According to the news from India's manufacturing sector on December 11, 2024, based on the data from the Indian Stainless Steel Development Association (ISSDA), stainless steel usage increased by 11% from 4.02 million tons in FY2023 to 4.46 million tons in FY2024, with per capita consumption of 3.1 kg in FY2024. The country's growing demand in industries such as processing, infrastructure and railways due to the durability, strength, corrosion resistance and sustainability of stainless steel has driven this growth. As India strives to become a $40 trillion economy by 2047, industries such as manufacturing, infrastructure and construction are expected to further increase demand for stainless steel. ISSDA Chairman Rajamani Krishnamurti praised the progress made by the industry and said that the country's increasing dependence on sustainable input materials has led to diversified demand in many industries. While the country's per capita consumption is below the global average of 6.5 kg, the installed capacity is 7.5 million tonnes, which will rise to 12.5-12.7 million tonnes by FY2040 and 19-20 million tonnes by FY2047.
Moreover, ISSDA chairman Rajamani Krishnamurti said in a video conference on Tuesday that ISSDA is following up with the steel ministry on a separate policy proposal for the stainless steel sector. "ISSDA has submitted a separate policy proposal for the stainless steel sector to the government. The ministry has taken a positive view on it," he added.
By the way, India's imports of finished steel from China reached an all-time high in the first seven months of this fiscal year, unsettling hundreds of small Indian steel producers.
Data showed that China, the world's largest steel producer, exported 1.7 million tonnes of finished steel to India during April-October, up 35.4% year-on-year. As the world's largest steel producer, China mainly exported stainless steel, hot-rolled coils, galvanized sheets, plates and electrical steel sheets during this period.
India's finished steel imports surged to $10 billion, a seven-year high of 5.7 million tonnes in the April-October period. Finished steel imports from Japan and Vietnam more than doubled during the same period, the data showed. China, South Korea and Japan accounted for 79% of total finished steel imports in April-October this year. Hot-rolled coil was the largest import item in the April-October period, while bars and rods ranked first among import items in the non-flat products category.
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