Indian stainless steel consumption is expected to grow at a healthy pace to reach around 5.46 million tonne by 2023, a study by Indian Stainless Steel Development Association (ISSDA) suggests.
Significantly, India, is quite self sufficient in cold rolled and hot rolled stainless steel products with large capacity addition by SAIL, Jindal Stainless and BRG Group. The overall cold rolled capacity is around 1.525 mt, which is sufficient to meet the projected demand until 2018. Interestingly however, the per capita consumption at 1.9 kg is still much lower than world average of almost 4.85 kg.
ISSDA, which turned 25, said in a recent study, “The Indian stainless steel industry has been steadily growing with a record CAGR of 11.5 per cent over the last 10 years. Today, the stainless steel melt production has touched 3 million tonne, including both flat and long products, making India the third largest producer of stainless in the world with capabilities of competing with major stainless steel producers like China, Korea, and European Union and Japan. Today the world of stainless steel is keenly watching the developments in the stainless steel sector in India.”
Talking about the hot rolled products, the ISSDA study said that in case of hot rolled products, India, at present, has a capacity of 3.55 mt, which is sufficient to meet projected demand until 2020. The mother plants in the country also support downstream industries producing utensil grade sheets, welded pipes drawn wires, bright bar, forging units, fasteners etc, it said.
Industry officials pointed out that India is today capable of producing all grades, widths and thickness of stainless steel - plates, coils, bars and rounds with other downstream products like welded pipes, seamless tubes, mother hollows, forgings, fasteners etc.
The domestic industry has already been supplying to various critical applications like nuclear power, solar power plants, metro coaches and stations, chemicals and petrochemical complexes, fertiliser, pharma etc.
Source: .mydigitalfc.com
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