Commodities

Tata Steel launches app for sourcing scrap

Our Bureau Mumbai | Updated on August 19, 2020 Published on August 19, 2020

The FerroHaat app provides easy-to-do-business platform for traders and remove the element of uncertainty in this business

Tata Steel has launched a first-of-its-kind mobile application to source steel scrap from traders for recycling at its upcoming plant in Haryana.

The new app FerroHaat is a step to organise India’s scrap market while also providing a reliable source of scrap metal for the steel industry besides ushering transparency and ease of doing business in the scrap industry.

Tata Steel’s Recycling Business had recently announced the commencement of trials at its new steel recycling plant. It is in the process of setting up a scrap processing plant of 0.5 million tonnes per annum capacity in Rohtak, Haryana.

The recycling plant will primarily collaborate with local traders of scrap yards, car dismantlers other than small and medium steel industries in the National Capital Region (NCR) and Haryana region.

FerroHaat, the 24x7 live market place for selling steel scrap, is user friendly and hosts different sections such as Bazaar for business transactions, Khaata for a snapshot of the supplier’s account, Samachaar for vital market information and Abhaar for recognition and appreciation initiatives.

Yogesh Bedi, Chief, Steel Recycling Business, Tata Steel, said scrap buying and selling is a tedious affair as prices change every hour, making the users apprehensive and vulnerable.

The app collaborates with the existing scrap yards and traders to provide them with a transparent platform for stable prices, he said.

The idea behind the launch of FerroHaat and digitalising the scrap market is to provide an easy-to-do-business platform for traders and remove the element of uncertainty in this business, said the company.

This initiative aims to provide the much-needed raw material fillip to the steel industry by making available quality processed ferrous scrap, streamlining the currently unorganised scrap supply chain, lowering the dependency on imports and enhancing the transparency and efficiency in the entire value chain.

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Published on August 19, 2020
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