Monday, December 16th, 2019

India’s per capita of stainless steel touches new peak at 2.5 kg

INVC NEWS

New Delhi,


Union Minister of state for steel Minister of State for Steel Faggan Singh Kulaste has urged the stainless steel industry to increase production and make India a  global manufacturing hub in the coming years . “At present with total production of  3.74 Million tonnes of Stainless steel during the year 2018-19 India is the second largest producer of Stainless Steel. Presently China is the world’s largest stainless steel producer. Per capita consumption of stainless steel in India has reached 2.5 kg-mark,.In 2010, the per capita consumption of steel was 1.2 kg “ the Minister Mr Kulaste  said while inaugurating the 30th Anniversary conference   of Indian Stainless Steel Development Association (ISSDA) here today.

 

"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 economic growth. Stainless steel not only has a low life cycle cost, but also improves overall quality of life," Minister of State for Steel Faggan Singh Kulaste said

 

“Ministry of steel is taking various steps to increase consumption of stainless steel in various sectors the country including Railways, CPWD projects, water and food storage, Swachh Bharat and  Smart cities. Ministry has already written to Jal Shakti Ministry to use stainless steel for water storage and distribution” said Ms Rasika Choube, Additional Secretary, Ministry of Steel while speaking on the occasion.

 

“Ministry of  steel is also creating a comprehensive quality regime in the stainless steel sector. This is essential for Indian stainless steel products to gain acceptability and recognition at international level,. India needs to find new markets for its stainless steel products for better capacity utilization and quality is a pre-requisite for export-orientation. This is also essential because stainless steel products form the backbone of infrastructure, construction, household utilities, engineering goods and other sectors.” She added.

 

“ The local stainless-steel market is the fastest growing market in the world with a CAGR of 8-9 per cent and "(as a result of) growing trade protectionist sentiment across the globe, the growing Indian market has become an easy target for dumping of the surplus production from ASEAN producers." Said Mr Markas A Moll, Managing Director SMR GMbh while delivering  keynote address.

 

“The consumption of Stainless steel in the automotive sector currently at about 30 KG per vehicle will decrease in coming years as with the advent of e vehicles the exhaust system which consumers maximum Stainless steel will not be  in e-vehicles “ he added

 

“Even though stainless steel is 3 to 4 times more expensive than carbon steel but the life cycle cost will be lowest due to stainless steel having advantages in terms of its strength, resistance to corrosion, equipment safety and hygiene. Other emerging areas of stainless steel application are building facades, metro coaches, metro stations and malls. We already see them in the railings, furniture and the elevators. Bus shelters and the new airports have also used stainless steel. It is a sustainable material and the new urban cities and rural townships will have to opt for stainless steel to have a long maintenance free life and lowest life cycle cost” Said Mr Rajeev Sherry, Managing Director , Outokumpu while speaking on the occasion.

Others who were present at the conference included MR Rattan Jindal CMD, JSl, Mr K .K Pahuja, President, ISSDA, Ms Pooja Mehra, Executive Director, Viraj Profiles and Mr Richard Mathesen, director, Nickel Institute

 

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