Indian domestic stainless steel producers have sought a separate ‘national stainless steel policy’ from their government, the Indian Stainless Steel Development Association (ISSDA) said in a statement on Wednesday, December 11.
“We have requested the ministry of steel for an exclusive stainless steel policy because every time we come under the garb of carbon steel,” ISSDA president Rajamani Krishnamurti said.
Raw material securitisation would be one of the major components of the policy. The scope of the policy would also include aspects like how to increase demand and build capacities.
Discussions on the matter are ongoing with the steel ministry, Krishnamurti said.
He stated that the domestic industry has an installed capacity of around 7.5 million mt, of which capacity utilisation is more than 60 percent.
“So, we have a great potential to unleash our installed capacity production. But 30 percent of the demand is being catered through imports predominantly from China and Vietnam,” he said.
“With current operational capacity utilisation at just 60 percent, we strongly urge the government to ensure a level playing field, empowering domestic producers to operate at their full potential and further strengthen India’s position in the global stainless steel landscape,” he added.
According to official data, the consumption of stainless steel in India increased from 4.02 million mt in 2022-23 to 4.46 million mt in 2023-24, a growth of about 11 percent.