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About 35% of stainless steel MSMEs shut shop in Gujarat in Q2 FY24

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Non-Ferrous 11 Jan 2024 12:25 AM IST Live Mint

According to Rajamani Krishnamurti, President of the Indian Stainless Steel Development Association (ISSDA), almost 30-35% of Gujarat's medium- and small-sized enterprises closed their doors between July and September of last year due to the heavy influx of cheaper Chinese imports, which is directly affecting Indian stainless steel players. In the MSMEs sector, Gujarat accounts for 80% of the total. Due to pressure on domestic stainless steel companies' profit margins from cheaper Chinese imports, the sector filed a petition last year asking the government to impose countervailing tax (CVD) on Chinese stainless steel products.