In response to a significant reliance on imported ferrous scrap, India's Ministry of Steel is developing a comprehensive strategy to increase domestic scrap production. Currently, imports account for 25% of the country's scrap needs.
The proposed strategy involves creating an interdepartmental body to coordinate efforts across various industries, including engineering and consumer goods, to expand the scrap procurement base. Additionally, enhancing shipbreaking operations is seen as a vital component in increasing domestic scrap availability.
These initiatives aim to strengthen India's steel industry by ensuring a more sustainable and self-reliant supply chain for raw materials.
Vietnam Steel by Hoa Sen Group
