Indian Minister of state for steel Faggan Singh Kulaste has inaugurated the 30th Anniversary conference of Indian Stainless Steel Development Association (ISSDA) in New Delhi. He urged the industry to increase production and make India a global manufacturing hub in the coming years.
The conference observed that consumption of Stainless steel in the automotive sector now is about 30 kg per vehicle, which will decrease in coming years with the advent of e -vehicles. The exhaust system which consumers maximum Stainless steel will not be in e-vehicles, it pointed out.
“India is the second-largest producer of Stainless Steel with a total production of 3.74 million tonnes in 2018-19, after China. The per capita consumption of stainless steel in India has reached 2.5 kg mark from 1.2 kg in 2010.
“Growth rate of stainless steel demand in India is to the tune of 6-7 per cent CAGR, which is also among the highest in the world, as stainless steel demand is directly linked to economic growth. Stainless steel not only has a low life cycle cost but also improves the overall quality of life,” the Minister said.
“Ministry of steel is taking various steps to increase consumption of stainless steel in various sectors the country including Railways, CPWD projects, water and food storage, Swachh Bharat and Smart cities. Ministry has already written to Jal Shakti Ministry to use stainless steel for water storage and distribution” said Rasika Choube, Additional Secretary, Ministry of Steel.
“ The local stainless-steel market is the fastest-growing market in the world with a CAGR of 8-9 per cent, and growing trade protectionist sentiment across the globe, the growing Indian market has become an easy target for the dumping of the surplus production from ASEAN producers,” said Markas A Moll, Managing Director SMR GMbh.
“Even though stainless steel is 3 to 4 times more expensive than carbon steel but the life cycle cost will be lowest due to stainless steel having advantages in terms of its strength, resistance to corrosion, equipment safety and hygiene,” said Rajeev Sherry, Managing Director , Outokumpu.
Rattan Jindal CMD, JSl, K .K Pahuja, President, ISSDA, Pooja Mehra, Executive Director, Viraj Profiles and Richard Mathesen, director, Nickel Institute were also present.