Attractive scrap market expected in India

The Steel Ministry proposes to set up steel plants with scrap as the raw material in various parts of north and west India.

Steel Minister Chaudhary Birender Singh said his Ministry’s expects 44% of the total scrap available in the country to come from Jammu & Kashmir, Punjab, Haryana and Delhi.

In addition, 67% of scrap reaches western shores which could be used as feedstock for steel production, he said at the India Segment of 2017 World Recycling Convention.

Orgainsed by the Bureau of International Recycling (BIR) in partnership with the Federation of Indian Chambers of Commerce and Industry, the convention was held on 14 October 2017 in New Delhi.

The Government’s efforts to recycle waste products for productive purposes would save 65% of iron ore, currently the main raw material for steel production.

Dr. Singh reaffirmed India’s National Steel Policy 2017’s target of achieving 300 million tonnes of production capacity by 2030.

The Government, he said, is adopting a 360% holistic approach wherein the recycling industry can help in achieving the production target by providing raw material for the steel industry.

The industry expects active scrap market post-approval of legislation on the ban on use of 15-year old diesel vehicles in the country.

This, according to the Steel Ministry’s calculation, would make the scrap market attractive as it would fetch 10-15% more price for scrapped metal.

India’s steel production is growing by 11% annually and the country is well on its way to become the second largest global steel producer, BIR President Ranit Baxi said.

BIR, he said, values its partnership with India and hoped that this, partnership would help increase the flow of Foreign Direct Investment (FDI). fii-news.com