Indian Union Minister of State for steel Faggan Singh Kulaste said that the Indian per capita stainless steel consumption was 2.5 kg this year, reaching an inflection point, compared to 1.2 kg in 2010, and the growth rate of stainless steel demand in India has hit a compound annual growth rate (CAGR) of 6-7%, which was the highest in the world.

K K Pahuja, President of the Indian Stainless Steel Development Association (ISSDA), also said that India was now a stainless steel market with the fastest growing rate, pushed by the ISSDA.

However, the ISSDA also said that India has become a dumping target amid the severer global trade protectionism, and the country’s steel products were less competitive than similar products from other counties since the tariffs imposition on certain major raw materials such as stainless steel scrap and ferronickel alloys increased the costs for production.