BIR NEW DELHI: Scrap prices to rise as India plans switch away from DRI, iron ore steelmaking

Shredded scrap prices in India are likely to rise in the coming decades as the country switches to using recyled materials for steelmaking rather than iron ore and direct reduced iron (DRI).

India will make the swtich as part of its commitment to reducing its emissions, the Ministry of Steel said at the Bureau of International Recycling’s (BIR) conference in New Delhi. “There was a calculation on our part that if all kinds of pre-owned [vehicles] were [used for] scrap, the market would be attractive and 10-15% more value would be added to each vehicle,” Birender Singh, Indian steel minister, said at the event on Saturday October 14. Metal Bulletin’s price assessment for Indian shredded scrap imports was $318.40 per tonne cfr Nhava Sheva on Friday October 13. India’s first end-of-life vehicle (ELV) shredder will begin operations by next year, according to BB Singh, chairman and md of government exports regulator MSTC. The first of its kind in the country, the unit will...

Published

Lee Allen

October 17, 2017

17:03 GMT

New Delhi