Source: Scrap Monster
The Indian Steel Ministry made public on Wednesday, its new Steel Scrap Policy. The policy outlines tasks to be carried out by various other ministries to boost the steel scrap availability in the country by another 7 million tonnes. This is aimed at reducing its dependence on imported scrap.
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According to the Ministry, the country sources nearly 25 million tonnes of steel scrap domestically. This is much shorter than the actual requirement. Currently, it imports around 7 million tonnes of scrap per annum at an expense of nearly INR 24,500 crore. By boosting domestic scrap availability by another 7 million tonnes, the Ministry aims to save the money, it currently spends on imports from other countries. Incidentally, the set goal of 300 million tonnes per annum of steel production by 2030 would further elevate the scrap requirement by mills.
The Steel Ministry directed the Ministry of Road Transport to formulate a stricter fitness certification policy and voluntary vehicle scrapping policy, which in turn would lead to increased generation of scrapped steel.