62: Oceania Market Attractiveness Analysis by Type, 2023 to 2033
Figure 63: Oceania Market Attractiveness Analysis by Application, 2023 to 2033
Figure 64: Oceania Market Attractiveness Analysis by Country, 2023 to 2033
Figure 65: Middle East and Africa Market Value Share, By Type, 2023 (E)
Figure 66: Middle East and Africa Market Value Share, By Application, 2023 (E)
Figure 67: Middle East and Africa Market Value Share, By Country, 2023 (E)
Figure 68: Middle East and Africa Market Value Analysis (US$ Mn), 2018 to 2022
Figure 69: Middle East and Africa Market Value Forecast (US$ Mn), 2023 to 2033
Figure 70: Middle East and Africa Market Attractiveness Analysis by Type, 2023 to 2033
Figure 71: Middle East and Africa Market Attractiveness Analysis by Application, 2023 to 2033
Figure 72: Middle East and Africa Market Attractiveness Analysis by Country, 2023 to 2033
Figure 73: UNITED STATES Market Value Analysis (US$ Mn), 2023 & 2033
Figure 74: UNITED STATES Market Value Share, By Type, 2023 (E)
Figure 75: UNITED STATES Market Value Share, By Application, 2023 (E)
Figure 76: Canada Market Value Analysis (US$ Mn), 2023 & 2033
Figure 77: Canada Market Value Share, By Type, 2023 (E)
Figure 78: Canada Market Value Share, By Application, 2023 (E)
Figure 79: Mexico Market Value Analysis (US$ Mn), 2023 & 2033
Figure 80: Mexico Market Value Share, By Type, 2023 (E)
Figure 81: Mexico Market Value Share, By Application, 2023 (E)
Figure 82: Brazil Market Value Analysis (US$ Mn), 2023 & 2033
Figure 83: Brazil Market Value Share, By Type, 2023 (E)
Figure 84: Brazil Market Value Share, By Application, 2023 (E)
Figure 85: UNITED KINGDOM Market Value Analysis (US$ Mn), 2023 & 2033
Figure 86: UNITED KINGDOM Market Value Share, By Type, 2023 (E)
Figure 87: UNITED KINGDOM Market Value Share, By Application, 2023 (E)
Figure 88: Germany Market Value Analysis (US$ Mn), 2023 & 2033
Figure 89: Germany Market Value Share, By Type, 2023 (E)
Figure 90: Germany Market Value Share, By Application, 2023 (E)
Figure 91: France Market Value Analysis (US$ Mn), 2023 & 2033
Figure 92: France Market Value Share, By Type, 2023 (E)
Figure 93: France Market Value Share, By Application, 2023 (E)
Figure 94: Italy Market Value Analysis (US$ Mn), 2023 & 2033
Figure 95: Italy Market Value Share, By Type, 2023 (E)
Figure 96: Italy Market Value Share, By Application, 2023 (E)
Figure 97: Spain Market Value Analysis (US$ Mn), 2023 & 2033
Figure 98: Spain Market Value Share, By Type, 2023 (E)
Figure 99: Spain Market Value Share, By Application, 2023 (E)
Figure 100: Russia Market Value Analysis (US$ Mn), 2023 & 2033
Figure 101: Russia Market Value Share, By Type, 2023 (E)
Figure 102: Russia Market Value Share, By Application, 2023 (E)
Figure 103: China Market Value Analysis (US$ Mn), 2023 & 2033
Figure 104: China Market Value Share, By Type, 2023 (E)
Figure 105: China Market Value Share, By Application, 2023 (E)
Figure 106: Japan Market Value Analysis (US$ Mn), 2023 & 2033
Figure 107: Japan Market Value Share, By Type, 2023 (E)
Figure 108: Japan Market Value Share, By Application, 2023 (E)
Figure 109: South Korea Market Value Analysis (US$ Mn), 2023 & 2033
Figure 110: South Korea Market Value Share, By Type, 2023 (E)
Figure 111: South Korea Market Value Share, By Application, 2023 (E)
Figure 112: India Market Value Analysis (US$ Mn), 2023 & 2033
Figure 113: India Market Value Share, By Type, 2023 (E)
Figure 114: India Market Value Share, By Application, 2023 (E)
Figure 115: ASEAN Market Value Analysis (US$ Mn), 2023 & 2033
Figure 116: ASEAN Market Value Share, By Type, 2023 (E)
Figure 117: ASEAN Market Value Share, By Application, 2023 (E)
Figure 118: Australia Market Value Analysis (US$ Mn), 2023 & 2033
Figure 119: Australia Market Value Share, By Type, 2023 (E)
Figure 120: Australia Market Value Share, By Application, 2023 (E)
Figure 121: New Zealand Market Value Analysis (US$ Mn), 2023 & 2033
Figure 122: New Zealand Market Value Share, By Type, 2023 (E)
Figure 123: New Zealand Market Value Share, By Application, 2023 (E)
Figure 124: GCC Countries Market Value Analysis (US$ Mn), 2023 & 2033
Figure 125: GCC Countries Market Value Share, By Type, 2023 (E)
Figure 126: GCC Countries Market Value Share, By Application, 2023 (E)
Figure 127: Turkey Market Value Analysis (US$ Mn), 2023 & 2033
Figure 128: Turkey Market Value Share, By Type, 2023 (E)
Figure 129: Turkey Market Value Share, By Application, 2023 (E)
Figure 130: South Africa Market Value Analysis (US$ Mn), 2023 & 2033
Figure 131: South Africa Market Value Share, By Type, 2023 (E)
Figure 132: South Africa Market Value Share, By Application, 2023 (E)
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
What is the market volume of the global steel scrap market?
The global steel scrap market is valued at 655 Million Metric Tons in 2023.
What is the expected CAGR of the market for steel scrap?
Global demand for steel scrap is expected to rise at a steady CAGR of 4.9% from 2023 to 2033.
What is the estimated market volume for steel scrap by 2033?
The market for steel scrap is anticipated to reach 1,050 Million Metric Tons by 2033.
What is the predicted CAGR for the obsolete steel segment?
Demand for obsolete steel is expected to increase at 5.3% CAGR through 2033.
Who are the leading suppliers of steel scrap?
Baosteel Group Corporation, EVRAZ North America, BlueScope Steel Ltd., China Steel Corporation (CSC), Commercial Metals Company (CMC), Hyundai Motor Company, CITIC Ltd., HBIS Group Co. Ltd. are leading companies in the steel scrap market.
Steel Scrap Market