CT Logo

Industry dignitaries and leaders converge at the maiden Indian Stainless Steel Expo 2023

The consumption of stainless steel in India has grown by nearly 10% over the past financial year to reach 4 million tonnes, according to the Indian Stainless Steel Development Association (ISSDA). India’s per capita consumption of stainless steel improved from 2.5 kg to 2.8 kg on the back of an increased demand for the green metal in sectors, such as railways, process industries and Architecture, Building and Construction (ABC). The figures come at a time when globally, the stainless steel production has fallen by 5.2% from 58.2 million tonnes in 2021 to 55.2 million tonnes in 2022 (CY).

The latest data was released by the industry association on the inaugural day of its maiden India Stainless Steel Expo (ISSE) 2023 being held in Greater Noida from 3rd August to 5th August, 2023. Secretary, Ministry of Steel, Government of India, Mr Nagendra Nath Sinha, President, ISSDA, Mr Rajamani Krishnamurti, Managing Director, Jindal Stainless, Mr Abhyuday Jindal, Secretary General, World Stainless, Mr Tim Collins, and Managing Director, SMR GmbH, Mr Markus Moll, were present on the occasion. Mr Faggan Singh Kulaste, Minister of State for Steel, addressed the gathering virtually.

Figures in million tonnes

Year  Consumption

FY22     I    3.62

FY23     I    3.95

At least 8,000 key stakeholders from the stainless steel sector are participating in the event, being organized in collaboration with the Central government’s policy think-tank NITI Aayog, Ministry of Steel, and Ministry of Micro, Small and Medium Enterprises (MSME). As many as 17 companies from Latin America region are also part of a reverse buyer seller meet under the Ministry of Commerce through the Engineering Export Promotion Council (EEPC).

According to ISSDA, new areas of development, such as alternative energy, ethanol, hydrogen production, water storage and distribution, will further push the demand for stainless steel in the coming years. The released data also showed that import for flat products during the financial year 2022-2023 was recorded at 1 million tonnes, meaning more than one-third of the demand for stainless steel in India was met through imports.

Mr Kulaste, while addressing the gathering, noted that stainless steel “plays an important role in the development of the country. The Government of India is committed to look after the concerns… Stainless steel's recyclability is a key factor in its sustainability and environmental benefits. With the help of stainless steel, we can conserve natural resources, reduce energy consumption, minimize waste, and contribute to a more sustainable and eco-friendly future.”

Commenting on the event, Mr Sinha said, “The Indian Stainless Steel Expo (ISSE) 2023 is a comprehensive conference which has brought all stakeholders together on one platform. The government has laid thrust on infrastructural development which will prove a potential market for the stainless steel industry. Architecture, Building and Construction, railway coach manufacturing have increased the demand of steel.” He also pointed out that new area of development encompassing alternative energy, ethanol etc will further increase the demand of stainless steel in coming years.

Sharing his views, Managing Director, SMR GmbH, Mr Markus Moll, said, “Stainless steel consumption is growing in India and market potential is robust here, paving the way for industry’s sustainable growth and development. Decarbonisation is the biggest driver for the growth of stainless steel industry. In terms of minimizing greenhouse gas emissions, stainless steel beats aluminium.” 

Meanwhile, Mr. Tim Collins, Secretary General, World Stainless, said, “Stainless steel industry has a massive opportunity in the building and infrastructure sector. The building and infrastructure industry often discounts the use of stainless steel. Global stainless steel demand will rebound this year owing to a recovery in manufacturing activity. The environment impact of Stainless Steel is hugely positive.

Speaking on the occasion, ISSDA President Rajamani Krishnamurti said: “We have organized ISSE for the first time to bring the entire stainless steel value chain under one roof to exchange ideas and forge collaborations to take the industry to new heights. ISSE serves as a platform for all stakeholders as well as end users to engage with the government to raise their concerns vis-à-vis increasing consumption and growth of the industry. India is the largest market and it is the only country where stainless steel consumption is growing, so we want the government to let domestic players have access to this potential market. ISSDA appeals to the government to articulate well on export-import regulations to boost the stainless steel industry in India.”

Addressing the inaugural session at the expo, Managing Director, Jindal Stainless, Mr Abhyuday Jindal, said, “"I want to assure our all MSME partners that a stainless steel boom is expected in the near future and I invite all of you to be a part of this growth...the first step we need to take is address the issue of fragmentation in our industry. It is imperative that all of us unite in our efforts to address these issues together. That is why forums such as ISSE are important, so that we can all come together with our different perspectives, share our learnings, and define the way ahead for the entire industry.”

Jindal Stainless is the presenting partner of ISSE 2023.  The event comprises panel discussions and CEO roundtables by key industry players around the industry’s capacity expansion, mergers, upskilling manpower initiatives in collaboration with National Skill Development Corporation (NSDC, under the Ministry of MSME) and expanding global footprint for better serviceability.  The event provides a platform for industry stakeholders to share knowledge and catalyze deeper business engagements, besides engaging with the government for understanding their concerns.