India's Demand for Domestic Scrap Soars as Steel Import Scrap Slacks

Nagercoil, Tamil Nadu (beforeitsnews) February 19, 2018 – Steel is an important metal used around the globe and is mainly consumed in larger quantities by the end-users in the construction and infrastructure sectors. The World Steel Association reports that the global steel demand will improve to 1,648 MT and there will be an increase in scrap steel prices in 2018.

There will be a steady rise in Indian steel industry due to the increase in the consumption of infrastructure and transport, domestic, and other industrial applications and current scrap price in India. It is also expected that India will outstrip Japan to become the world’s second largest steel producer soon and aim to achieve 300 million tons of annual steel production by 2025-30.

The government of India has earmarked 500 crore rupees to set-up five scrap based plants in India.

“Currently, the government is eyeing to double the steel output by 2030 and this could not be coming only from fresh iron. Most of the revenue will be coming from the steel scrap too,” explained Aruna Sharma, the steel secretary.

Initiatives are made to make 30-40 MT of steel from scrap by 2030. Government of India under the Ministry of Road Transport & Highways has introduced a new scrapping policy in which rust bitten and dilapidated vehicles would soon find a way to be scrapped in a systematic manner. The government also expects 44% of the total scrap available in the country would be generated in various locations in the states of Jammu and Kashmir, Punjab, Haryana and Delhi.

According to Sanak Mishra, “Secretary General of the Indian Steel Association, India’s steel consumption could rise to as much as 240 million tons by 2030. He also forecasts that the country could trump the US as one amongst the leading consumers of steel by 2018.”

The implementation of the Metal Recycling Policy makes the scrap import figures to fall down and ensures that a chunk of the country’s targeted 300 million tons MT steel output is met through scrap.

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