HS Code:
The category 'Turnings, shavings, chips, milling waste, sawdust, filings, trimmings and stampings, whether or not in bundles' (HS Code: 7204.41 for ferrous waste and scrap) primarily includes waste and scrap materials generated from metalworking processes, particularly iron and steel. These materials are often recycled or reused in the production of new metal products. This category is critical in the global recycling and manufacturing industries, contributing to sustainable resource use and cost-effective production. The trade of these materials is influenced by industrial demand, environmental regulations, and raw material availability.
Total Trade Volume
Approximately $25 billion USD
Data from 2022
Source
United Nations Comtrade Database
$5.2 billion USD
20.8% of total trade of total trade
Increasing
$3.8 billion USD
15.2% of total trade of total trade
Stable
$2.9 billion USD
11.6% of total trade of total trade
Decreasing
$2.5 billion USD
10.0% of total trade of total trade
Increasing
$1.8 billion USD
7.2% of total trade of total trade
Stable
Average Rate
2.5% ad valorem
Highest Rate
8% (imposed by certain developing economies to protect local industries)
Lowest Rate
0% (under free trade agreements or for environmental recycling incentives)
Increased demand for recycled materials
Rising industrial focus on sustainability and circular economy practices drives higher trade volumes, especially in developed economies.
2021-2023
Fluctuating raw material prices
Volatility in iron and steel prices impacts the value and volume of scrap trade, with higher prices encouraging recycling.
2020-2022
Stricter environmental regulations
Policies in major markets like China have reduced imports of low-quality scrap, shifting trade to higher-quality materials and alternative markets.
2018-2023
China partially relaxed its ban on scrap metal imports, allowing high-grade ferrous scrap under strict quality controls to meet domestic steel production demands.
January 2021
Increased trade opportunities for exporters meeting quality standards, though overall volumes remain limited compared to pre-ban levels.
The European Union introduced policies under the Green Deal to promote recycling and reduce raw material imports, boosting intra-EU trade of metal scrap.
December 2022
Strengthened regional trade networks and higher demand for scrap within the EU, potentially reducing exports to other regions.
The US Infrastructure Investment and Jobs Act has increased domestic demand for steel, driving up the need for recycled scrap materials.
November 2021
Higher export prices from the US and potential supply constraints for other importing countries.