Jindal Stainless MD calls for anti-dumping duty amid global uncertainties

MUMBAI: An anti-dumping duty on stainless steel is crucial for the domestic industry, given the steep US tariffs and increasing global trade uncertainties, Jindal Stainless managing director Abhyuday Jindal said on Wednesday.

“The situation is urgent because this is where the growth is coming. India is where the market is growing. This is where investments are coming in… Rather than making our infrastructure Chinese-made, it should be Indian-made,” he said after the company announced its first quarter results.

The domestic stainless steel industry has been in talks with the Centre for the imposition of an anti-dumping duty for some time now.


Jindal Stainless reported a 10.6% year-on-year rise in its consolidated profit for the quarter ended June to Rs 715 crore, while its consolidated revenue increased 8.2% to Rs 10,207 crore.

Earnings before interest, tax, depreciation and amortisation (Ebitda) rose 8.1% year on year to Rs 1,310 crore.

The Indian Stainless Steel Development Association in June submitted an application to the Directorate General of Trade Remedies (DGTR), seeking anti-dumping duty.

India consumed 4.85 million tonnes of stainless steel in FY25, with imports accounting for almost 36% at around 1.73 million tonnes.

China, Indonesia, Vietnam and South Korea were among the countries from where stainless steel came into India.

While imports have been hurting the domestic industry, exports have not been strong either.

Last quarter, Jindal Stainless had said it aims to export 22,000-25,000 tonnes of stainless steel each month this fiscal year, up from 16,000-18,000 tonnes in FY25.

“We were definitely quite bullish on the US, but with this latest news (of additional tariffs) and the kind of behaviour we are seeing from (President Donald) Trump and the US administration, it is a little bit uncertain at the moment,” Jindal said.

As much as three-fourth of India’s stainless steel exports have been catering to the US and European markets.

Jindal, though, remains bullish on domestic markets, where he sees volumes rising by 9-10% this fiscal. The company sold 626,000 tonnes of stainless steel during April-June, up 8.3% compared to the previous year.

Jindal Stainless reported its earnings after market hours. Its shares closed at Rs 733.95 on the BSE on Wednesday, up 1.1% from the previous close.