India produced a total of 3.17mn mt of stainless steel products in 2020 down 19pc from 2019 according to data released by India Stainless Steel Development Association.
Despite COVID-19 affecting production to a large extent on the back of halted activities, mostly in the first half of 2020, India retained its spot as the second-largest producer of stainless steel after China. Demand and production since July 2020 have made a V-shaped recovery prompted by the easing of lockdowns in India.
China maintained its position as the top producer of stainless steel in 2020, producing 30mn mt which accounts for 50pc of global output. China’s production rose by 2.5pc compared to 2019 and is the only country to report growth.
Global stainless steel melt shop production has sipped by 2.5pc to 51mn mt in 2020, according to data released by International Stainless Steel Forum (ISSF).
Government has to take into account the different sectors to provide stimulus, suggests ISSDA President, KK Pahuja. Imports should be curbed and the decision of revoking countervailing duties on imports from China and Indonesia is likely to result in higher imports and dumping by the two countries. This will hurt the domestic stainless steel industry while it is trying to recover from the downturns caused by the pandemic.