Indonesia to overtake India as second largest stainless steel producer in 2021

Wednesday, 02 June 2021 12:19:29 (GMT+3)   |   Kolkata
       

India is likely to lose its status of second largest producer of stainless steel in the world in the current fiscal year, the Indian Stainless Steel Development Association (ISSDA) said in a statement on Wednesday, June 2.

The ISSDA also said that surplus production of stainless steel in Indonesia is likely to be pushed into the Indian market.

According to the ISSDA, Indonesia is expected to overtake India as the second largest producer of stainless steel in 2021, as per the latest melt shop projections presented at the International Stainless Steel Forum (ISSF) annual conference last week.

Indonesia, which presently ranks fourth in global stainless steel production, will overtake Japan and India with a total production of 4.2 million mt, the ISSDA said.

India is projected to produce 3.5 million mt of stainless steel this year. In 2020, it produced 3.2 million mt, the ISSDA said.

“The Chinese government withdrew export tax rebate in May 2021, which restricts the export of stainless steel from China. The Chinese companies have been setting up large capacities in Indonesia”, K K Pahuja, president of ISSDA, said.

"This has implications for India as we estimate that import intensity from Indonesia will nearly double as trade remedial measures like countervailing duty remain suspended since the announcement in the Union Budget early this year,” he added.


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