The Indian steel ministry is aiming for a 5x jump in the domestic capacity of stainless steel by 2047 with India’s first stainless steel policy in the works. The policy also holds the objective of reducing dependence on China for sourcing nickel, silicon and chromium, which are utilized to make stainless steel.
Jul 20, 2023
The Union steel ministry is reportedly on the track to frame India’s first stainless steel policy, at the behest of the stainless steel industry. The primary aim of the policy is to fivefold the domestic capacity by 2047, that is, taking it from the current capacity of 6.6 million tonnes to 30 million tonnes. The policy also holds the objective of reducing dependence on China for sourcing nickel, silicon and chromium, which are utilized to make stainless steel. The stainless steel policy is being considered at a time when the government is planning to build long-term infrastructure with significant utilization of the alloy.
A report by Crisil Research projected that stainless steel consumption will reach 13 million tonnes by FY40 and 20 million tonnes by FY47. Per capita consumption is also estimated to reach about 12kg by 2047 from 2.5kg now. Mr. Rajamani Krishnamurthi, the President of the Indian Stainless Steel Development Association, stated, “It (the policy on stainless steel) is encouraging and a step in the right direction for the sector since decisions like the export duty on steel and removal of countervailing duty have benefited the carbon steel sector but adversely impacted the stainless steel sector. This is mainly because there are no similarities in the processes of making stainless steel and carbon steel.”