India's ferrous scrap consumption rises 12% y-o-y in Jan-Oct

Demand rises on nearly 10% y-o-y growth in crude steel production. Imports surge 70% y-o-y on cost-effectiveness, altered trade flows. Price viability with DRI keeps scrap demand supported.

India's ferrous scrap consumption stood at 24.24 million tonnes (mnt) in January-October 2023 (10MCY'23), an increase of 12% against 21.59 mnt in the corresponding period of last year, as per the latest SteelMint data. While domestic scrap consumption was assessed at 15.32 mnt, around 8.27 mnt of ferrous scrap was