Posted on 31 Jan 2025
Industry experts have emphasised stainless steel’s crucial role in meeting India’s infrastructure demands, particularly in coastal areas where corrosion remains a persistent challenge.
India’s stainless steel market is on a strong growth trajectory, driven by booming infrastructure, automotive, and aerospace sectors.
“As India advances towards a $30 trillion economy, stainless steel demand is set to surge, potentially outpacing traditional steel. Production could reach 25-30 million tonnes in the next two decades,” Vinod Kumar Tripathi, joint secretary, Ministry of Steel, noted at this week’s Materials Recycling Association of India (MRAI) conference in Jaipur, attended by Kallanish.
Panel speakers highlighted that the key to sustaining growth in the stainless steel sector lies in recycling.
“With India already a leading steel producer, recycling will be pivotal in securing future supply. Using recycled materials can help reduce dependence on imported alloys like nickel and chromium. Moreover, stainless steel recycling will support decarbonisation efforts, aligning with India’s net-zero goals,” said Ved Prakash, director, Gemini Corp.
He added: “As India’s economy expands, the demand for raw materials will triple, making recycling even more critical.”
However, concerns were raised about the availability of stainless scrap. Experts suggested that countries and companies must prioritise its collection and utilisation.
"Governments can introduce tax breaks or subsidies for recycling, while companies can enhance scrap collection by collaborating with suppliers and customers," an expert noted.
Another challenge discussed was the rising import of intermediary stainless steel products, such as billet and slab, primarily from Indonesia.
These imports, often cheaper and exempt from certain taxes and duties, are reducing demand for domestically sourced scrap, thereby discouraging local collection and recycling efforts.
To counter this, Tripathi stated: “The Indian government is considering anti-dumping duties on such imports to promote local alternatives. Additionally, the new quality control order, effective November 2024, will mandate importers of intermediary steel products to secure a no objection certificate from the steel ministry. This will regulate imports, ensuring they do not disrupt the domestic industry, encouraging generation and use of locally sourced scrap.”
The panel concluded that stainless steel would play a pivotal role in India’s economic and environmental transformation, reinforcing the need for a sustainable and self-reliant ecosystem.
Source:Kallanish
