The Indian Stainless Steel Development Association (ISSDA) recently stated that Indonesia will replace India as the world's second stainless steel producer.
The Global Stainless Steel Forum (ISSF) pointed out at an industry conference that, given that Chinese steel producers have built a large amount of stainless steel production capacity in Indonesia, it is expected that Indonesia will surpass India in 2021 and become the world's second largest stainless steel producer. Indonesia is currently the world's fourth largest stainless steel producer.
Indonesia's stainless steel production this year is expected to increase by 75% to 4.2 million tons, surpassing Japan and India to become the world's second largest stainless steel producer.
KK Pahuja, president of the Indian Stainless Steel Development Association, said that this year's stainless steel production in India is expected to be 3.5 million tons, which is higher than 3.2 million tons in 2020, but lower than 3.9 million tons in 2019.
And Indonesia's current stainless steel production capacity has reached 5.5 million tons. This is already 25 times the annual domestic consumption in Indonesia.
China has cancelled its export tax rebate policy since May, which means that Chinese stainless steel exports will be restricted. But at the same time, the amount of stainless steel exported by Chinese companies from Indonesia is expected to increase significantly.
"We expect that China's imports of stainless steel from Indonesia are expected to substantially double."
Data show that in the past three years, Indonesia's stainless steel production has generally stabilized between 2.2-2.4 million tons. China is currently the world's largest stainless steel producer, with an output of approximately 30 million tons in 2020, accounting for approximately 60% of the world's total.
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