Upcoming National Stainless Steel Policy Targets Industry Growth

The policy intends to set medium-term goals for domestic stainless steel production at 10 million metric tons annually.

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Government and industry insiders revealed that the National Stainless Steel Policy will be released in early 2024, as disclosed on November 24. The finalization process is nearing completion, with expectations to unveil it once sanctioned by India’s Ministry of Steel and the Cabinet of Ministers.

Abhyuday Jindal, Managing Director of Jindal Stainless Limited, shared, “We’re actively engaged with the government to finalize this policy. We anticipate concluding all discussions by December to launch it in 2024.”

Officials outlined the policy’s objectives, intending to set medium-term goals for domestic stainless steel production at 10 million metric tons annually, up from the current 6.6 million metric tons. Additionally, the long-term vision involves reaching 10 percent of total steel production for domestic stainless steel.

Highlighting the challenges, Mr. Jindal emphasized the impact of unchecked dumping from China, particularly affecting micro, medium, and small enterprises (MSMEs). He noted China’s pricing strategy, selling below India’s prices, posing a significant threat to the entire industry.