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Business Standard
5 days ago
- Business
- Business Standard
Domestic stainless steel use grows 84% in 5 yrs to 4.8 MT in FY25: ISSDA
Domestic stainless steel consumption has registered a growth of 84 per cent over the last five years to reach 4.80 million tonnes in FY 2024-25, industry body Indian Stainless Steel Development Association (ISSDA) has said. The demand has been driven by sectors like infrastructure, railways, airports, metros among others, ISSDA President Rajamani Krishnamurti said in a presentation at the ongoing Global Stainless Steel Expo (GSSE) 2025. As per the data, in FY 2020-21 the consumption of stainless steel in India was at 2.61 million tonnes. It rose to 3.46 million tonnes (a rise of 33 per cent (y-o-y) in FY 2021-22. The demand grew to 3.94 million tonnes in 2022-23 (14 per cent rise y-o-y) and touched 4.49 million tonnes mark in 2023-24 (14 per cent y-o-y) before reaching 4.80 million tonnes in the financial year ended March 31, 2025. "The demand has been mainly on the back of strong growth in consumption from sectors such as building and construction, infrastructure projects, structural and rebar, process industry, railways and transports," Krishnamurti said. The per capita steel consumption has grown 36 per cent in the last five fiscal years from 2.5 kg in FY21 to 3.4 kg in FY25, he said. He further said that the demand for stainless steel will grow to 6.8 million tonnes by FY30, while per capita consumption is expected to be in the range of 4.5-5.5. kg by FY30. Sharing his outlook for the sector, Krishnamurti said the regular demand, there are some new areas like green hydrogen, bio fuels and renewable energy, urban infra and smart cities and tunnels. Around 10,000 industry leaders, policy makers and experts from India and abroad, as well as government representatives, are attending the three-day event. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
5 days ago
- Business
- Time of India
Domestic stainless steel consumption grows 84 pc in 5 years to hit 4.8 mn tonnes in FY25: ISSDA
Domestic stainless steel consumption has registered a growth of 84 per cent over the last five years to reach 4.80 million tonnes in FY 2024-25, industry body Indian Stainless Steel Development Association ( ISSDA ) has said. The demand has been driven by sectors like infrastructure, railways, airports, metros among others, ISSDA President Rajamani Krishnamurti said in a presentation at the ongoing Global Stainless Steel Expo (GSSE) 2025. As per the data, in FY 2020-21 the consumption of stainless steel in India was at 2.61 million tonnes. It rose to 3.46 million tonnes (a rise of 33 per cent (y-o-y) in FY 2021-22. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với mức chênh lệch giá thấp nhất IC Markets Đăng ký Undo The demand grew to 3.94 million tonnes in 2022-23 (14 per cent rise y-o-y) and touched 4.49 million tonnes mark in 2023-24 (14 per cent y-o-y) before reaching 4.80 million tonnes in the financial year ended March 31, 2025. "The demand has been mainly on the back of strong growth in consumption from sectors such as building and construction, infrastructure projects, structural and rebar, process industry, railways and transports," Krishnamurti said. Live Events The per capita steel consumption has grown 36 per cent in the last five fiscal years from 2.5 kg in FY21 to 3.4 kg in FY25, he said. He further said that the demand for stainless steel will grow to 6.8 million tonnes by FY30, while per capita consumption is expected to be in the range of 4.5-5.5. kg by FY30. Sharing his outlook for the sector, Krishnamurti said the regular demand, there are some new areas like green hydrogen, bio fuels and renewable energy, urban infra and smart cities and tunnels. Around 10,000 industry leaders, policy makers and experts from India and abroad, as well as government representatives, are attending the three-day event. PTI
The Hindu
6 days ago
- Business
- The Hindu
Stainless steel industry seeks policy support to harness full potential
India's stainless steel industry has called for a National Stainless Steel Policy to unlock its full potential in manufacturing, innovation, and global competitiveness. 'India's stainless steel consumption reached 4.8 million tonnes in FY25, registering an 8% year-on-year growth. Yet, nearly 30% of this is still met by imports, while domestic capacity remains underutilised,' Rajamani Krishnamurti, president of the Indian Stainless Steel Development Association (ISSDA) said, addressing delegates at the Global Stainless Steel Expo 2025 (GSSE 2025) currently underway in Mumbai. 'For the stainless steel industry to reach its true potential, we need a policy framework that boosts confidence, supports Make in India, and ensures long-term sustainability and competitiveness,' he stressed. 'We are reaffirming our call for a level-playing field, urging policymakers to proactively safeguard the sector while promoting innovation,' he said. 'As the world paces towards sustainability and resilient infrastructure, stainless steel's relevance is only growing. However, the influx of unfairly priced imports continues to challenge domestic manufacturers,' he highlighted. He said ISSDA had consistently cautioned against these risks, emphasising that unchecked trade diversions, particularly from nations like China and Vietnam, could undermine domestic manufacturing and employment in the sector. 'To safeguard the interests of the Indian stainless steel industry, both the government and industry stakeholders must remain vigilant, closely monitor import trends, and proactively implement necessary safeguard measures,' he said. Emphasising that stainless steel is no longer just about kitchens, Ratan Jindal, Chairman of Jindal Stainless said its now powering India's future in nuclear, medical, renewable, and transport sectors. 'With consumption projected to cross 20 million tonnes by 2047 and likely more, we must continue to develop the stainless steel ecosystem through a three-pronged strategy,' Mr. Jindal said. 'First, we must continue to scale our capacity to meet the growing demand. Second, we must strengthen our capability by investing in research, integrating digitalisation in every link of the value chain, increasing industry-academia partnerships, and promoting sustainable manufacturing practices,' he said. 'Third, we must work with the government to maintain a level playing field, particularly for MSMEs, by introducing trade remedial measures that prevent the influx of subsidised imports from China, circumvented through other ASEAN countries like Vietnam,' he added. To secure the success of our strategy and the future of our industry, there was an immediate need for a dedicated National Stainless Steel Policy that would deliver raw material security, drive long-term growth, and make resources accessible to every member of the ecosystem, especially MSMEs, he emphasised. India to become a global manufacturing giant, must invest not just in capacity but in capability, through R&D, innovation, and green manufacturing, he stated. With India now the second-largest consumer and third-largest producer of stainless steel, industry leaders urged the government to frame a dedicated national policy, one that embeds stainless steel across key missions like infrastructure, defence, space, and urban development. Anitha Raghunath, convenor of GSSE and Director at Virgo Communications said, 'With a market worth $22.4 billion and growing fast, India's stainless steel industry is on an unstoppable rise.' 'GSSE 2025 is the launchpad for cross-sector innovation, from EVs and aerospace to renewables and defence. This is where the future of stainless steel is being shaped, powering everything from the blue economy to Digital India,' she added. The government's emphasis on promoting stainless steel along the country's 11,000-km coastline is enhancing market awareness and promoting the substitution of conventional materials in coastal and maritime infrastructure, industry officials said. The logistics sector was also driving growth, with increased adoption of stainless steel in electric vehicles, trailers, and containers, they added. Besides sectors such as process industries, hydrogen, and nuclear energy have demonstrated substantial growth potential, presenting new avenues for stainless steel applications. ISSDA projects stainless steel consumption to rise to 12.5–12.7 MT by FY2040 and 19–20 MT by FY2047, aided by expanding applications in green energy, ethanol, water storage, defence, and aerospace.
Business Standard
6 days ago
- Business
- Business Standard
Jindal seeks duties on steel imports to shield MSMEs, boost Make in India
Jindal Stainless Chairman Ratan Jindal on Wednesday urged the government to protect the industry and livelihood of people by imposing appropriate duties on surging imports from select countries. The industry leader made the remarks while addressing the Global Stainless Steel Summit (2025) in Mumbai. "Today, low-priced imports from China and Vietnam persist across numerous industries, including stainless steel. In this context, it is essential that we collectively take a stand to protect our industry, particularly MSMEs, and the livelihood of our people, by imposing appropriate duties on these countries. I request the government's continuous support in this regard," he said while addressing the gathering. Jindal said many countries with excess production disrupt the level-playing field, particularly for the MSME sector. They divert surplus stainless steel through nations with free trade agreements with India or through ASEAN countries like Vietnam. "We have all witnessed how Indian industries like textiles, electronics, and machinery have been severely impacted by the aggressive export policies of countries like China and Vietnam," he said. India's installed stainless steel capacity stands at 7.5 MT, with a current utilisation of about 60 per cent, indicating significant potential for ramp-up, provided the right policy environment and demand momentum are sustained. He said future investment in stainless steel is bound to get impacted. As domestic capacities are lying idle and 30 per cent of the consumption is still coming from imports. He also advocated for a separate policy to promote the interests of stainless steel sector. "We, thus, need a policy ecosystem that is conducive to domestic manufacturing and consistent in favouring Make in India in the long term. "Only then will we be able to claim our rightful position in the global stainless steel industry," Jindal said. Later, addressing the media, JSL Director Vijay Sharma said on behalf of the industry, ISSDA will be filing and application with Directorate General of Trade Remedies (DGTR) this month to investigate the dumping of stainless steel items into the domestic market from select group of countries. India's stainless steel imports rose to 1.73 million tonnes in FY25, with China, Indonesia, Vietnam and South Korea being the major contributors to the shipments, as per the market research firm BigMint.
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Business Standard
6 days ago
- Business
- Business Standard
India's stainless steel demand to grow 7-8% annually over 2-3 years: ISSDA
The demand for stainless steel in the country is expected to grow in the range of 7-8 per cent Y-O-Y over the next three years, the Indian Stainless Steel Development Association (ISSDA) said on Wednesday. The overall consumption of stainless steel reached 4.8 million tonnes in FY25, registering a Year-On-Year (Y-O-Y) growth of about 8 per cent, ISSDA President Rajamani Krishnamurti said at the Global Stainless-Steel Expo 2025 (GSSE 2025). Around 10,000 industry leaders, policy makers and experts from India and abroad, as well as government representatives, are attending the event. "India is likely to retain the highest GDP growth among economies of the world. The stainless steel demand is expected to grow by 7-8 per cent in the next 2-3 years," Krishnamurti told participants at the three-day conference. The per capita steel consumption in India stands at around 3.4 kg as against the world average of over 6 kg, he added. Low consumption as against the world average provides a great opportunity to the domestic industry as the government's focus remains on infrastructure development in the country, ISSDA President said. "The areas where opportunities are at the upcoming railways, tunnel projects, ports, airports, roads, highways, and other similar projects. You can target these opportunities," Krishnamurti said to the stakeholders. The government has significantly boosted its capex. The capex to GDP ratio surged to 3.3 per cent for FY24. He said the construction market in India is expected to reach $1.42 trillion by 2027, expanding at a CAGR of 17.26 per cent up to 2027. Green hydrogen is also a new area where stainless steel will find application, he added. Speaking further on India's position, he said the country is the second largest consumer of stainless steel in the world, and its melt production is the third largest in the world after China and Indonesia. On the properties of stainless steel, he said, it is safe for infrastructure projects because of its strength, zero maintenance and life cycle cost, and it is recyclable.
