Trade Body Predicted Robust Recovery for Stainless Steel Sector

SEATTLE (Scrap Monster): The Indian Stainless Steel Development Association (ISSDA) announced that the domestic stainless steel demand in the country is likely to outpace global growth.

According to K.K. Pahuja, President, ISSDA, the domestic steel industry has witnessed a resilient recovery post the peak-Covid-19 period during the previous year. The quick recovery may be attributed to the government’s encouraging policies in support of various industries, he added.

Looking into 2021, ISSDA expects to achieve a healthy production pace and a steady revival in demand. It expects further improvement in domestic consumption in the coming quarters and high growth during the year. Stainless Steel’s appeal as a corrosion-resistant and excellent engineering material will boost its use in a variety of applications. The slew of reforms towards economic revival is expected to boost recovery in the future.

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ISSDA demanded immediate reduction of basic customs duty on important raw materials like stainless steel scrap, ferro-nickel and graphite electrodes to zero. It also urged the government to increase the basic customs duty on stainless steel flat products from 7.5% to 12.5%, bringing it at par with other steel products. Such an action could create a level playing field for domestic producers.