9,347.17 TL BIST 100 BIST 100
4.34 CNY CNY CNY
31.06 $ USD USD
€33.62 EUR EUR
0.13 CNY CNY/EUR CNY/EUR
43.42 TL Interest Interest
83.25 $ Fossil Oil Fossil Oil
22.62 $ Silver Silver
3.88 $ Copper Copper
121.11 $ Iron Ore Iron Ore
394.00 $ Ship Dismantling Ship Dismantling
2,023.50 TL Gold (gr) Gold (gr)

Scrap metal restrictions affect India's steel industry

India plans to increase its own scrap metal production by investing more in scrap metal resources, thereby expanding its steel production capacity in line with its goals.

Scrap metal restrictions affect India's steel industry

Restrictions that the European Union plans to impose on scrap metal shipments complicate India's efforts to grow its steel sector. Scrap metal is preferred by countries that aim to reduce environmental impacts by using it instead of polluting raw materials used in the steel production process. India imports scrap metal as it does not have sufficient scrap metal resources due to a relatively small consumer base. The country aims to double its steel production capacity to 300 million tons within ten years.

Steel producers in India are closely following the waste shipment rules that have developed after the restrictions imposed by the European Union on scrap metal shipments, as well as China's restriction of scrap metal exports. "Every country will tend to preserve its own scrap metal because of the circular economy," Sanjay Mehta, President of the Materials Recycling Association of India, said in an interview.

The decrease in scrap metal imports affects the supply of raw materials used in steel production. India plans to increase its own scrap metal production by investing more in scrap metal resources, thereby expanding its steel production capacity in line with its goals.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Billet prices react to changing demand in Türkiye, Russia and Ukraine

Sunday, February 25, 2024

Japan to provide $4.86 billion in incentives for chip

Sunday, February 25, 2024

Uncertainty prevails in the East Asian steel market

Saturday, February 24, 2024

South Korea increased its crude steel production in January

Saturday, February 24, 2024

Nippon Steel's bid to acquire US Steel has ignited national security debates in the US

Saturday, February 24, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now