India’s iron ore production was provisionally estimated under the Mineral Conservation and Development Rules (MCDR), at 263 million mt during April-February of fiscal 2024-25, up 4.4 percent over the corresponding period of the previous fiscal, according to data released by the ministry of mines on Monday, March 31.
Indian stainless steel industry will face serious challenges to growth in the first quarter (April-June) of fiscal 2025-26 due to the volatility in raw material prices and inflow of cheap material from China and Vietnam, the Indian Stainless Steel Development Association (ISSDA) said in a statement on Monday, March 31.
The stainless steel sector is also likely to encounter challenges such as volatile raw material prices, especially for key inputs like nickel and ferroalloys,” said ISSDA president, Rajamani Krishnamurti.
These factors, coupled with global uncertainties and intensified competition, could impact profit margins, he added.
The total capacity to produce stainless steel (longs and flats) in India is 7.5 million mt. However, 40 percent of stainless steel capacity remains unutilised, ISSDA said.
Consumption of stainless steel is projected to increase by 22 percent in 2024-25 from 3.6 million mt in 2023-24, and it is expected to increase further to 6.6-6.8 million mt by 2029-30, aligned to India’s macroeconomic growth.