India's exports of finished stainless steel products have surged by 20% year-on-year, highlighting the nation's competitive edge and quality in international markets.
Global production is anticipated to increase by 2-3 million tons, driven primarily by China and Indonesia. China’s output is expected to rise by 5% to around 40 million tons, while Indonesia could see a 20% increase to 5.5 million tons. In contrast, Europe may face a 1.8% decline in production in 2024.
Subhash Chand Kathuria, Managing Director of Synergy Steels, emphasized the need for India to enhance its cost-competitiveness to fully benefit from global growth. He pointed out the importance of addressing raw material scarcity, the impact of dumped imports from China and Indonesia, and maintaining a robust supply chain. He expressed confidence in the government's initiatives to support the industry.
Anubhav Kathuria, Director of Synergy Steels, expressed optimism about the opportunities for Indian manufacturers to expand their presence in international markets. He noted that the strong demand from sectors like infrastructure, consumer goods, and energy aligns with Synergy Steels’ strategic goals to strengthen India’s position in the global stainless steel market.
Established in 1973, Synergy Steels is a leading producer of long stainless steel products in India, ranking fourth in the country. The company's comprehensive product range includes products such as billet, wire rod, and rebar. With state-of-the-art facilities across the country, Synergy Steels has a total production capacity of over 250,000 tons.
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