Currently the total market of scrapped steel in the country is approximately 30 Million Tonnes (MT). Most of the steel scrap is collected by the informal sector and used by the steel sector in the country.
The Steel Scrap Recycling Policy, 2019 provides framework to facilitate and promote establishment of scrapping centres for scientific processing, recycling of ferrous scrap in organized, safe and environmentally sound manner. Domestic steel scrap prices are market driven.
As per statistics of World Steel Association, around 220 MT ferrous scrap was traded around the world during 2021-22. India is a net importer of steel scrap and has imported 4 MT of steel scrap in year 2021-22.
This information was given by the Union Minister of State for Steel and Rural Development, Shri Faggan Singh Kulaste, in a written reply in the Rajya Sabha today.