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Pricing

Ferrous waste and scrap; remelting scrap ingots of iron or steel

7204 (Harmonized System 1992 for 4-digit)

2023
World Trade $46.3BRnk 93 / 1217
2023
Top Exporter | Top Importer $6.91B | $7.59BUnited States | Turkey
2023
Product Complexity -0.58Rnk 747 / 1044
2022 - 2023
Export Growth (CAGR) -15.7%Rnk 927 / 1217
2023
Share of World Trade 0.2%Rnk 93 / 1217

About

Overview This page contains the latest trade data of Scrap Iron. In 2023, Scrap Iron were the world's 93rd most traded product, with a total trade of $46.3B. Between 2022 and 2023 the exports of Scrap Iron decreased by -15.7%, from $55B to $46.3B. Trade in Scrap Iron represent 0.2% of total world trade.

Scrap Iron are a part of Iron & steel. They include Ferrous waste or scrap, nes, Waste or scrap, of stainless steel, Waste from the mechanical working of iron or steel ne, Waste or scrap, of alloy steel, other than stainless, Waste or scrap, of cast iron, Waste or scrap, of tinned iron or steel, and Remelting scrap ingots, of iron or steel.

Exports In 2023 the top exporters of Scrap Iron  were United States ($6.91B), Germany ($4.54B), United Kingdom ($3.15B), Netherlands ($2.94B), and Japan ($2.92B).

Imports In 2023 the top importers of Scrap Iron were Turkey ($7.59B), India ($6.63B), Italy ($2.59B), Belgium ($2.37B), and United States ($2.3B).

Ranking Scrap Iron ranks 747th in the Product Complexity Index (PCI).

Description Ferrous waste and scrap are used in the production of steel. They can be made from iron or steel, and can include slag, scale, and other waste from the production of iron or steel.

Latest Trends

Latest Data

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The following visualization shows the latest trends on Scrap Iron. Countries are shown based on data availability.

For a full breakdown of trade patterns, visit the trend explorer or the product in country profile.

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* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Historical Data

Exporters and Importers

Top Origin (2023)United States$6.91B
Top Destination (2023)Turkey$7.59B

In 2023 Scrap Iron were the world's 93rd most traded product (out of 1,217).

In 2023, the top exporters of Scrap Iron were United States ($6.91B), Germany ($4.54B), United Kingdom ($3.15B), Netherlands ($2.94B), and Japan ($2.92B).

In 2023, the top importers of Scrap Iron were Turkey ($7.59B), India ($6.63B), Italy ($2.59B), Belgium ($2.37B), and United States ($2.3B).

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Exporters of Scrap Iron (2023)
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Importers of Scrap Iron (2023)
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Market Dynamics

Color
Top Origin Growth (2022 -  2023)Brazil$118M
Top Destination Growth (2022 -  2023)India$524M

Between 2022 and 2023, the exports of Scrap Iron grew the fastest in Brazil ($118M), New Zealand ($54.7M), Thailand ($54.6M), Seychelles ($38.2M), and Chile ($25.3M).

Between 2022 and 2023, the fastest growing importers of Scrap Iron were India ($524M), Chinese Taipei ($163M), China ($150M), Portugal ($112M), and Morocco ($109M).

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Exporters of Scrap Iron (2022 - 2023)

Importers of Scrap Iron (2022 - 2023)

Market Concentration

Value

This chart shows the evolution of the market concentration of exports of Scrap Iron.

In 2023, market concentration measured using Shannon Entropy, was 5.1. This means that most of the exports of Scrap Iron are explained by 34 countries.

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Value of Exports in Scrap Iron

Net Trade

TOP NET EXPORTER (2023)United States$4.61B
TOP NET IMPORTER (2023)Turkey$7.27B

This map shows which countries export or import more of Scrap Iron. Each country is colored based on the difference in exports and imports of Scrap Iron during 2023.

In 2023, the countries that had a largest trade value in exports than in imports of Scrap Iron were United States ($4.61B), United Kingdom ($2.94B), Germany ($2.94B), Japan ($2.79B), and France ($2.4B).

In 2023, the countries that had a largest trade value in imports than in exports of Scrap Iron were Turkey ($7.27B), India ($6.6B), Italy ($2.09B), Bangladesh ($1.76B), and Chinese Taipei ($1.55B).

Net Trade (2023)

Disaggregation

Value

In 2023, the world most traded Scrap Iron, disaggragated by their HS6 level were Ferrous waste or scrap, nes ($29.8B), Waste or scrap, of stainless steel ($8.47B), Waste from the mechanical working of... ($3.43B), Waste or scrap, of alloy steel,... ($2.62B), and Waste or scrap, of cast iron ($1.06B)

HS6 Disaggregation for Scrap Iron (2023)
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Country Comparison

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Ranking

This visualization shows the countries that have an important ratio of their trade related to Scrap Iron.
It is possible to select the main countries that export or import Scrap Iron in the world, or by continent, as well as select the measure of interest.

Top 10 Exporters Countries of Scrap Iron by percentage of total exports

Potential Exports

Potential Exports

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TOP EXPORT POTENTIALIndia+ $48.4M
TOP IMPORT POTENTIALUnited States+ $15.6M

Scrap Iron’s highest export potential is India. With an export gap of $48.4M.  Scrap Iron’s highest import potential is United States with an import gap of $15.6M.

See methodology.

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Product Complexity

Diversification Frontier

Specialization

The Complexity-Relatedness diagram compares the risk and the strategic value of a product's potential export opportunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth potential, lower income inequality, and lower emissions.

Relatedness vs Country Complexity (2023)

Related Products

This visualization shows products that are likely to be exported by countries that export Scrap Iron.

Country by Relatedness

The following visualization shows the relatedness of Scrap Iron to countries. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relative Relatedness by Country (2023)

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