Primary Raw Materials for Steelmakers: Scrap and Pig Iron

Cristina Bumbac

Revista de Economie Mondiala / The Journal of Global Economics, 2011, vol. 3, issue 4

Abstract: Most of the daily steel we so much need is obtained now in electric furnaces, for which the main raw material is scrap. The scrap market is a very sensitive one, depending very much on internal collect, exports and imports, the market of steel and freight. Commerce with scrap is one of the most intense among all the countries of the world and covers all the routes and regions. Every ten years or so importers become exporters and vice versa, due to the period of life of the metallic products. For example, China was for the last 10 years one of the biggest importers (after Turkey, which is number one in importers' hierarchy), but prognoses tell that in 2-3 years China might become self-sufficient due to the investments which began some 20 years ago. USA was one of the largest exporters, but some 3 years ago some analysts advanced the idea that it may become a net importer (it didn't happened, though). The scrap market is not only important, it is also very interesting, with twisted evolutions and volatile prices in some periods.

Keywords: Primary Raw Materials for Steelmakers; Scrap and Pig Iron; scrap market (search for similar items in EconPapers)
JEL-codes: E00 E02 E20 E23 E26 E27 E30 E31 E60 (search for similar items in EconPapers)
Date: 2011
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