Mr N Mathur, Director of Jindal Stainless and president of the Indian Stainless Steel Development Association has, in his paper presented at the 8th International Stainless Steel Conference in New Delhi, estimated a 6% growth in SS output in 2006 to reach 26.5 million tonnes over expected output of 25 million tonnes in 2005. The sluggish growth rate in 2005 is attributed to high prices of raw materials like nickel and ferrochrome and the production cutback in by several mills around the world to reduce stocks due to sluggish demand. India’s annual demand for stainless steel, which is currently around 1.2 million, is expected to grow by 12% in the years ahead. The consumption in neighboring China is likely to expand yearly by 9% over the next 10 years, Mr Gautam Verma, manager market development at BHP Billiton, said. The stainless steel consumption in China is seen topping 10 million by calendar 2012 and 12 million by 2014, he said. Chinese stainless steel demand in 2005 is estimated at 5.75 million.
