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India’s stainless steel industry is witnessing significant challenges as it enters Q1 of FY26. A steep rise in stainless steel imports, particularly from China and ASEAN nations, has begun impacting domestic pricing and capacity utilization. Industry experts report that the influx of cheaper imports is eroding profit margins of Indian producers, especially mid-sized players.
Prices of key stainless steel grades have dipped between ₹2,000–₹3,000 PMT in recent weeks, and inventory levels are building up across service centers. Local demand from infrastructure, kitchenware, and auto segments remains tepid, adding further pressure on mill operations.
The Indian Stainless Steel Development Association (ISSDA) has urged the government to re-evaluate existing trade policies and consider safeguard duties or stricter import monitoring mechanisms. Stakeholders are also advocating for more support through PLI schemes and improved logistics infrastructure to remain competitive.
As the global market remains volatile and domestic producers battle margin pressures, the stainless steel sector looks toward policy clarity and fiscal support to sustain operations in FY26.
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