A local steel smelting group is pushing the use of induction furnace smelting technology (IFST) in the manufacture of steel bars in the country since it was a more energy efficient and less expensive way of making steel.
The Philippine Induction Smelting Industry Association (Pisia) said that India, a top global producer of steel, has an estimated 1,000 steel manufacturers, which use the IFST.
The Indian steel manufacturers have attributed part of the growth of their steel market to IFST.
Economic benefits
A paper published in India by Dr. Dinesh Kumar Lekhi, entitled “Special Steels Through Induction Melting Furnaces: Vision 2020,” cited the economic benefits of IFST such as lower manufacturing cost of steel and lower electric consumption.
Lower production cost of steel could lead to cheaper prices of steel bars which, in the end, would benefit consumers and developers.
IFST is also used in the manufacture of aluminum, brass, cast iron, stainless steel, among others.
Pisia is an organization of local steel smelters composed of Melters Steel Corp., Wan Chiong Steel Corp., Metrodragon Steel Corp. and Davao Mighty Steel Corp.
Ripple effect
“This is what we are lobbying for,” Pisia said in a statement.
“It should be all about the consumers,” the group said.
“With reduced steel bar prices due to IFST, we can create a ripple effect and contribute to the reduced construction cost of houses and buildings,” it added.
The Department of Trade and Industry should take a look at the economic benefits of IFST, the group said.