India’s ferrous scrap consumption, both for steelmaking and in the foundry industry, stood at around 16 million tonnes (mnt) in January-May 2024 (5MCY’24), an increase of 16% as against 13.43 mnt in the same period of last year. Scrap consumption in steelmaking rose by 17% y-o-y during January-May to 14.51 mnt compared with 12.39 mnt in the year-ago period, as per the latest BigMint data. Domestic consumption climbed to 78% of total steel scrap consumption, amounting to 11.27 mnt in 5MCY’24 compared to 57% (7.10 mnt) in the year-ago period. Therefore, the share of imported scrap dropped to 22% (3.24 mnt) in 5MCY’24, down from 38% (4.66 mnt) in the corresponding period of last year. Total scrap consumption in 2023 stood at over 31 mnt,as per data.
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