Stainless steel industry pushes for dumping duty
India's stainless steel industry is engaging with the Centre to impose an anti-dumping duty, with an application expected this month. Ratan Jindal emphasizes the need for safeguards to encourage investment as domestic capacity utilization hovers around 60%, while imports account for 30% of consumption.
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Mumbai: India's stainless steel industry is in talks with the Centre for imposition of an anti-dumping duty, and is likely to submit an application this month, said Vijay Sharma, director of corporate affairs, Jindal Stainless . Meanwhile, company chairman Ratan Jindal said the industry needs safeguards to retain investment appetite.The Indian Stainless Steel Development Association will be submitting the application to the Directorate General of Trade Remedies, which will then initiate an investigation, Sharma said.Meanwhile, Ratan Jindal, Chairman of Jindal Stainless , said that for the industry to reach its full potential, it is imperative that producers are confident of investing."When domestic capacities are lying idle and 30% of the domestic consumption is still coming from imports - future investment in stainless steel is bound to get impacted," he said at the Global Stainless Steel Expo in the city on Wednesday.India consumed 4.85 million tonne of stainless steel in FY25, with imports for the year at around 1.73 million tonne, up 3% as compared to the previous year.China, Indonesia, Vietnam and South Korea were among the countries from which stainless steel came into India.The domestic industry has the capacity to produce around 7.85 million tonne of stainless steel each year, with current capacity utilisation at around 60%.Jindal Stainless, meanwhile, has an annual production capacity of 3 million tonne, and has announced investments to raise this to 4.2 million tonne. The country's largest producer of stainless steel in currently utilising close to 80% of its capacity.
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