Tue. Nov 24th, 2020

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No growth in production of stainless steel in 2020

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Stainless steel industry has inspected a domestic melt production of 3.92 million tonnes and the production growth witnessed a fall of 5% in the former year in comparison to 7-8% achieved in the previous years.
Estimations by the Indian Stainless Steel Development Association (ISSDA) are showing the chances of further falling because of the lockdown all around the country.

It has been aided by unregulated dumping as well as Free Trade Agreements (FTAs) signed by India with ASEAN countries, much to the detriment of the domestic industry. This has, in turn, led to a significant impact on capacity utilization levels, currently at around 60%, he added.

The global stainless steel melt production in the current year 2019 was recorded at 52.5 MT, registering an increase of 2.9% year-on-year as per latest data released by Indian stainless steel forum. For CY2019, China’s production figure accounted for more than 50% of the global stainless steel production and stood at 29.4 MT.



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