Indian stainless steel production in 2020 amounted to 3.17 million mt, down 19 percent year on year, according to data released by the Indian Stainless Steel Development Association (ISSDA) on Wednesday, March 31.
According to the ISSDA, despite the fall in production and the complete halt in production during the April-June period of 2020, India maintained its position as the second-largest producer of stainless steel in the world. Global stainless steel melt shop production decreased by 2.5 percent year on year to 51 million mt in 2020, the ISSDA said citing reports from Brussel-based International Stainless Steel Forum.
“Revoking the countervailing duties on imports of stainless steel from Indonesia and China may impact the growth of stainless steel imports in the current calendar, leading to dumping of stainless steel,” ISSDA president K K Pahuja said.
The association said it expected a glut of stainless steel imports at a time when the domestic industry is struggling to cope with the disruptions caused by the pandemic.
With India being a lucrative market, the suspension of duties on imports from China and Indonesia are expected to cause aggressive dumping. For an industry with high import intensity, this could aggravate unemployment in the sector, particularly in micro, medium and small enterprises, which constitute one third of the capacity, the association said.