New Delhi: Stainless steel production in the country declined 19 per cent to 3.17 million tonnes (MT) in 2020, according to the Indian Stainless Steel Development Association (ISSDA).
Despite the pandemic-induced lockdown in the April-June 2020 period, which halted the production in the country during the quarter, India continued to be the second-largest producer of stainless steel globally. "Stainless steel melt production in India stood at 3.17 MT in CY2020 (calender year 2020), registering a decline of 19 per cent over CY2019," ISSDA said in a statement.
The Indian stainless steel production for 2019 was recorded at 3.93 MT. "The stainless steel production and demand saw a V-shaped recovery in India from July 2020 onward after the government began relaxing the lockdown," the statement said.
It said global stainless steel melt shop production decreased 2.5 per cent to 50.9 MT in 2020 compared to 2019, according to the latest data released by the Brussels-based International Stainless Steel Forum (ISSF).
China remained the leading producer accounting for over 50 per cent of the global stainless steel production at 30 MT. It is the only country to record a production increase of 2.5 per cent in 2020 over the preceding year.
All other regions, including Europe, the US, and Asia, saw a dip in production in 2020 on account of the impact of the pandemic.