ISSDA urges the Ministry of Steel for an exclusive stainless steel policy to address the specific issues of the stainless steel sector.

The Indian Stainless Steel Development Association (ISSDA) has urged the Ministry of Steel to introduce an exclusive stainless steel policy, citing challenges faced by the industry under the umbrella of carbon steel policies, as per a report in the Business Standard.

Speaking at a recent media interaction, ISSDA President Rajamani Krishnamurti highlighted the need for a tailored approach to address issues unique to stainless steel, including raw material securitisation, demand generation, and capacity building. Discussions on the matter are ongoing with the ministry, he added.

India’s stainless steel industry has an installed capacity of 7.5 million tonnes, with a current utilisation rate of over 60 per cent. There is immense potential to unleash our production capacity, Krishnamurti was quoted in the report. However, he pointed out that 30 per cent of domestic demand is met through imports, primarily from China and Vietnam, undermining local manufacturers.

The ISSDA has called for government intervention to create a level playing field for domestic producers. By utilising our full capacity, we can solidify India’s position in the global stainless steel market, Krishnamurti suggested.

India’s stainless steel consumption grew by 11 per cent, from 4.02 million tonnes in FY23 to 4.46 million tonnes in FY24, showcasing a robust demand trajectory.