The Steel Recycling Business division of India-based Tata Steel has launched a ferrous scrap purchasing app called FerroHaat. Tata refers to the app as “a first-of-its-kind mobile application [to] source steel scrap from traders.”
The steelmaker calls its new app “a major step by the company to organize India’s scrap market while also providing a reliable source of scrap metal for the steel industry.”
Tata Steel describes FerroHaat as “a live 24/7 marketplace to sell scrap. It is user friendly and hosts different sections like ‘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 of the Steel Recycling Business division of Tata Steel, comments, “Scrap buying and selling is a tedious affair. The prices change by the hour, making the users apprehensive and vulnerable. The FerroHaat app makes the transactions easy and user friendly. The best part is it collaborates with the existing scrap yards and traders and provides them with a transparent platform with stability in prices. Large transactions can now be done with a click of a few buttons.”
The FerroHaat app is available in India via the Apple App Store and Google Play Store, according to the steelmaker.
Tata Steel also says it is setting up what it calls “the first state-of-the-art scrap processing plant of 500,000 metric tons annual capacity” in Rohtak in the Indian state of Haryana. That plant will “collaborate with local traders of scrap yards [and] car dismantlers” in the region.