Jaway Stainless Steel

Indian annual stainless steel consumption to hit 3.4 million tonnes by 2015

According to Mr NC Mathur, senior advisor at Jindal Stainless Limited, Indian stainless steel consumption will grow at a compounded annual growth rate of 9.7% reaching 3.4 million tonnes per year by 2015, outstripping global consumption growth of 6% to 34.12 million tonnes.Indian consumption of stainless steel has been mainly driven by the kitchen and catering segment, consuming 71% of production against a world average of 33%. However, industrial consumption of stainless steel in India was just 8% against a world average of 27%. The Indian construction sector accounted for just 4% of stainless steel against a world average of 16%.

Mr Mathur said that on the other hand, the present Indian stainless steel consumption pattern is expected to change dramatically over the country's 12th five year plan period (2012-2017) with the domestic construction sector expected to grow at 22% per year, the auto component sector at 17% and the electronics sector at 23% per year, which would trigger larger usage of stainless steel in these sectors, moving away from high usage by the kitchen and catering segments.

Mr Mathur said that the low per capita consumption of stainless steel in India which was 2.1 kilogram as compared to 7.5 kilogram in China and a world average of 4 kilogram, all in the 2011-12 fiscal year, constitutes a huge opportunity for growth in this sector.

What's more, India most stainless steel are imported from China, this is a great opportunity of China. For example us Shanghai jaway steel corporation also has some Indian customers, import quantity in recent years increased steadily.