Mumbai, Feb 21 (SocialNews.XYZ) The PHD Chamber of Commerce and Industry (PHDCCI) in association with Metal X, hosted a conclave in which industry leaders on Saturday said scrap must be treated as a strategic commodity which can import dependence on other countries as OECD countries consider export restrictions.
Vijay Sharma, Chair, Minerals & Metal Committee, PHDCCI and Director, Jindal called forecosystem formalisation through scrap processing clusters, integration of informal collectors into formal value chains, technology-led digital infrastructure, and structured financing linked to ESG and green finance frameworks.
Sharma said that scrap management is no longer just a risk management issue but a "strategic, business-driven approach centred on competitiveness, sustainability, and supply chain resilience," the industry body said in a release.
Sharma noted that one ton of recycled steel saves 1.1 tons of iron ore and 630 kg of coking coal and cut emissions by 28 per cent, making scrap indispensable to India’s growth.
He identified five challenges that needs to be adressed to improve scale. The challenges include "fragmentation and informality, quality and standardisation, price volatility, technology and capital gaps, and a trust deficit."
Alok Sahay, Secretary General and Executive Head, Indian Steel Association, said scrap offers a practical short-term decarbonisation solution, with India’s carbon intensity at 2.55 tonnes of CO₂ per tonne of steel.
He said it as an effective tool for progressive cost reduction, with India's continued investment in blast furnace production an economic necessity given the country's growth aspirations.
He contextualised the global picture, noting that of the 2 billion tonnes of steel produced annually worldwide, only 600 million tonnes comes from scrap, with hydrogen-based alternatives still expensive and high-grade DRI iron ore limited in India.
India’s scrap‑based production stands at 22 per cent compared to 70 per cent in the US, he said, flagging that India's 8 million tonne scrap import dependency faces growing risk as OECD countries consider export restrictions, making domestic scrap development a matter of supply chain urgency.
—IANS
aar/pk
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
