Synergy Steels Highlights Indian Industry's Growth Potential as Global Stainless-Steel Production is Expected to Rise by 4.4 per cent y-o-y in 2024

SMPL
New Delhi [India], July 18: Synergy Steels, India's fourth-largest stainless-steel producer, welcomes the robust growth forecast projected for the global stainless-steel industry in 2024. Anticipating a 4.4% increase in global production to reach 60.53 million tons, this surge holds significant promise for India. Notably, exports of finished stainless steel products from India have surged by 20% year-on-year, underscoring the nation's competitiveness and quality offerings in international markets.
The global stainless-steel production is expected to reach between 60-61 million tons, marking an increase of 2-3 million tons. This growth is chiefly driven by China and Indonesia, with China's production expected to rise by approximately 5% to around 40 million tons and Indonesia potentially reaching 5.5 million tons, a 20% year-on-year increase. However, Europe is projected to experience a decline of 1.8% in 2024.
Addressing India's path forward, Subhash Chand Kathuria, Managing Director of Synergy Steels, commented, "The substantial increase in global production marks a significant moment for stainless-steel producers. However, to fully capitalize on this global momentum, enhancing our cost-competitiveness is imperative. Addressing critical issues such as raw material scarcity, challenges posed by dumped inputs from China and Indonesia, and ensuring a robust supply chain are essential steps. We are encouraged by the government's initiatives in this regard, and with proactive measures in place, we envision a promising future ahead for the Indian stainless steel industry.
Anubhav Kathuria, Director of Synergy Steels, expressed optimism about the industry's expansion and its implications for India, stating, "The projected increase in global stainless-steel production for 2024 is encouraging news for our industry. As demand from sectors such as infrastructure, consumer goods, and energy remains strong, it presents significant opportunities for Indian exports. It not only reflects increasing global demand but also presents significant opportunities for Indian manufacturers to expand their footprint in international markets. This trend aligns with our strategic goals to strengthen India's position as a key player in the global stainless-steel market."
Established in 1973, Synergy Steels specializes in long stainless steel products and ranks as the 4th largest producer in India. The company's diverse product portfolio includes billets, wires, wire rods, stainless steel rebars, bright bars, etc., among other products. Synergy Steels operates state-of-the-art facilities across India, boasting a combined capacity exceeding 250,000 tonnes. Emphasizing quality, the company upholds rigorous safety standards. Synergy Steels' products cater to sectors such as construction, infrastructure, energy, and manufacturing, supplying renowned processing mills across India and global markets. Committed to social responsibility and sustainable practices, the company prioritizes Environmental, Social, and Governance (ESG) initiatives. Certified with ISO 9001:2015, Synergy Steels Limited maintains cutting-edge industrial infrastructure featuring advanced, technology-driven machinery. Located in the Matsya Industrial Area of Alwar, Rajasthan, Synergy Steels is renowned for its stainless steel and rolling mills, epitomizing excellence in the industry.
For more information, please visit: https://synergysteels.com/
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