Indian steel industry undergoing a down trend , manufacturers are looking to explore new avenues for raw materials including ferrous scrap and iron ore.
Steel makers in Central India which primarily uses sponge iron , are looking for imported scrap as a source of raw material said industry experts.
“We are running our furnaces on sponge iron and domestic scrap, though if we get good quality imported scrap at a decent prices, we will not hesitate to look it as one of the major source of raw material.” said Mr Singhania, a integrated steel manufacturer in India.
Imported scrap market has been restricted to steel mills based in coastal region or in northern India. With new standards implemented by Indian steel ministry, imported scrap will play an important role.
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