Japan reduced the export of scrap metal by 22%
Japan's ferrous scrap exports fell 22.1% year-on-year to 7.30 million tons in 2021 due to a recovery in domestic demand for scrap after the pandemic.
Steel prices in the country last year not only recovered from 2020 lows, but soared to their highest level in more than a decade.
Higher domestic demand was also exacerbated by carbon reduction targets set by blast-furnace steelmakers who bought up heavier grades of scrap as it was seen as the easiest way to avoid a higher carbon footprint.
Japan produced 15.8% more crude steel in 2021 compared to the same period last year, reaching 96.33 million tons, with recovery seen in the refining and refining sectors, according to the Japan Iron and Steel Federation.
p>Of total production in 2021, conventional blast furnaces accounted for 71.95 million tons of steel, up 16% from 2020, while electric arc furnaces accounted for 24.39 million tons, up 15.4% than in 2020.