Chinese imports hinder stainless steel production in India

Slow capacity utilization and competition from Chinese imports will hamper the country's stainless steel production this year, which operates at 55 percent capacity utilization of its total installed capacity of 5 million tonnes per year.

“The stainless steel sector needs government support in the form of export promotion and import restrictions on finished and semi-finished products,” said Ratan Jindal, chairman of Jindal Steel Ltd., a major Indian company.

There is an acute issue of increasing dependence on imports and underutilization of production capacities, Jindal said. He said: "Our imports of stainless steel products doubled last year. While our capacity was only utilized by 55 percent." Financial institutions also have a banking impact on the stainless steel industry.

In his opinion, stainless steel products have expanded their application in recent years. “Stainless steel is now used in consumer durables such as washing machines, refrigerators, ovens, and all kitchen utensils. We are aiming to increase the per capita consumption of stainless steel in India to 1.6 kg per year, which typical for developed countries. "

Europe has an average per capita consumption of stainless steel of about 10 kg, while China consumes about 6 kg. Taiwan has one of the highest consumption levels for stainless steel at around 15 kg.

"According to Prime Minister Narendra Modi's plan, to create 100 smart cities in the country, it will be necessary to increase the consumption of stainless steel in many areas. But this will also require political support," he said.