Posted on 18 Oct 2024
India’s crude steel production is expected to rise by 32.9%, surpassing 186 million metric tons (MMt) annually by 2030, according to a report by S&P Global Commodity Insights. The report, titled ‘India’s Circular Economy Goals: Spotlight on Ferrous Scrap,’ underscores the importance of ferrous scrap in reducing carbon emissions as India, the world’s second-largest steel producer, moves towards more sustainable production practices.
As the government plans to increase steel production capacity to 300 MMt by 2030, the report emphasizes that using ferrous scrap in electric arc furnaces (EAFs) and induction furnaces (IFs) will be key to lowering dependence on high emission blast furnace methods. The shift aligns with the government’s target of having ferrous scrap comprise 50% of steel feedstock by 2047.
The report also highlighted the critical role ferrous scrap plays in India’s decarbonization efforts. While domestic scrap supplies are growing due to initiatives like shipbreaking and vehicle scrappage programs, imports remain essential. As reported by ETEnergyworld.com, the UAE is currently a major supplier, but global competition for ferrous scrap is becoming increasingly competitive.
Source:Chemical Industry Digest
