Indian stainless steel consumption in 2023-24 fiscal has been estimated at 4.46 million mt, up 11 percent over corresponding previous fiscal, according to a statement of Indian Stainless Steel Development Association (ISSDA) on Wednesday, December 25.
India’s installed capacity is at 7.5 million mt and as per research jointly conducted with rating agency Crisil, domestic stainless steel consumption is projected to reach 12.5 to 12.7 million mt by 2039-40 and to 20 million mt by 2046-47, ISSDA said.
The domestic stainless steel producers continue to face challenges posed by the persistent dumping of substandard stainless steel, particularly from China, adversely impacting domestic manufacturers.
With current operational capacity utilisation at just 60 percent, ISSDA has urged the government to ensure a level playing ground with imports to strengthen India’s position in global stainless steel industry, it said.