A massive jump of 37% in in stainless steel imports has set the industry reeling. While domestic capacity for manufacture of stainless steel is around 2.68 million tonne per annum led by key players like, Steel Authority of India Limited (SAIL) and Jindal Stainless Ltd, a portion of it has remained idle due to threat of imports.
Apart from China, Japan, Korea, Malaysia, Vietnam and Thailand have also started exporting stainless steel to India, though China still accounts for bulk of the imports. Many of them are taking advantage of the lower tariff regime as part of the various existing Free Trade Agreements.
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