mjunction unveils e-platform for ELV scrap sales in steel industry

mjunction services ltd, a B2B e-commerce platform from a joint venture between Tata Steel and SAIL, on Thursday announced the launch of a dedicated digital platform for End-of-Life Vehicle (ELV) dismantling units.

This platform aims to streamline the sale of scrap generated from ELVs by providing registered vehicle scrapping facilities (RVSFs) with a digital marketplace to connect with processors and melters.

''As the Indian steel industry aims to increase scrap usage in steel manufacturing from the current 3-4 per cent to an ambitious 15-20 per cent, digital platforms like mjunction's emerge as crucial intermediaries,'' said Vinaya Varma, MD and CEO of mjunction services.

These platforms bridge the gap between the industry and fragmented scrap processors, facilitating transparent price discovery and establishing a reliable supply chain for high-quality scrap, the company stated.

The launch of mjunction's e-platform aligns with the Indian government's commitment to circular economy principles and steel recycling. The recently unveiled vehicle scrappage policy, designed to phase out unfit and high-emission end-of-life vehicles, underscores the nation's resolve to generate recyclable steel for reuse.

''Our platform addresses a critical need for licensed vehicle scrapping units, ensuring a consistent and competitive market for their scrap. For steel melters, this platform offers aggregation, consistent supply of steel scrap, fair pricing, and financing solutions – elements crucial for sustainable operations in the industry,'' Varma highlighted.

The inaugural e-auction on the platform saw participation from key states such as New Delhi, Maharashtra, Chhattisgarh, Punjab, Karnataka, West Bengal, Odisha, and Jharkhand.