Global Metals & Mining_ Implied scrap use in steel in China decreasing in Sep’24 (-2%y_y), +1.3%y_y YTD continues to be tailwind for iron ore
2024-11-03 17:16
29 Oct 2024 10:48:55 ET │ 9 pages V i e w p o i n t | Global Metals & Mining Implied scrap use in steel in China decreasing in Sep'24 (-2%y/y), +1.3%y/y YTD continues to be tailwind for iron ore CITI'S TAKE One of the reasons for the strong iron ore import demand in China (+7%y/y in FY'23), despite weak steel production, had been the reduced use of scrap in steel making. Implied scrap use (crude steel-pig iron production) was only 148mn tonnes in China in FY'23; lowest level since 2016. We are assuming scra ...