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India's financial burden: 110 billion dollars due to corrosion related losses annually

India faces an annual financial burden of approximately 110 billion due to corrosion related losses across various sectors, according to a statement by the Indian Stainless Steel Development Association (ISSDA).

India's financial burden: 110 billion dollars due to corrosion related losses annually

ISSDA (Indian Stainless Steel Development Association), as the apex body of the stainless steel industry in India, has submitted a report to its stakeholders to identify challenges in the industry and work on solutions. In light of the studies carried out by the institution in communication with the government, the annual corrosion cost turned out to be quite high.

In the statements, this situation was evaluated as follows: "Corrosion is a serious problem and causes various problems that weaken the infrastructure elements. Many projects, such as overbridges that wear out due to corrosion, pedestrian crossing bridges at train stations, and structural elements in real estate projects, cannot complete their estimated life cycle."

In addition, ISSDA President Rajamani Krishnamurti, who made a statement at the first India Stainless Steel Expo (India Stainless Steel Expo 2023, ISSE) held at India Expo Centre, Greater Noida on 3 - 5 August, said: "If we calculate, there is a loss of 110 billion dollars every year in India. "It's happening," he added.

Stating that stainless steel is more flexible, corrosion-free, maintenance-free, aesthetic and long-lasting compared to carbon steel, he said:

Stainless steel consumption per capita in India is 2.8 kg as against the world average of 6 kg. The installed capacity of stainless steel in India is 6.5 million tonnes (MT). In 2022-2023, the country produced 4 MT of stainless steel.

Highlighting the dumping problem in India, Krishnamurti said he wanted the government to check the increasing imports and take measures such as imposing countervailing duty (CVD) or anti-dumping duty (ADD) on such imports. He said these studies are necessary for the good of the sector.

In addition, Krishnamurti stated that the dumping pileup originating from China destroyed more than 33 percent of the incoming domestic demands and that they witnessed that the sector could not use its installed capacity at the optimum level due to large dumping.


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