mjunction, a Tata Steel and SAIL joint venture, launched a digital platform for End-of-Life Vehicle (ELV) scrap sales. This platform connects registered vehicle scrapping facilities with processors and melters, aiming to bolster steel industry scrap usage from 3-4% to 15-20%.
mjunction services ltd, a collaborative endeavor between Tata Steel and SAIL, unfurled a specialized digital platform dedicated to managing scrap generated from End-of-Life Vehicles (ELVs). This e-platform acts as a conduit, fostering connections between registered vehicle scrapping facilities (RVSFs) and processors/melters, streamlining the sale of ELV scrap within the steel industry.
Vinaya Varma, MD and CEO of mjunction services, emphasized the pivotal role of such digital platforms in the Indian steel industry's aspirations to augment scrap utilization. From the current 3-4%, the aim is to propel steel manufacturing's scrap usage ambitiously to 15-20%. These platforms, like mjunction's, serve as instrumental intermediaries to facilitate this transition.
The platform operates as a bridge, effectively closing the gap between the industry's needs and the diverse and fragmented scrap processing units. It enables transparent price discovery, fostering a dependable supply chain for high-quality scrap, a critical component highlighted by the company.
mjunction’s initiative aligns seamlessly with the Indian government's commitment to circular economy tenets and the promotion of steel recycling. The recent unveiling of the vehicle scrappage policy, designed to phase out environmentally unfit and high-emission ELVs, underscores India's dedication to generate recyclable steel for repurposing.
The e-platform caters to the essential requirements of licensed vehicle scrapping units, guaranteeing a consistent and competitive market for their scrap. For steel melters, this platform ensures aggregation, a steady supply of steel scrap, fair pricing, and even financing solutions, essential elements for sustainable operations in the industry, as highlighted by Varma.
The inaugural e-auction witnessed participation from key Indian states like New Delhi, Maharashtra, Chhattisgarh, Punjab, Karnataka, West Bengal, Odisha, and Jharkhand.
mjunction's pioneering digital platform for ELV scrap sales heralds a transformative era in the Indian steel industry. By connecting scrapping facilities with processors and melters, it bridges critical gaps, fostering transparency, and setting the stage for increased scrap usage in steel manufacturing. This initiative aligns harmoniously with India's commitment to circular economy principles and recycling steel, propelling the industry toward sustainable and resource-efficient practices.