Indian domestic stainless steel consumption has been estimated at 4.85 million mt in the fiscal year 2024-25, a rise of eight percent year on year, according to a statement by the Indian Stainless Steel Development Association (ISSDA) on Monday, June 30.
“Despite macroeconomic and political challenges, the stainless steel market in the country continued to remain robust and among the fastest-growing markets globally,” it said in the statement.
“The influx of unfairly priced imports continues to challenge domestic manufacturers. ISSDA has 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,” it said.
“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.”
“ISSDA remains committed to collaborating with the government and industry partners to address these challenges and drive the long-term growth of India’s stainless steel industry, and calls for a level playing field, urging policymakers to proactively safeguard the sector while promoting innovation and global competitiveness,” it added.
Currently, the installed capacity for stainless steel production is 7.5 million mt and the utilisation is 60 percent. There is significant potential for ramp-up in production, provided the right policy environment and demand momentum is sustained, it said.