Domestic Stainless Steel demand is expected to reach 20 mn t (million tonnes) by the fiscal year 2047, the report was launched by Additional Secretary, Steel, Rasika Chaube at the ongoing Global Stainless Steel Expo (GSSE) 2022, organized by the Ministry of Steel, Jindal Stainless Ltd (JSL) and Virgo Communications.
The sectors like construction, infrastructure, and manufacturing are key contributors to the GDP and are expected to drive growth. India is the second-largest consumer of stainless steel and one of the fastest-growing markets. In India, per capita consumption of stainless steel is 2.6 kg against the world average of 5.7 kg.
The per capita consumption of stainless steel will reach 8-9 kg by 2040 and 11-12 kg by 2047, as per reports. In terms of production, Global production output was around 50 mn t & at which India’s share is around 6% with approx 3.1 mn t in 2020, On the other hand, India imports nearly 1 mn t of stainless-steel scrap every year, as per the data compiled by SteelMint.
The domestic stainless scrap market is concentrated majorly nearby the production facility of Delhi, Mumbai, Ahmadabad, and the Chennai region.
SteelMint assessed stainless steel scrap prices of 304-grade scrap is INR 193,000/t ($2,535/t) and grade 316 scrap prices are at INR 284,000/t ($3,731/t) exy Delhi till yesterday’s trading session.
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