Wednesday, April 30, 2025
News

Stainless steel demand in India seen surging through 2025: CRISIL report

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | March 30, 2023 6:34:57 PM IST
India's demand for stainless steel, which was four million tonne in 2022, is projected to log a healthy compound annual growth rate (CAGR) of 9 per cent in the three fiscals through 2025, according to a CRISIL Ratings report.

It is estimated that the demand for the metal will be double the 4.5 per cent pace of the past five fiscals.

The report attributed the rise in demand to the increasing adoption of stainless steel in railways -- a focus area for government infrastructure spending -- and rising application in the automobile and construction sectors.

"Adoption of stainless steel is increasing because of its higher durability and lower maintenance. Demand from railways is expected to more than triple by fiscal 2025 and constitute 20 per cent of incremental demand for the metal over fiscal 2023-2025. To be sure, the recent Union Budget has doubled the amount earmarked for manufacturing railway coaches to Rs 47,500 crore for fiscal 2024," said Ankit Hakhu, Director, CRISIL Ratings.

The demand growth, in turn, it said will spur capacity additions in the industry.

"Strong demand prospects, coupled with the absence of any major supply addition in the last three fiscals, have set the stage for capital expenditure (capex)," the report said.

Credit profiles of domestic stainless-steel manufacturers are expected to remain healthy in fiscal 2024 on the back of lower debt, stable profit and healthier balance sheets, it said. (ANI)

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Gold demand in India declined 15% in Q1-...
Tejas Networks, Intel team up to bring D...
SWITCH Mobility Flags Off 100 SWITCH IeV...
Exicom Unveils the Tritium TRI-FLEX to E...
JBM Electric Vehicles Partners Hitachi Z...
Piyush Goyal meets Norway's foreign mini...
More...
 
INDIA WORLD ASIA
Despite Delhi HC relief, JNU again rusti...
'PM vows 'unimaginable' punishment for P...
Pahalgam Terror Attack: Sharad Pawar sup...
Over 22 lakh devotees register for Char ...
Government revamps National Security Adv...
SP Chief Akhilesh Yadav attacks govt on ...
More...    
 
 Top Stories
Adani Power generates 20% more powe... 
China wants to confine India to Sou... 
Deloitte Gives Clean Audit Opinion ... 
Reimagining Enrollment: Digital Mar... 
Arnold Schwarzenegger to receive le... 
Bangladesh High Court grants bail t... 
Sam Elliott joins season 2 of 'Land... 
Kalinga Super Cup 2025: Jamshedpur ...