Synergy Steels is optimistic about the stainless steel market in India as worldwide production is expected to rise by 4.4% to 60.53 million tonnes. India is poised to benefit from this increase, with exports of its stainless steel products already growing by 20% year on year. This shows India’s competitiveness and high quality in the international market.
Projections indicate that global stainless steel production will grow by 2-3 million tonnes, reaching 60-61 million tonnes. China and Indonesia are major contributors to this growth, with China’s output predicted to rise by 5% to over 40 million tonnes, and Indonesia’s production expected to grow moderately by 20% annually to reach 5.5 million tonnes. Conversely, Europe is anticipated to see a decline of 1.8% in 2024.
Subhash Chand Kathuria, Managing Director of Synergy Steels, commented on the current challenges facing stainless steel manufacturers, emphasising the need for cost advantages to make the most of the global production increase. “Due to the notable rise in worldwide output, stainless steel makers are facing a difficult period. But they have to enhance cost advantage if they are to optimally take advantage of this global drive,” Kathuria stated.
Anubhav Kathuria, Director of Synergy Steels, highlighted, “As demand from sectors such as infrastructure, consumer goods, and energy remains strong, it presents significant opportunities for Indian exports. It not only reflects increasing global demand but also presents significant opportunities for Indian manufacturers to expand their footprint in international markets.”
India stands to gain significantly from the forecasted growth in global stainless steel production, supported by robust export performance and strengthening demand in key sectors. The ongoing global trends and opportunities point towards an optimistic future for the Indian stainless steel market.
