Lower steel output weighs on European scrap consumption: Europe’s scrap market is tightening gradually, but the trend remains closely tied to declining crude steel output. Scrap generation has stayed broadly stable at 89-103 mnt, while consumption fell from 85 mnt in CY’21 to 71 mnt in CY’23, before recovering slightly to 76 mnt in CY’24-CY’25. This mirrors the drop in crude steel production from 152.8 mnt in CY’21 to 126-129 mnt in CY’23-CY’25, indicating that weaker steel output has directly curtailed scrap demand.
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