Although the price of steel scrap is strongly influenced by the price of iron ore, it has become financially viable to bring electric arc furnaces on line and make new products from recycled steel. Many regions incentivize recycling, as it improves energy efficiency and reduces pollution. Steel is one of the most widely recycled materials in the world. It dwarfed all other main steel scrap importing countries, with India coming in second at around 5.1 million metric tons of imports of the metal.
Turkey is by far the largest importer of steel scrap in the world, with approximately 25 million metric tons of steel scrap imported in 2021.
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