Stainless steel exports from the country look set to increase by 53 per cent in the current fiscal, thanks to demand from the vast China market.
In the first half of the current year, the industry clocked exports of 1.3 lakh tonne. In contrast total exports for the whole of last year was at 1.7 lakh tonne.
Arvind Parakh, director (finance) of Jindal Strips, a dominant player in the stainless steel industry, said, the trend is expected to continue. In fact, even in the domestic market, consumption is expected to close at 8-9 per cent higher than last year.
In the current year, Jindal Strips managed to achieve exports in excess of Rs 300 crore as compared to Rs 64 crore in the corresponding first half .