India’s stainless steel demand rises 8% in FY25, says ISSDA

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India’s stainless steel demand rises 8% in FY25, says ISSDA

India’s stainless steel demand rises 8% in FY25, says ISSDA

Industry News
Jun 06,25

India’s installed stainless steel production capacity currently stands at 7.5 million tonnes, with a utilisation rate of around 60%.

India’s stainless steel demand rises 8% in FY25, says ISSDA

New Delhi

India’s stainless steel consumption reached a provisional 4.85 million tonnes in FY25, marking a growth of approximately 8% over FY24, according to the Indian Stainless Steel Development Association (ISSDA). The announcement was made on the sidelines of the Global Stainless Steel Expo in New Delhi, where ISSDA reaffirmed India’s position as one of the fastest-growing stainless steel markets globally.

Despite global economic headwinds and import-related concerns, the domestic market remains resilient. ISSDA President Rajamani Krishnamurti highlighted the material’s growing relevance in sustainable infrastructure but raised concerns over unfairly priced imports, particularly from China and Vietnam. He urged the government to maintain vigilance and implement safeguard measures to support domestic manufacturing and employment.

India’s installed stainless steel production capacity currently stands at 7.5 million tonnes, with a utilisation rate of around 60%. ISSDA sees significant potential for capacity expansion, provided a stable policy environment supports demand growth.

Ratan Jindal, Chairman of Jindal Stainless, emphasised the need for a robust national stainless steel strategy, citing the metal’s importance in India’s journey to becoming a global manufacturing powerhouse. He advocated for scaling production, boosting R&D and digitalisation, and strengthening trade defences, particularly for MSMEs.

With the government’s push for Make in India and infrastructure investment, stainless steel applications are expanding in coastal infrastructure, logistics, electric vehicles, and emerging sectors such as hydrogen and nuclear energy. ISSDA projects stainless steel consumption to rise to 12.5–12.7 million tonnes by FY2040 and 19–20 million tonnes by FY2047, aligned with India’s goal of becoming a $40 trillion economy.

Formed in 1989, the Indian Stainless Steel Development Association is the apex body for the stainless steel industry in India, promoting usage, innovation, and policy advocacy.