India’s stainless steel consumption grew by 10 percent to 4 million mt in the fiscal year 2022-23, according to data released by the Indian Stainless Steel Development Association (ISSDA) on Friday, August 4.
According to the association, as a result of the increase, per capita stainless steel consumption increased to 2.8 kg from 2.5 kg during the year, riding on improved demand from national transporter Indian Railways (IR) and from processing industries.
Indian growth in stainless steel consumption comes against the backdrop of a contraction in global consumption by 5.2 percent to 58.2 million mt in the calendar year 2022.