Stainless steelmakers will reduce exports by almost 10% in the wake of rising demand of metal in the construction sector and the railways.
In addition, stainless steel producers have lined up capacity expansion plans that would more than double the country’s stainless steel production to 3 million tonne by 2010 against 1.7 million tonne last year.
“Stainless steel is a preferred material for construction because of its light-weight, corrosion resistance, aesthetics and durability. Even the railways are building new freight wagons and passenger coaches from the alloy. As a result, stainless steel consumption is expected to grow at a faster pace in future against 14-15% currently,” said Indian Stainless Steel Development Association president and Jindal Stainless director NC Mathur.
Last year, the country’s stainless steel exports stood at 4 lakh tonne after meeting all the domestic market requirements. Recent spurt in domestic consumption of alloy across sectors has made companies shift focus on the domestic market.
Contributed By:
Prof. Amit Dey
(Globsyn Business School)
Source: The Economic Times
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