India, a significant ferrous scrap importer, received over 10 million metric tons in 2022, showing substantial growth at an annual rate of 10% over the last five years. This uptick is attributed to India’s second-largest global steel industry, rising electric vehicle adoption, and robust infrastructure investments by the government.

Main Types of Ferrous Scrap:

• Heavy Melting Scrap (HMS): Comprising heavy steel scraps like plates, beams, and girders, HMS is commonly used in various steelmaking processes, including electric arc furnaces (EAFs) and basic oxygen furnaces (BOFs).
• Baled Scrap: Bundled steel scrap, typically utilized in EAFs.
• Shredded Scrap: Shredded steel scrap is predominantly used in BOFs.
• Cast Iron Scrap: Comprising cast iron materials like engine blocks and machine parts, commonly used in foundries.

The growth of ferrous scrap imports positively influences the Indian economy, generating employment opportunities in the steel, foundry, and engineering sectors. Furthermore, it contributes to reducing India’s dependence on imported steel.