At the recent BIR (Bureau of International Recycling) World Recycling Convention & Exhibition 2017 in New Delhi, India’s Ministry of Steel representatives indicated that ferrous scrap is essential for the country’s growth strategy.
As India seeks to move to scrap-based steelmaking and reduce dependence on DRI and iron ore as part of its commitment to reducing emissions, Indian Iron ore and DRI output could decrease sharply in coming decades, said the minister Birender Singh.
The Indian government also seeks to increase the output from scrap-based EAF steelmaking plants as part of its long-term commitment goal to reach crude steel output to 300 million mt by 2030. Indian ferrous scrap prices domestically and on import basis could increase as a result of increased demand for the material, and the country will invest further in domestic scrap processing facilities and scrap management services to increase domestic feedstock.
While India’s ferrous scrap imports decreased 32 percent in the first half of 2017 compared to the same period in 2016, and have continued slow into October 2017, scrap imports are expected to regain traction in 2018. Duties on ferrous scrap imports will be reduced or eliminated to attract the necessary scrap needs of domestic mills, said the ministry’s secretary Aruna Sharma.