The Directorate General of Foreign Trade (DGFT), a division of the Ministry of Commerce and Industry, controls the entry of scrap metal into India. DGFT periodically provides a variety of alerts, circulars, and recommendations to control the import of metal scrap. To prevent any legal issues, importers must abide by the DGFT’s regulations. The Import Regulation for Scrap Metal in India
India’s import regulations for scrap metal are always subject to modification. As of 2021, the HS Code 7204 governs the import of metal scrap. Scrap metal imports are subject to a 2.5% tariff. However, importing some types of metal scrap, such stainless steel scrap, calls for a DGFT import license.
How Much Cash Can You Make From Scrapping a Fridge? Refrigerator recycling can be a lucrative industry. The amount of money you can get from scrapping a refrigerator is based on a number of variables, including the refrigerator’s weight, the type of metal it is made of, and the current market price for scrap metal. In India, the cost of scrap metal per tonne as of 2021 is about Rs. 30,000. A average refrigerator weighs between 50 and 80 kg, therefore you can collect between Rs. 1,500 and Rs. 2,400 for scrapping one.
Because copper ingots are a refined form of copper, they are worth more than scrap metal. Copper scrap is melted and then cast into ingots to create copper ingots. Several industries, including electrical and electronics, building, and transportation, require copper ingots. As of 2021, copper ingots cost about Rs. 800 per kg in India, and copper scrap costs about Rs. 500–550 per kg.
Since aluminum ingots are a refined version of aluminum, they are highly valuable. Aluminum scrap is melted and then cast into ingots to create aluminum ingots. Construction, aerospace, and the automobile industry are just a few of the industries that employ aluminum ingots. As of 2021, aluminum ingots cost about Rs. 170 per kg in India, and aluminum scrap costs about Rs. 100–110 per kg.
If done properly, importing metal scrap into India can be a lucrative enterprise. To prevent any legal issues, importers must abide by the DGFT’s regulations. The amount of money you can make from scrapping a refrigerator relies on a number of things and can also be a lucrative business. Due to the fact that copper ingots and aluminum ingots are refined forms of copper and aluminum, respectively, they are worth more than scrap metal.