India to be the next stainless steel powerhouse

According to Research and Markets, the Indian stainless steel melt production reached 2.9 million tonnes in 2010 and finished products 2.6 million tonnes, respectively. The total Indian demand on a finished product basis was 2.4 million tonnes in 2010. Thus, India already is the 4th largest producer (behind China, European Union and Japan) and 3rd largest consumer (behind China and the European Union) of stainless steel. Both demand and production are expected to grow by around 10 % p.a. during the coming five years.

By 2016, finished product demand could exceed four million tonnes and also exports are likely to grow substantially. Based on this, stainless crude production could touch the five million tonnes mark. Today, a large share of the flat product market is dominated by pattas (=cold rolled sheets), a product unique to India, but coiled products will account for most of the future growth.