The MRAI conference featured a panel discussion bringing together key stakeholders from India’s stainless steel industry as well as Europe to deliberate on sustainability, raw material availability, and evolving market dynamics.
The session was moderated by Mr. Ritesh Maheshwari, Director, MRAI, who guided the discussion across individual presentations and an engaging panel dialogue. The panel included Mr. Dhruv Goel, CEO, BigMint; Mr. Rajamani Krishnamurti, President, ISSDA; Mr. Joost Van Kleef, Commercial Director, Oryx Stainless Group; Mr. Gopal Gupta, Managing Director, Laxcon Steels Limited; Mr. Rohit Kumar, Executive Director, ISSDA; Mr. Mahiar Patel, MD, Cronimet Singapore; and Mr. Akshay Agarwal, Director, CMR Technologies Ltd.
Opening and Market Context
The session began with a keynote address by Mr. Dhruv Goel, CEO, BigMint, who laid down the groundwork with a briefing on the market scenario, with a specific mention of nickel price fluctuations, changes in market flows, and a rise in regulatory challenges. He emphasized the growing importance of decision making and collaboration across the stainless steel value chain.
The Indian stainless steel industry is set to enter a period of growth, driven by increasing domestic demand and the transitioning trend towards the use of waste in stainless steel production. Crude stainless steel production in India is anticipated to grow from 3.6 million tonnes in FY24, as estimated in BigMint, to 6.8 million tonnes in FY30.
With the expansion of stainless steel production, India's raw material demand will rise manifold by FY30.
According to BigMint’s estimates, the consumption of stainless steel scrap, both imported and domestic, will surge sharply to underscore the increasing importance of recycling in India’s stainless steel ecosystem.
- Demand for imported stainless scrap is likely to rise from 1.3 million tonnes in FY25 to 1.5 million tonnes by FY30.
- Domestic stainless scrap usage is foreseen to increase more than twofold from 0.6 million tonnes to 1.3 million tonnes, at the fastest growth rate among all raw materials.
- Consumption of ferrochrome and FeNi/NPI would also increase steadily, reflecting continued reliance on primary inputs alongside scrap.
Furthermore, the data indicates an over-21% increase in stainless steel scrap imports into India in 2025 and is mainly linked to higher domestic stainless steel production.
On the demand side, the stainless steel demand in India is driven by the consumer goods segment, architecture and building, railways, and transportation (ABC & ART segments). These segments comprise approximately 70% of the overall stainless steel demand; however, the share is projected to decline slightly through 2030 due to the increasing adoption of process segments.
Indian Stainless Steel Vision and Policy Imperatives
Mr. Rajamani Krishnamurti, President, ISSDA, made a robust policy-focused speech on the important role of stainless steel in the economic development of India. He articulated stainless steel to not only be a commodity, but an assets class.
“Every tonne of stainless steel used and recycled in India is a tonne of trust built into the nation’s future,” he said.
He emphasized the use of life-cycle cost-based procurement (LCC) and suggested that stainless steel is significantly cheaper in the long run because of its longer lifespan and corrosion-resistance properties. He also talked about the cost of corrosion that India is suffering as a whole and called for policy reforms to encourage sustainable material choices in public infrastructure.
Mr. Rajamani mentioned how the blue economy and aerospace are the next frontiers.
- Desalination plants addressing water scarcity,
- High-precision alloys for space missions
Stainless steel is often the only material capable of surviving extreme environments.
European Market Insights and Impact of CBAM
Mr. Joost Van Kleef, Commercial Director, Oryx Stainless Group, gave a presentation about the situation in the European stainless steel market, as well as the implications of the Carbon Border Adjustment Mechanism (CBAM) introduced by the EU.
He further elaborated that CBAM is at present designed to target Scope 1 emissions, where a real cost of carbon is assigned to imported goods such as nickel pig iron (NPI) and ferro-nickel, while stainless steel from scrap remains exempt.
“CBAM is fundamentally reshaping sourcing strategies, making emissions intensity a decisive factor in trade,” he noted.
He added that these regulations are already influencing European import patterns and encouraging greater transparency and low-carbon production routes.
Indian Manufacturing Perspective: Capacity, Quality, and Constraints
Mr. Gopal Gupta, Managing Director, Laxcon Steels Limited, presented a mill-level perspective on capacity utilisation, grade integrity and raw material issues. While he accepted the increasing availability of blended and low-nickel scrap, he underlined the fact that there is no compromise on specifications by Indian producers.
“We cannot dilute grades. Whether it is 304 or 316, quality consistency is non-negotiable,” he stated.
He also highlighted the operational reality that while alternative raw materials are explored, production continuity must be balanced with technical and quality constraints.
Mr. Gupta also stated how Industry experts estimate that the Indian stainless steel market will grow at a compound annual growth rate (CAGR) of around 6% over the next decade.
In FY 2024–25, stainless steel consumption reached approximately 4.8 million tonnes, marking an increase of over 80% compared to 2.6 million tonnes in 2021. In the last year alone, consumption rose by 8% year-on-year.
Mr. Gupta ended on the note that, per capita stainless steel consumption in India remains low, at around 3.4 kg, compared to the global average of approximately 6 kg. This highlights a large untapped domestic potential.
Panel Discussion: Recycling, Raw Materials, and Market Volatility
The conference ended with a panel discussion session. The panel discussion focused on scarcity of scraps used in making stainless steel products, imports of NPI products, scraps, and remelting ingots, and complexity in selection of feedstocks in Indian steel plants.
Mr. Rohit Kumar gave technical know-how about the use of NPI, stating the use of the metal depends on the content of nickel in the alloy and the capabilities of the furnaces used for processing. He also cited the increasing demand for stainless steel long products such as rebar, fasteners, and seamless pipes due to the growth of infrastructure and process industries.
Mr. Akshay Agarwal discussed recycling challenges, particularly the role of Zurik scrap, a stainless-rich shredder residue. While acknowledging thin margins, he emphasized its continued relevance due to furnace efficiency and material recovery potential.
“Zurik may be complex, but it remains an integral part of the recycling ecosystem,” he said.
The panel also addressed nickel price volatility, with participants noting that while price movements are difficult to predict, mills rely on inventory balancing and operational hedging to manage risk.
Outlook for 2026
Despite a challenging 2025, speakers expressed cautious optimism for 2026, citing infrastructure-led demand, increasing emphasis on sustainability, and India’s strengthening position in global stainless steel and recycling markets.
The session concluded with a shared consensus that policy alignment, technological advancement, and closer collaboration between producers and recyclers will be key to unlocking the next phase of growth for the stainless steel industry.
(IRuniverse, Rohini Basunde)
