stainless steel imports

India’s local stainless steel investments and capacity are being impacted by an increase in low-cost stainless steel imports. Industry leaders are demanding steel import restrictions and a dedicated National Stainless Steel Policy backed by a clear green steel taxonomy.

Abhyuday Jindal, managing director of Jindal Stainless and president of the Indian Chamber of Commerce, has called for urgent protectionist measures to check the rising imports of cheap stainless steel. Speaking at a recent ICC event in New Delhi, Jindal highlighted that India is capable of meeting its own stainless steel needs.

“We have to defend our nation,” Jindal emphasised. “The United States did it. It’s something Europe has been doing for a while. Restrictions on steel imports are now being implemented even in nations with limited steel production, such as Canada and the Middle East.

Jindal commended the Indian government for taking action against inferior imports, especially those coming from Vietnam and China. “The quality of the Chinese stuff from Vietnam was low. Now, our government is making a firm decision. “Any grade and any quality can be produced in the nation,” he stated.

India’s installed stainless steel capacity currently stands at 7.5 million tonnes. Only around 60% of this is being used, though. Meanwhile, 30% of domestic consumption is still met through imports. This imbalance, Jindal warned, will hurt investment in the stainless steel industry if not addressed.

According to BigMint, India’s stainless steel imports rose to 1.73 million tonnes in FY25. China, Indonesia, Vietnam, and South Korea were the main contributors to this surge.

Jindal also pushed for a dedicated National Stainless Steel Policy. “We need a separate policy and a proper taxonomy to support the stainless steel sector,” he said. While India does have a National Steel Policy from 2017, it does not focus specifically on stainless steel growth or green steel standards.

In December 2024, Union Steel Minister H. D. Kumaraswamy released a green steel taxonomy. Steel items are rated according to CO₂ emissions using this methodology. However, Jindal believes the stainless steel sector deserves its own strategy and sustainability roadmap.

India’s stainless steel industry holds immense potential. With the right policy backing and trade protections, domestic producers can meet all requirements without depending on foreign supplies.