Global Metal & Steel Scrap Summit 2012 begins in Gurgaon

With Indian Government's move to launch "Mission Plan" to enhance per capita consumption of Aluminium metal in the country, which is just 1.3 kg , compared to 14 kg in China and changing value chain of the metal, nation has all the potential to become global hub for Aluminium in the near future.

"At present, the power and electrical industry sector consumes a major share of aluminium, but as the economy grows, consumption in transportation, construction, consumer durables and packaging segments will grow faster. While electrical industry accounts for 41 per cent of the aluminium consumption in the country, the transport sector has a share of 17 per cent at present. With better exploitation of bauxite and coal resources in the country the aluminium value chain in India was changing." Said Mr S.K.Roongta, Managing Director , Vedanta Aluminium Limited while inaugurating a two day global Metal and Steel Scrap Summit 2012 organised by Steelguru, a renowned portal for steel related information and Global Business Connect.

"Aluminium production hinges on backward linkages to bauxite and coal. India is home to one of largest reserves of coal and high-grade bauxite in the world. It can certainly be at the bottom of the cost curve of global producers. Realising this potential the three major Indian aluminium producers—Vedanta , Hindalco and Nalco—have lined up ambitious expansion plans, expecting India, together with China, to lead in aluminium production in the next decade. "The aluminium growth rate in India is expected to be 11 per cent up to 2016, higher than that of China at 10 per cent," said Mr Roongta.

More than 200 participants from India and abroad including metal experts, representatives from metal and scrap trading , exporting and importing companies, government officials and overseas buyers and sellers are taking part in a two day long global Metal and Steel scrap Summit 2012 being organised in Gurgaon for the first time.

The international experts attending the summit will be discussing opportunities, challenges and ground realities in the Indian and Asian metal & steel scrap industries and understand market dynamics. During the conference the participants will receive the latest information on the prices, volumes, and main trends of the metals and scrap markets worldwide.

"India is a major global market for metal and steel scrap and country imports around three million tonnes of scrap metal every year , Scrap metal is bought in large quantities by steel foundries, copper smelters, alloy manufacturers. MSTC Ltd ( Metal scrap Trading Corporation Ltd) is a Government unit to Auction and dispose metal scraps. Apart from saving costs metal scraps help reduce greenhouse gas emissions and conserves energy and natural resources. Using recycled materials (scrap) , instead of virgin ones, also has significant energy savings at least 74 per cent for iron, steel, copper and aluminium" said Mr Rajeev Kumar, Convenor of the Summit.

"The main focus of the summit is on Global Steel Prospects and critical issues, Global Outlook on Non Ferrous, Strategies to collect appropriate information, Steel & Metal Scrap import / export dynamics and regulation, Opportunities, challenges and ground realities in the Asian Metal Scrap Market, Current economic issues and impact on metal scrap demand, Maximum benefits for global Steel & Metal scrap buyers & sellers, Aluminium, Lead, Zinc, Brass Copper Steel and Stainless steel scrap business insight" , he said.

Summit witnessed some of the big names from global metal scrap sector as speakers including Mr VR Sharma, DMD & CEO, JSPL, Mr Dhawal Shah, Managing Director, METCO, Mr Uttam Barik, Senior Vice President, CONCAST Exim Ltd, Mr Mohan Agrawal, Managing Director, Century Metal Recycling Pvt Ltd, Mr R Ganesh, Director Sourcing, JSL Limited, and Mr Ramesh Iyer, VP, NCDEX

Event is supported by various sector specific organizations including Scrapmen of Canada, Midas grouping ,Bonfinglioli of Italy , hermao Scintific Radcomm of canada, All India Induction Furnace Association (AIIFA), All India Steel Re-rollers Association (AISRA), Aluminium Casters' Association of India, Builders' Association of India, Chhattisgarh Mini Steel Plant Association, National Institute of Secondary Steel Technology, The Instituto Argentino de Siderurgia, Non-ferrous Metal Association , Iron Steel Scrap & Shipbreakers Association of India.

Source : Equity Bulls

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