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Steel is one of the most recycled materials in the world. Every time a building is demolished or a car is scrapped, tons of steel find their way back into the circular economy — if managed right. However, the steel scrap industry is both a hidden opportunity and a growing challenge, especially in rapidly developing nations like India.
🌍 Global Steel Scrap Waste – A Massive Volume
According to the Bureau of International Recycling (BIR):
The world generates over 700 million tonnes of steel scrap annually.
The top scrap-producing countries include USA, EU, China, Japan, and Russia.
Over 40% of global steel production now uses recycled scrap (mainly through Electric Arc Furnaces).
Yet, not all scrap is efficiently recycled. Issues like contamination, inefficient collection systems, and lack of formalization in developing countries hamper full utilization.
🇮🇳 India’s Scrap Steel Landscape – A Growing Giant
India generates over 30 million tonnes of steel scrap annually, but imports an additional 5–7 million tonnes to meet its secondary steel production needs.
Key insights:
India is the 2nd largest steel producer globally, but only 25% of its steel comes from scrap.
The domestic scrap industry remains fragmented and informal, with many recyclers operating without regulation.
As per the Ministry of Steel, India aims to reduce dependence on imported scrap and boost circular steel usage via the National Steel Policy.
💡 Why Steel Scrap is the Future
Environmental Impact: Recycling 1 tonne of steel scrap saves 1.5 tonnes of CO₂, 1.4 tonnes of iron ore, and 740 kg of coal.
Cost Efficiency: Scrap-based steelmaking is cheaper and less energy-intensive.
Circular Economy Goals: Governments and corporates are pushing for zero-waste production cycles.
🔧 SteelBazaar’s Vision: Turning Waste into Wealth
Platforms like SteelBazaar are empowering recyclers, processors, and buyers to trade scrap more transparently and efficiently — transforming what was once waste into a strategic raw material.
Scrap isn’t just steel waste — it’s the backbone of sustainable steel.
Also Read : Steel: The Backbone of India’s Growth Story Global Scrap Inventory Trends Signal Market Readiness