India’s per capita consumption of stainless steel touches new peak in 2019

The country now ranks among top 15 nations in the world in terms of per capita consumption of stainless steel with demand coming from diversified applications in Architecture, Building & Construction (ABC), Automobile, Railways & Transport (ART), ...

Kolkata: India’s per capita consumption of stainless steel touched a new peak of 2.5 kg in 2019, against 1.2 kg per capita in 2010, registering a 100 per cent growth in barely eight years. This was announced during the inaugural session of the 30th foundation anniversary celebration of the Indian Stainless Steel Development Association (ISSDA), attended by minister of state Faggan Singh Kulaste.

Commenting on the milestone, Faggan Singh Kulaste added, “Growth rate of stainless steel demand in India is to the tune of 6-7 per cent CAGR, which is also among the highest in the world, as stainless steel demand is directly linked to the economic growth."

The country now ranks among top 15 nations in the world in terms of per capita consumption of stainless steel with demand coming from diversified applications in Architecture, Building & Construction (ABC), Automobile, Railways & Transport (ART), Process Industries and White Goods, apart from conventional use in kitchenware and utensils.


Highlighting ISSDA’s role in this achievement, President, ISSDA, K K Pahuja, said: “Achieving 2.5 kg/capita consumption level in short span of time, India has reached an inflexion point and is now the fastest growing market for stainless steel.”

Addressing the challenges faced by the domestic stainless steel industry will add to further consumption growth, the industry body said in an official statement. Amidst growing global trade protectionism, the growing Indian market has become an easy target for dumping from ASEAN producers. Low entry barriers for goods due to operational FTAs with ASEAN, Japan and Korea distort the demand-supply dynamic and adversely impact the domestic manufacturers.

Almost half of the industry in the MSME sector has been particularly hit by cheaper imports. Further, a higher input cost on account of import duty on key raw materials, like stainless steel scrap and ferro nickel, makes the Indian product less competitive than its global peers.
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