Industry body ISSDA seeks separate policy for stainless steel industry

Raw material securitisation would be one of the major components of the policy. The scope of the policy would also include aspects such as increasing demand and building capacities

Industry body Indian Stainless Steel Development Association (ISSDA) is pushing for a separate policy for the stainless steel industry.

 

“We have requested the Ministry of Steel for an exclusive stainless steel policy because every time, we come under the garb of carbon steel,” Rajamani Krishnamurti, president ISSDA, said during a media interaction.

 

Raw material securitisation would be one of the major components of the policy. The scope of the policy would also include aspects like how to increase demand and build capacities.

 

Discussions on the matter are ongoing with the steel ministry.

 

The ISSDA president said that the industry has an installed capacity of around 7.5 million tonnes, out of which capacity utilisation is more than 60 per cent. “So we have a great potential to unleash our installed capacity production.”

 

However, he added that 30 per cent of the demand was being catered through imports predominantly from China and Vietnam.

 

In a statement, Krishnamurti said, “With current operational capacity utilisation at just 60 per cent, we strongly urge the government to ensure a level playing field, empowering domestic producers to operate at their full potential and further strengthen India’s position in the global stainless steel landscape.”

 

According to figures shared by ISSDA, the consumption of stainless steel in India increased from 4.02 million tonnes (mt) in FY23 to 4.46 mt in FY24, a growth of about 11 per cent.