Global Trade Data of HS Code 7204: Melting Iron & Steel Scrap Import-Export Statistics

Introduction

In global trade, HS Code 7204, covering ferrous waste and scrap, including remelting scrap ingots of iron or steel, plays a critical role in the global steel value chain. Unlike finished steel products, scrap is both a raw material and a recycled commodity, linking industrial production, environmental policy, and international trade. According to the latest global trade data and melting iron & steel scrap import data, the total value of iron & steel scrap imports under HS code 7204 reached $43.11 billion in 2024, a 3% decline from the previous year. The total value of melting iron & steel scrap exports reached $41.53 billion in 2024, a 2% decline from the previous year. The total value of the global iron & steel scrap trade accounted for $85.04 billion in 2024-25.

In the 2024–25 period, global trade in melting iron and steel scrap has been shaped by slowing steel demand in some regions, expanding electric arc furnace (EAF) capacity in others, volatile freight rates, and tighter government oversight of scrap exports. These forces have created a market characterized by high shipment activity, shifting trade routes, and strong regional contrasts in import and export behavior.

This blog presents a comprehensive analysis of global HS Code 7204 trade, covering:

• Global import-export volumes and shipment trends

• Leading exporting and importing countries

• Regional demand patterns

• Price and value dynamics

• Key drivers influencing scrap trade

• Strategic implications for steelmakers, traders, and policymakers

All analysis is focused on the 2024–25 trade cycle, using aggregated customs data trends, shipment intelligence, and market indicators.

Understanding HS Code 7204 and Its Scope

HS Code 7204 includes:

• Ferrous waste and scrap from manufacturing or end-of-life sources

• Scrap suitable for remelting in steelmaking furnaces

• Remelting scrap ingots

It does not include finished steel products or semi-finished billets and slabs. As per the World Steel Recycling figures, the material is primarily consumed by:

• Electric arc furnaces (EAFs)

• Induction furnaces

• Some basic oxygen furnaces as a secondary feed

Because scrap is bulky, heavy, and relatively low-value per unit weight, trade costs, proximity, and freight efficiency play an outsized role in shaping trade flows.

Melting Iron & Steel Scrap Imports by Country: Top HS Code 7204 Importing Countries

Analysis of melting iron and steel scrap imports by country reveals the top HS Code 7204 importing countries in the global market. These countries play a significant role in the iron and steel industry, showcasing a consistent demand for raw materials to fuel their manufacturing processes. Among the top importing countries for this type of scrap metal are Turkey, India, Belgium, Italy, and Germany. The top 10 iron & steel scrap importing countries in 2024-25 include: 

1. Türkiye: $8.32 billion (19.3%)

Turkey has emerged as a major player in the importation of melting iron & steel scrap. With an annual import value of $8.32 billion, Turkey is a key destination for scrap metal from various countries. The recycling industry in Turkey has seen significant growth in recent years, and the importation of scrap metal plays a crucial role in this development.

2. India: $5.12 billion (11.9%)

India is another important player in the melting iron & steel scrap import market. With an import value of $5.12 billion, India relies heavily on imported scrap metal to meet its manufacturing needs. The demand for scrap metal in India continues to grow, making it a key market for exporters of melting iron & steel scrap.

3. Belgium: $2.78 billion (6.5%)

Belgium is a key player in the importation of melting iron & steel scrap, with an import value of $2.78 billion. The country's strategic location in Europe makes it a convenient gateway for scrap metal imports. Belgium's thriving steel industry relies on imported scrap metal to meet its production needs.

4. Italy: $2.64 billion (6.1%)

Italy is another significant importer of melting iron & steel scrap, with an annual import value of $2.64 billion. The country's steel industry depends heavily on imported scrap metal to produce a wide range of products. Italy's demand for scrap metal continues to drive its import market.

5. Germany: $1.96 billion (4.6%)

Germany is a major player in the melting iron & steel scrap import market, with an import value of $1.96 billion. The country's strong manufacturing sector relies on imported scrap metal to fuel its production. Germany's commitment to sustainability has also led to an increased demand for recycled scrap metal.

6. USA: $1.95 billion (4.5%)

The United States is a key player in the importation of melting iron & steel scrap, with an import value of $1.95 billion, as per the US iron & steel scrap import data by HS code. The recycling industry in the U.S. relies on imported scrap metal to meet the demand for recycled materials. The U.S. continues to be a major importer of scrap metal from around the world.

7. Vietnam: $1.76 billion (4.1%)

Vietnam has emerged as a significant importer of melting iron & steel scrap, with an import value of $1.76 billion, as per the Vietnam import data by HS code 7204. The country's growing industrial sector relies on imported scrap metal to fuel its production. Vietnam's demand for scrap metal continues to drive its import market.

8. Bangladesh: $1.62 billion (3.8%)

Bangladesh is a key player in the melting iron & steel scrap import market, with an import value of $1.62 billion. The country's steel industry relies heavily on imported scrap metal to meet its production needs. Bangladesh continues to be a major destination for exporters of melting iron & steel scrap.

9. Egypt: $1.61 billion (3.7%)

Egypt is a significant importer of melting iron & steel scrap, with an import value of $1.61 billion. The country's steel industry relies on imported scrap metal to meet its manufacturing needs. Egypt's demand for scrap metal remains a key driver of its import market.

10. Netherlands: $1.53 billion (3.6%)

The Netherlands is another important player in the melting iron & steel scrap import market, with an import value of $1.53 billion. The country's strategic location in Europe makes it a key gateway for importing scrap metal. The Netherlands' steel industry relies on imported scrap metal to meet its production needs.

Melting Iron & Steel Scrap Exports by Country: Top HS Code 7204 Exporting Countries

In the realm of global trade, the export of melting iron and steel scrap, classified under HS Code 7204, showcases a robust flow of goods among various countries. The top exporting countries in this sector demonstrate a keen focus on international commerce and resource utilization. The top 10 iron & steel scrap exporting countries in 2024-25 include: 

1. USA: $6.46 billion (15.6%)

The United States takes the top spot as the largest exporter of melting iron and steel scrap, with an impressive export value of $6.46 billion, accounting for 15.6% of the total global exports in this category. The USA's advanced recycling infrastructure and steel industry make it a key player in the global market.

2. Germany: $4.03 billion (9.7%)

Germany follows closely behind the USA, with melting iron and steel scrap exports valued at $4.03 billion, representing 9.7% of the total exports, as per Germany iron & steel scrap export data. The country's efficient recycling practices and strong manufacturing sector contribute to its significant presence in the international market.

3. United Kingdom: $3.31 billion (8%)

The United Kingdom is another major player in the melting iron and steel scrap export industry, with exports amounting to $3.31 billion, capturing 8% of the global market share. The UK's strategic location and well-established trade networks bolster its position as a key exporter of this valuable commodity.

4. Netherlands: $2.67 billion (6.4%)

With melting iron and steel scrap exports totaling $2.67 billion, the Netherlands holds a 6.4% share of the global market. The country's modern ports and trade infrastructure make it a prime hub for international trade, facilitating the smooth export of raw materials like iron and steel scrap.

5. Japan: $2.63 billion (6.3%)

Japan, known for its advanced technology and manufacturing capabilities, ranks fifth among the top exporting countries of melted iron and steel scrap. The country's exports in this category reach $2.63 billion, representing 6.3% of the global market share, as per Japan iron & steel scrap export data by HS code.

6. France: $2.58 billion (6.2%)

France's export of melting iron and steel scrap stands at $2.58 billion, securing a 6.2% share of the global market. The country's strong emphasis on sustainability & recycling practices makes it a reliable supplier of high-quality scrap materials to various industries worldwide.

7. Canada: $1.86 billion (4.5%)

Canada is a significant exporter of melting iron and steel scrap, with exports valued at $1.86 billion, accounting for 4.5% of the total global exports. The country's abundant natural resources and efficient production methods contribute to its competitive edge in the international market.

8. Belgium: $1.47 billion (3.5%)

Belgium's export of melting iron and steel scrap amounts to $1.47 billion, capturing a 3.5% share of the global market. The country's strategic location in Europe and strong industrial base make it a key player in the trade of raw materials like iron & steel scrap.

9. Poland: $1.25 billion (3%)

Poland ranks ninth among the top exporting countries of iron and steel scrap, with exports totaling $1.25 billion and representing 3% of the global market share. The country's growing steel industry and focus on sustainable practices drive its export performance in this sector.

10. Australia: $1.07 billion (2.5%)

Australia completes the list of top melting iron and steel scrap exporting countries, with exports reaching $1.07 billion and capturing a 2.5% share of the global market. The country's vast reserves of natural resources and advanced mining capabilities make it a valuable supplier of raw materials to the global steel industry.

Global Iron & Steel Scrap Trade Overview: 2024–25

Shipment Activity and Trade Reach

Between mid-2024 and mid-2025, global trade under HS Code 7204 recorded tens of thousands of cross-border shipments, reflecting one of the highest shipment counts among all metal commodities.

Key characteristics of the global scrap trade in this period include:

• Trade links span over 140 exporting countries and nearly 80 importing nations.

• Thousands of active buyers and sellers indicate a fragmented and competitive market.

• A continued dominance of seaborne trade for long-haul movements, especially between the Americas, Europe, and Asia.

Despite softer steel demand in some economies, shipment counts increased year-on-year, suggesting more frequent but sometimes smaller cargoes, driven by cautious inventory management and volatile prices.

Global Iron & Steel Scrap Trade in the Last 10 Years: Yearly HS Code 7204 Import-Export Data

Global Volume Trends

Seaborne Scrap Movement

In physical terms, the global seaborne ferrous scrap trade in early 2025 showed a moderate contraction compared to 2024, with volumes declining by mid-single digits.

This decline was driven by:

• Reduced crude steel production in several major economies

• Temporary furnace shutdowns and maintenance cycles

• Lower finished steel prices are squeezing mill margins

However, the contraction was uneven. Some regions increased imports even as global totals softened, highlighting regional divergence rather than a universal downturn.

Relationship With Steel Production

Scrap demand closely tracks steel output, particularly EAF-based production. In 2024–25:

• Countries expanding EAF capacity continued to import large volumes of scrap

• Regions reliant on blast furnace production showed slower growth in scrap imports

• Any decline in steel production was quickly reflected in scrap buying patterns, often within one or two months

Iron & Steel Scrap Market Size & Growth: Market Report 2025

• 2024 market value: USD 481.23 billion

• 2025 projected market value: USD 521.64 billion

• 2032 forecast market value: USD 927.06 billion

• Compound Annual Growth Rate (CAGR): 8.5% (2025–2032)

Market Drivers & Dynamics

• Environmental & Regulatory Push: Stricter global environmental standards and enforcement are driving recycled scrap demand and sustainable operations.

• Technological Advancements: Adoption of digitization, sensor sorting, traceability (e.g., blockchain), & automation to improve quality & supply reliability.

• Operational Strategies: Companies are expanding supplier networks and regional activities to mitigate regulatory uncertainties and supply disruptions.

Segmentation Overview

By Scrap Type:

• Cast iron scrap, heavy melting steel (HMS), manganese steel scrap, automotive bodies, and shredded scrap.

By Recycling Method:

• Baling, melting, shearing, shredding.

By Source of Generation:

• Automotive, construction & demolition, electronics & appliances, industrial offcuts.

By Grade:

• Home scrap, obsolete scrap, prompt scrap.

By End-Use Industry:

• Automotive, construction, shipbuilding, equipment manufacturing, and primary steel production.

By Region:

• Americas: USA, Canada, Brazil, Mexico

• EMEA: UK, Germany, UAE, South Africa

• APAC: China, India, Japan, Australia, South Korea

Key Industry Players of Iron & Steel Scrap 

• European Metal Recycling Limited

• Sims Limited

• Schnitzer Steel Industries, Inc.

• SA Recycling LLC

• Kuusakoski Oy

• Commercial Metals Company

• Steel Dynamics, Inc.

• China Metal Recycling (Holdings) Limited

• Veolia Environnement S.A.

• Mitsubishi Materials Corporation

Strategic Insights & Trends

• Sustainability Focus: Scrap recycling supports circular economy strategies and helps steel producers meet emissions and efficiency targets.

• Regional Tailoring: Markets require localized approaches due to varied regulations, infrastructure readiness, and trade dynamics.

Trade & Policy Impact

• Tariff Effects: Changes in U.S. tariffs have reshaped scrap trade flows, encouraging more domestic sourcing and diversified trade.

Why This Market Matters

• Provides strategic insights for supply chain resilience and compliance management.

• Offers data for benchmarking and investment decisions.

• Helps organizations align operational efficiency with sustainability goals.

Value and Pricing Trends

Global Price Behavior

In 2024–25, ferrous scrap prices experienced:

• Periods of recovery following the 2023 softness

• Regional price divergence driven by freight, currency, and local demand

• Lower average prices compared to post-pandemic peaks

Price volatility influenced trade behavior:

• Buyers shortened contract durations

• More spot purchases replaced long-term supply agreements

• Increased arbitrage between regions during freight rate swings

Value vs Volume Disconnect

One notable feature of HS 7204 trade is the frequent mismatch between:

• Rising shipment counts

• Flat or declining total trade value

This occurs because:

• Scrap prices fall faster than volumes adjust

• Lower-grade material gains share during weak markets

• Freight costs absorb a larger share of the delivered value

Policy and Regulatory Influences

Export Restrictions

Several countries considered or implemented:

• Export licensing requirements

• Temporary bans during domestic shortages

• Environmental compliance measures tied to scrap handling

These policies altered trade routes and encouraged buyers to diversify sourcing.

Environmental and Carbon Policies

Scrap is central to decarbonization strategies:

• EAF steelmaking emits significantly less CO₂ than blast furnace routes

• Governments increasingly view scrap as a strategic resource

• Retaining scrap domestically is seen as supporting green steel transitions

This trend is likely to reshape HS 7204 trade over the medium term.

Strategic Implications for Stakeholders

Steel Producers

• Must balance imported scrap with domestic availability

• Face increasing competition for high-quality scrap

• Need better demand forecasting to manage price volatility

Scrap Traders and Exporters

• Benefit from fragmented markets and frequent shipments

• Must navigate regulatory uncertainty

• Trade optimization is a key competitive advantage

Governments and Policymakers

• Trade data highlights scrap’s strategic importance

• Policies must balance recycling, industry competitiveness, & environmental goals

Outlook Beyond 2025

Looking ahead:

• Global scrap demand is expected to grow with EAF expansion

• Trade flows may become more regionalized

• Export restrictions could reduce liquidity in global markets

• Data transparency will become more important for pricing and risk management

Conclusion and Final Thoughts

In conclusion, the global trade of HS Code 7204 (melting iron and steel scrap) in 2025 reflects a market in transition. While shipment activity remains high and geographically diverse, volumes and values respond quickly to changes in steel production, prices, and policy.

Asia continues to dominate demand, traditional exporters remain critical suppliers, and environmental considerations are reshaping long-term strategies. For steelmakers, traders, and policymakers, understanding detailed import-export statistics is no longer optional; it is essential for navigating an increasingly complex and strategic scrap market.

For more insights into the latest iron & steel scrap import-export data or to search live import-export data by HS code 7204 for a specific country, visit TradeImeX. Contact us at info@tradeimex.in for customized trade reports, market insights, & a verified database of the top iron & steel scrap importers & exporters by HS code 7204, tailored to your requirements.