The consumption of stainless steel is expected to rise significantly in India

India's ambitious vision to become a US$40 trillion economy by 2047 will make it a major consumer of stainless steel in the future.

The country's stainless steel consumption is expected to grow significantly, with per capita consumption increasing from 2.83kg to 8.5-11.5kg up to 2047.

The demand for stainless steel is expected to grow at a rate of 6.5-7.5% until 2025 and approximately 7-8% from 2025 to 2030. The current demand is around 3.7-3.9 million tonnes, which is expected to increase to 4.6-4.8 million tonnes by 2025 and 6.6-6.8 by 2030.

India's stainless steel production is largely scrap-based, using electric arc furnaces or induction furnaces. A major challenge for India is the availability of scrap, particularly due to "nationalism in scrap," where other countries do not want their scrap leaving their boundaries. Jindal Stainless plans to use a ratio of around 60-70% scrap in the next couple of years, with the remaining balance from nickel pig iron and ferro nickel.