Germany's ferrous scrap exports saw a rise in January, as reported by the German federal statistics office. The exports reached 632,000 tonnes, marking a 16% increase compared to the previous year. The export value amounted to €314 million ($338 million), surpassing the January value of €267 million from the previous year.Notably, shipments to Belgium experienced the most significant growth, with substantial increases also observed in scrap export volumes to Finland, Italy, and Austria.In 2023, total exports amounted to 7.61 million tonnes, showing a 3% decline year-on-year, marking the lowest export volume since the economic crisis of 2009. While shipments to Switzerland and Belgium decreased notably, deliveries to India saw an increase.The decrease in steel scrap imports is linked to subdued demand in the German steel sector for raw materials, particularly in the latter part of 2023.Market participants in Germany noted a decline in scrap prices in March due to weak demand from local steel mills and reduced exports. Expectations point towards a stable market situation post-Easter holidays and the Ramadan fasting month.In March, German old thick scrap sort 3 was priced at €345 per tonne, new scrap sort 2/8 at €340 per tonne, and E40 shredded scrap at €350 per tonne. The market outlook for April is anticipated to be influenced significantly by Turkey's potential increased intervention.
