India's domestic stainless steel consumption rose to 4.85 million metric tons in the fiscal year 2024-25, marking an 8 percent increase year-on-year, according to the Indian Stainless Steel Development Association (ISSDA).
Despite facing macroeconomic and political headwinds, India’s stainless steel market remained one of the fastest-growing globally, the association said in a statement released on June 30.
However, the sector continues to grapple with challenges from unfairly priced imports, particularly from China and Vietnam. The ISSDA warned that such imports could undermine domestic manufacturing and employment, and reiterated its call for stricter trade safeguards.
"To safeguard the interests of the Indian stainless steel industry, both the government and industry stakeholders must remain vigilant, closely monitor import trends, and proactively implement necessary safeguard measures," the statement urged.
The ISSDA also reaffirmed its commitment to working with the government and industry partners to ensure long-term growth and global competitiveness. The association called for a level playing field to protect domestic manufacturers while encouraging innovation.
Currently, India has an installed stainless steel production capacity of 7.5 million metric tons, with only 60 percent capacity utilization. The ISSDA believes there is significant potential to scale up production, provided there is continued policy support and sustained demand momentum.
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