Metals Movers: Stainless insights with ISSDA’s president

·23 min·2 clips

Rajmani Krishnamurthy argues India's biggest stainless steel challenge isn't technology, but a government mindset fixated on lowest-cost tenders.

The episode begins with host Deepika Singh introducing the topic of India's stainless steel sector and guest Rajmani Krishnamurthy, President of ISSDA. Krishnamurthy immediately frames the central challenge not as capacity or technology, but as a procurement mindset in government that favors lowest-cost (L1) tendering over lifecycle value. He argues this leads to premature infrastructure failure and higher long-term costs. The discussion then turns to the recent union budget's 12.2 lakh crore capital expenditure, which Krishnamurthy sees as a major opportunity for stainless steel demand in metros, railways, and industrial corridors, contingent on procurement reform. He outlines three key policy reforms needed: calibrated tariffs to protect against subsidized imports, mandatory lifecycle cost analysis in procurement, and developing a circular economy for scrap to secure raw materials. When asked about reducing import reliance on nickel and scrap, Krishnamurthy details a three-pillar strategy focusing on urban mining (formalizing domestic scrap collection), strategic nickel sourcing, and using durable materials to reduce overall raw material demand. The conversation shifts to trade, with Krishnamurthy expressing concerns about the India-EU FTA and the need for strict rules of origin to prevent dumping. He discusses the EU's Carbon Border Adjustment Mechanism (CBAM), noting a shortage of accredited auditors in India poses a risk for MSME exporters, but also sees an opportunity to position India as a supplier of green stainless steel. Regarding US tariffs under Section 232, he mentions a recent reduction but advocates for quota-based exceptions and digital certification for origin. In closing, Krishnamurthy lists his top priorities, culminating in a call for an exclusive national stainless steel policy, arguing the sector has 'grown enough' to need its own strategic identity separate from carbon steel.

As heard by us

India's stainless steel expansion is framed around procurement, raw-material security, and the push for more durable industrial growth.

India's stainless steel story comes through as an infrastructure question shaped by procurement. Deepika Singh of Argus asks Rajmani Krishnamurthy of the India Stainless Steel Development Association what might keep expansion from turning into durable long-term growth.

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Want a measured seat beside India's stainless steel expansion, where growth still has to answer for procurement habits, imported scrap, nickel, and trade pressure?

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