Dhanteras is considered as an extremely auspicious day to make new purchases, especially gold or silver articles and also new stainless steel utensils. Stainless steel is used in food processing equipment, kitchen utensils, piping, knives and cutting tools among other things. It is now common to procure stainless steel items during Dhanteras.
India is the third largest crude steel producer in the world. In FY 2018, India produced 104.98 million tonnes (MT) of finished steel. Crude steel production during 2017-2018 stood at 102.34 million tonnes (MT) and it reached 34.81 million tonnes (MT) between April to July 2018. Exports and imports of finished steel stood at 1.35 million tonnes (MT) and 1.89 million tonnes (MT) during April to Jun, 2018. Steel consumption is expected to grow by 5.7% to reach 92.1 million tonnes (MT) by the end of 2018. India’s steel production is expected to increase from 102.34 million tonnes (MT) in FY 2018 to 128.6 million tonnes (MT) in 2021. Government of India has allowed 100% Foreign Direct Investment (FDI) in the steel sector under the automatic route. India’s per capita consumption of steel grew at a CAGR of 3.96% from 46 kg in FY 2008 to 65.25 kg in FY 2017.
Stainless steel is a value maximiser
India has secured the label of being the second largest producer of stainless steel. The stainless steel production in India has reached 3.6 tonnes (MT) in the Q3 of the current financial year. This registered an annual growth rate of 10% for stainless steel. Paying attention to the industry’s demand, the central government has projected an increase in the basic customs duty (BCD) on the product from present 7.5% to at least 10%. The move is intended to protect the domestic market from increasing imports from China, Japan and Korea. Like most of the Indian steel sector, the stainless steel industry has also been facing difficult times as a result of higher imports.
The consumption of stainless steel is linked to its economic development. The high impact toughness, crash worthiness, superior repair ability, free maintenance, the high resistance power to impact and temperature shocks make stainless steel the most fuel efficient and safe option in the automotive, railway and transport (ART) sectors. The Indian Railways, which is planning to convert 55,000 normal train coaches to the safer LHB technology, depends largely on stainless steel. The residential and commercial real estate projects, retail spaces, entertainment avenues, hospitality, healthcare, and urban infrastructure are also widely using stainless steel.
The possibility of endless modification
According to Rattan Jindal, Chairman, Jindal Stainless told Business Today, “Jindal Stainless developed a special grade of high-nitrogen stainless steel for the defence sector in collaboration with the Defence Metallurgical Research Laboratory. Given its ability to offer immense scope for diversification, stainless steel is poised to be the metal of the future.”
Stainless steel is used to produce different white goods, utensils, and medical equipment. Dhanteras offers a golden opportunity to buy stainless steel products that finds resonance with the auspicious traditional belief of buying metal during on that day.