Stainless Steel Output to hit 3.6 MT

“The production of stainless steel in the country at the end of the calendar year 2016 was 3.3 million tonne,” at present, the industry are growing at a rate of 8-9% YoY, President of Indian Stainless Steel Development Association K K Pahuja told, citing data collected by the International Stainless Steel Forum. Growth is in response to the rising demand for stainless steel, mainly from sectors such as auto, roads and highways, housing and the like, the industry veteran said, adding that the demand will keep rising every year. Besides, protectionist measures imposing a definitive Countervailing Duty on certain stainless steel products from China have helped the industry, he said. Govt had removed the import duty on nickel, a key material required to produce stainless steel. Now, the steel ministry wants the import duty on ferro-nickel and stainless steel scrap to be removed. This will further bring down the production cost of stainless steel in the country, he added. For 2018, the domestic stainless industry is expected to produce close to 4 MT.India is the 2nd largest producer of stainless steel after it overtook Japan in 2016. China remains the leader.