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DGTR Extends AD Duty Probe on Stainless Steel Seamless Tubes

Strategic Research Institute
Published on :
13 Sep, 2022, 6:29 am

India’s Director General Trade Remedies has announced extension of the time limit for completion of Anti-Dumping investigation concerning imports of Stainless-Steel Seamless Tubes and Pipes from China. DGTR said “The competent authority has accepted the request for extending time for completing the on-going anti-dumping investigation on import of Stainless Steel Seamless Tubes and Pipes into India from China for a further period till 24 September 2022.”

DGTR had initiated anti dumping on 10 Septemer 2021 on request from Chandan Steel, Tubacex Prakash India and Welspun Specialty Solutions Limited. The applicants had alleged that material injury to the domestic industry is being caused due to the dumped imports of the subject goods originating in or exported from the subject country. The application is supported by Ratnamani Metals & Tubes.

The applicant has proposed the period from 1 April 2020 to 31 March 2021. The injury investigation period has been considered as the period 2017-18, 2018-19, 2019-2020 and the POI.

The product under consideration is stainless-steel seamless tubes and pipes with diameter up to and including 6 inches, whether manufactured using hot extrusion process or hot piercing process and whether sold as hot finished or cold finished pipes and tubes, including subject goods imported in the form of defectives, non-prime or secondary grades. Stainless-steel seamless tubes and pipes are used for structural purposes and to transfer liquids and gases. The product under consideration is used in application relating to oil and gas; petrochemicals and refineries; atomic energy; power generators including nuclear and thermal power; and aerospace and defence applications.

The product under consideration can be manufactured using either hot extrusion process or hot piercing process, which is also known as cross roll piercer process. The scope of product under consideration includes product manufactured using both processes.

The product under consideration is classified under Chapter 73 under tariff headings 7304.
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SeAH Gulf to Set Up Stainless Steel Seamless Pipes Plant at SPARK

Strategic Research Institute
Published on :
14 Sep, 2022, 6:40 am

Saudi Arabia’s energy city King Salman Energy Park has it has signed an agreement with SeAH Gulf Special Steel to establish a seamless stainless steel pipe factory at an investment of SAR 1 billion (USD 270 million). SPARK said that the project will help localize a strategic industrial segment, which supports the energy sector and enable knowledge transfer in the Kingdom.

SeAH Gulf Special Steel is a joint venture between the UAE's SeAH Steel and the Saudi Arabian Industrial Investments Company Dussur.

Located in Saudi Arabia’s Eastern Province, a region renowned for its oil and gas resources and for its high demand for energy goods and services, SPARK stands at the epicenter of the global energy market. With a strategic base in SPARK, energy sector players will enjoy unparalleled access to growth opportunities, supply chain efficiencies, and world-class support services. Tenants and investors are ideally positioned in one of the world’s largest economies to access energy players locally, in the wider Gulf region, and across the world. Easily accessible from King Fahd International Airport, King Abdul-Aziz Seaport, and the GCC highway, in the future, SPARK will also be connected to neighboring countries via the future GCC rail.
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US Finds Circumvention on Stainless Steel from Vietnam

Strategic Research Institute
Published on :
19 Sep, 2022, 6:14 am

The US Department of Commerce has preliminarily determined that certain Stainless Steel Sheet & Strip of Chinese-origin that has undergone further processing in Vietnam is merchandise covered by the scope of the antidumping duty and countervailing duty orders on Stainless Steel Sheet & Strip from China. Additionally, US DOC preliminarily determines that Stainless Steel Sheet & Strip that is completed in Vietnam using certain non-subject stainless steel flat-rolled inputs sourced from China is circumventing the AD/CVD orders on Stainless Steel Sheet & Strip from China. As a result, Stainless Steel Sheet & Strip of Chinese-origin that has undergone further processing or completion in Vietnam will be subject to suspension of liquidation effective 15 May 2020 and has invited interested parties to comment on these preliminary determinations.

Where a Vietnamese company subject to these inquiries reports that the finished Stainless Steel Sheet & Strip products that it has exported to the United States were produced by a specific Chinese supplier that has its own company-specific rate under the Orders, the cash deposit rate will be the Chinese supplier’s company-specific rate. Otherwise, Commerce will instruct CBP to require AD cash deposits equal to the current China wide rate of 58.04% and cash deposits equal to the current all-others rate of 75.60%. The suspension of liquidation instructions wall remain in effect until further notice.

In reaching these preliminary determinations, US DOC relied on information placed on the record by a petitioner in the original investigation, Outokumpu Stainless USA and information placed on the record by POSCO VST, POSCO Vietnam Processing Center Company Limited and Silverwood (Hong Kong) Ltd.

On 15 May 2020, US DOC published in the Federal Register initiation of country-wide circumvention and scope inquiries of the AD and CVD orders on Stainless Steel Sheet & Strip from China to determine if imports of Stainless Steel Sheet & Strip completed in Vietnam using certain non-subject stainless steel flat-rolled inputs manufactured in China are circumventing the Orders, and to determine whether Stainless Steel Sheet & Strip that is produced in China and undergoes further processing in Vietnam before being exported to the United States is subject to the Orders, respectively.

This scope inquiry covers Stainless Steel Sheet & Strip of Chinese-origin that has undergone further processing in Vietnam (including but not limited to cold-rolling, annealing, tempering, polishing, aluminizing, coating, painting, varnishing, trimming, cutting, punching, and/or slitting, or any other processing that would not otherwise remove the merchandise from the scope of the Orders) that is subsequently exported to the United States.
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Researchers Uncover How to 3D-Print Strong Stainless Steels

Strategic Research Institute
Published on :
23 Sep, 2022, 6:06 am

For airliners, cargo ships, nuclear power plants and other critical technologies, strength and durability are essential. This is why many contain a remarkably strong and corrosion-resistant alloy called 17-4 precipitation hardening stainless steel. Now, for the first time ever, 17-4 PH steel can be consistently 3D-printed while retaining its favorable characteristics. A team of researchers from the National Institute of Standards and Technology, the University of Wisconsin-Madison and Argonne National Laboratory has identified particular 17-4 steel compositions that, when printed, match the properties of the conventionally manufactured version. The researchers’ strategy, described in the journal Additive Manufacturing, is based on high-speed data about the printing process they obtained using high-energy X-rays from a particle accelerator. The new findings could help producers of 17-4 PH parts use 3D printing to cut costs and increase their manufacturing flexibility. The approach used to examine the material in this study may also set the table for a better understanding of how to print other types of materials and predict their properties and performance.

Despite its advantages over conventional manufacturing, 3D-printing of some materials can produce results that are too inconsistent for certain applications. Printing metal is particularly complex, in part because of how quickly temperatures shift during the process. NIST physicist Fan Zhang “When you think about additive manufacturing of metals, we are essentially welding millions of tiny, powdered particles into one piece with a high-powered source such as a laser, melting them into a liquid and cooling them into a solid. But the cooling rate is high, sometimes higher than one million degrees Celsius per second, and this extreme nonequilibrium condition creates a set of extraordinary measurement challenges. Because the material heats and cools so hastily, the arrangement, or crystal structure, of the atoms within the material shifts rapidly and is difficult to pin down.”

The authors of the new study aimed to shed light on what happens during the fast temperature changes and find a way to drive the internal structure toward martensite. They found the right tool for the job in synchrotron X-ray diffraction, or XRD. In XRD, X-rays interact with a material and will form a signal that is like a fingerprint corresponding to the material’s specific crystal structure. At the Advanced Photon Source, a powerful light source at the Department of Energy's Argonne National Laboratory, the authors smashed high-energy X-rays into steel samples during printing. The authors mapped out how the crystal structure changed over the course of a print, revealing how certain factors they had control over, such as the composition of the powdered metal, influenced the process throughout.

While iron is the primary component of 17-4 PH steel, the composition of the alloy can contain differing amounts of up to a dozen different chemical elements. The authors, now equipped with a clear picture of the structural dynamics during printing as a guide, were able to fine-tune the makeup of the steel to find a set of compositions including just iron, nickel, copper, niobium and chromium that did the trick. Mechanical testing showed that the 3D-printed steel, with its martensite structure and strength-inducing nanoparticles, matched the strength of steel produced through conventional means.

The new study could make a splash beyond 17-4 PH steel as well. Not only could the XRD-based approach be used to optimize other alloys for 3D printing, but the information it reveals could be useful for building and testing computer models meant to predict the quality of printed parts.
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Jindal Stainless to Raise INR 99 Crores through NCD’s

Strategic Research Institute
Published on :
27 Sep, 2022, 6:21 am

India’s leading stainless steel maker Jindal Stainless board of directors have approved the proposal to raise funds by way of Issue of upto 990 rated, listed, unsecured, redeemable, non-convertible debentures having face value of INR 1,000,000, aggregating to INR 99 crores through private placement basis.

The funds raised by the issue of NCD’s will be utilized towards, repayment of existing debt and high-cost debt facilities, part funding of capital expenditure (including maintenance capex), long term working capital requirements, and reimbursement of capital expenditure for last 6 months.
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India Imposes AD Duty on Stainless Steel Seamless Pipes from China

Strategic Research Institute
Published on :
27 Sep, 2022, 6:45 am

India’s Director General Trade Remedies announced that imposition of anti-dumping duty is required to offset dumping of Stainless-Steel Seamless Tubes & Pipes from China for a period of 5 years.

Zhejiang Jiuli Hi-Tech Metals, Huadi Steel Group, Jiangsu Wujin Stainless Steel Pipe, Zhejiang Tsingshan Steel Pipe – Nil

Zhejiang Bangnuo Steel Pipe – USD 114 per tonne

Zhejiang HongQuan Stainless Steel, Zhejiang Yinlong Stainless Steel & Zhejiang Yinlai Steel Tube – USD 886 per tonne

Zhejiang Huatian Stainless Steel – USD 1,005 per tonne

Wenzhou Sodo Stainless Steel – USD 1492 per tonne

Zhejiang Yi Jia Wang Steel Tube – USD 3191 per tonne

Non cooperative & residual exporters – USD 3,801 per tonne

DGTR had received a petition from Chandan Steel, Tubacex Prakash India and Welspun Specialty Solutions for initiation of an anti-dumping investigation and imposition of anti-dumping duty concerning imports of the Stainless-Steel Seamless Tubes and Pipes from China and had initiated the anti-dumping investigation in September 2021.

The product under consideration is stainless-steel seamless tubes and pipes with diameter up to and including 6 inches, whether manufactured using hot extrusion process or hot piercing process and whether sold as hot finished or cold finished pipes and tubes, including subject goods imported in the form of defectives, non-prime or secondary grades. The product under consideration can be manufactured using either hot extrusion process or hot piercing process, which is also known as cross roll piercer process. The scope of product under consideration includes product manufactured using both processes. The product under consideration is classified under Chapter 73 under tariff headings 7304.
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High Court Reinstates CVD on CR Stainless Steel Coils from China

Strategic Research Institute
Published on :
28 Sep, 2022, 6:14 am

The Gujarat High Court in Real Strips v Union of India has held that rescinding the CVD on the imports of Cold Rolled Stainlees Steel Coils from China via Impugned Notification dated 1 February 2022 was an illegal and irregular exercise of powers by the Central Government and the process of ongoing sunset review investigation could not have been disregarded while issuing such notification. The High Court ordered that the levy of CVD would continue even though the original Notification dated 7 September 2017 has outlived its five years.

India had imposed definitive countervailing duty on the imports of Cold Rolled Stainless Steel Coils from China on 4 September 2017 for 5 years and was to continue till 6 September 2022. On 1 February 2021, the Central Government issued a Customs Notification suspending the CVD, first till 30 September 2021 and again till 31 January 2022 vide another notification. This opened the doors of imports from China of CRSS Coils thereby giving competition to the domestic manufacturers of CRSS Coils.

In the meantime, a sunset review investigation was initiated by the Director General Trade Remedies vide Notification dated 8 October 2021 on an application filed by the domestic manufacturers of Cold Rolled Stainless Steel Coils.

The Petitioner Real Strips is a manufacturer of Cold Rolled Stainless Steel Coils.
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BaoSteel’s TISCO Develops Stainless Steel for Tanks of LNG Carriers

Strategic Research Institute
Published on :
28 Sep, 2022, 6:24 am

Chinese steel giant BaoSteel’s TISCO has launched the first MARK-III stainless steel products for the film type enclosure system of the liquefied natural gas carrier’s tanks. It has been passed the French tank designer GTT certification and has become the first supplier in China & the third one in the world with such qualification.

The products' flatness, surface quality, low-temperature performance, and all other indicators had fully met the GTT requirements and successfully obtained the GTT approval certificate and a number of foreign classification society certifications.

LNG storage & transportation system requires minus 162 degrees Celsius, which in turn puts extremely strict requirements on the basic materials of the equipment.
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Framatome Installs 3D Printed Stainless Steel Part at Forsmark NPP

Strategic Research Institute
Published on :
28 Sep, 2022, 6:26 am

French multinational nuclear company Framatome has completed installation of the first 3D-printed, stainless steel fuel component at the Forsmark Nuclear Power Plant, operated by Vattenfall in Sweden. In collaboration with KSB SE & Co, the ATRIUM 11 upper tie plate grids were designed, manufactured, and installed in Forsmark Unit 3 for a multi-year irradiation program. Located at the top of the ATRIUM 11 fuel assembly, the upper tie plate grid is a non-structural weight-bearing component that secures fuel rods and retains larger debris from entering the fuel assembly from the top. Upper tie plate grids are easily inspected, and samples are accessible for qualifying this new manufacturing process for in-reactor use as needed.

During the conventional manufacturing process, upper tie plate grids are laser welded, using stamped comb-like sheets that require additional manufacturing steps and operator oversight. Additive manufacturing streamlines the manufacturing process and increases design options for enhanced functionality and improved performance.

Framatome’s initiative to introduce additive manufacturing to nuclear fuel began in 2015 and is focused on stainless steel and nickel-based alloy fuel assembly components. In 2021, a 3D-printed stainless steel fuel assembly channel fastener created by Framatome in collaboration with Oak Ridge National Laboratory was loaded in a US commercial BWR nuclear power plant. Framatome fuel experts in France, Germany and the US developed this technology in close collaboration with customers worldwide.

Framatome is an international leader in nuclear energy recognized for it’s innovative, digital and value added solutions for the global nuclear fleet. With worldwide expertise and a proven track record for reliability and performance, the company designs, services and installs components, fuel, and instrumentation and control systems for nuclear power plants.
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POSCO Stabilizing Stainless Steel Supply Chain

Strategic Research Institute
Published on :
28 Sep, 2022, 6:37 am

Korea Herald reported that South Korean steel giant POSCO is making an all-out effort to stabilize the supply chains for stainless steel products after production at its steel mills in Pohang in North Gyeongsang Province was hit by a recent flood. POSCO plans to covert export-oriented products into those for the domestic market in an effort to prevent a glitch in local supply chains. POSCO official said “By the end of this year, we need to supply 326,000 tonnes of stainless steel for local clients. Currently, the inventory in the market stands at 324,000 tonnes, while Posco alone holds 86,000 tonnes. And there are some 104,000 tonnes of replacements.”

As part of efforts to stabilize the local supply, Posco also plans to closely coordinate with Gwangyang Steel Mill in South Jeolla Province and its overseas factories in China and Thailand. In preemptive measures, it is extending business ties with local and foreign stainless steel makers. When it comes to stainless steel thick plates, it is working with local producers, while talks are ongoing with overseas partners to secure stainless steel for vehicle exhaust systems.

Stainless steel products were among those hit hard by a recent typhoon, but POSCO has predicted a limited impact as they are resistant to water and corrosion.

POSCO added its second cold-rolled mill for stainless steel is expected to resume production by December.
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USITC Extends AD Duty on Stainless Steel Sheet & Strip from China

The US International Trade Commission has determined that revoking the existing antidumping duty and countervailing duty orders on imports of stainless steel sheet and strip from China would be likely to lead to continuation or recurrence of material injury within a reasonably foreseeable time. As a result of the Commission’s affirmative determinations, the existing orders on imports of this product from China will remain in place.

This action comes under the five year sunset review process required by the Uruguay Round Agreements Act. The five-year sunset review concerning Stainless Steel Sheet and Strip from China was instituted on 1 March 2022. On 6 June 2022, the Commission voted to conduct an expedited review.

Bron Steelguru
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Mr Rajamani Krishnamurti Assumes Charge as ISSDA President

The Indian Stainless Steel Development Association has appointed Mr Rajamani Krishnamurti as its president with immediate effect. With three decades of industry experience, Mr Krishnamurti replaces Mr KK Pahuja. In his new capacity, Krishnamurti will be responsible for leading ISSDA to amplify awareness and applications of stainless steel. He will also lead collaborations with stainless steel

According to ISSDA, he has over 30 years of experience and served in leadership positions at various business houses like ESSEL Group, ESSAR Group, RPG Group, JSW Group and CII, among others.
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Chinese Team Produces 0.015mm Thick Hand Torn Stainless Steel

Global Times reported that the hand-torn steel produced by a Chinese team that is only 1/6 the thickness of a hair after 711 times of failures, breaking the long-term monopoly maintained by a few countries and laying the foundation for the production of more sophisticated products. The hand-torn steel produced by a Chinese team that is only 1/6 the thickness of a hair after 711 times of failures, breaking the long-term monopoly maintained by a few countries and laying the foundation for the production of more sophisticated products.

A research team from North China's Shanxi Province at an average age of 30 has developed the world's thinnest hand-torn steel at 0.02 millimeters after 711 failures in 2018. They then rolled the thickness from 0.02 millimeters to 0.015 millimeters, setting a new world record.

Known as the crown jewel of the steel industry, hand-torn steel is a thin high-end stainless steel, a favorite of products in aerospace and mobile phone screens with only a few countries having the technology to produce it.
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Cryogenic Action Enhances Corrosion Resistance of Stainless Steel

The Tribune India reported that Punjabi University research scholar has found that cryogenic treatment of stainless steel can extend the lifespan of the steel used in turbines of hydropower plants a, cut costs and help produce more energy. The research was completed by Punjabi University Patiala’s Yadavindra College of Engineering’s Department of Mechanical Engineering scholar Mr Munish Kumar as part of his PhD.

Mr Munish said “Stainless steel gets eroded due to its poor tribological characteristics. This happens especially during the rainy season when the quantity of sand particles increases in the water stream. Sand particles continuously fall onto the stainless steel blades of the turbines and lead to their erosion. The turbines then need to be stopped and the blades removed. It affects the functioning of hydropower plants across the world as it wastes precious time in changing the blades and increases costs.”

His guide Professor Hazoor Singh said “Their research had found that cryogenic treatment to temperatures below minus 190 degree Celsius done on stainless steel refines its internal structure. This then improves the metal’s resistance to erosion, which ultimately improves its life by 15-20%.”

The research scholar also prepared a slurry erosion testing rig as per the ASTM standards as part of the research study and found that the treatment helped reduce erosion of stainless steel.
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Stainless Steel Scrap Prices & Demand Hit by Reduced Production

BIR World Mirror on Stainless Steel & Special Alloys Quarterly Report October 2022 highlights that “Sales prices for stainless steel have fallen more rapidly than ever before in Europe amid tepid demand and record levels of imported finished goods, according to the latest World Mirror produced by the BIR Stainless Steel & Special Alloys Committee. Faced with plenty of finished product in stock, producers are implementing some of the lowest capacity utilization rates ever known and are even laying off workers in some instances. Under these circumstances, both demand and prices for stainless scrap remain very low, especially as operators have expensive raw materials still in stock. As a result, many scrap sellers have looked to export scrap, including to Asia.”

Likewise, softening market conditions in the USA have prompted stainless scrap sellers to explore other markets in recent months. Latest trade statistics from the Commerce Department reveal that the USA exported more than 253,000 tons of stainless steel scrap in January-July of this year for a 67% increase over the corresponding period in 2021. Notable outlets included India, Mexico, Canada and Germany.

Conditions for US scrap processors and dealers are continuing to be complicated by tight labour markets and uncertain transportation networks. Declining container rates are indicative of gradually improving availability, but there are ongoing shortages of trucks and truck drivers.

In Asia, meanwhile, demand for stainless steel remained on a downtrend in the third quarter and the outlook for the rest of the year is unpromising. Typhoon-related flood damage halted production at Posco’s Pohang stainless melt shop in South Korea, prompting buyers of stainless products to switch to other mills in the region and leaving approximately 25,000 tonnes per month of stainless scrap trying to find another home at a time when many mills are likely to be more cautious in their raw material purchasing.

As reported previously, India has imposed a 15% export duty on finished stainless products, thereby slowing demand for scrap imports. Furthermore, India has begun to import slabs on a monthly basis, thus undermining the volumes of scrap that are usually brought in from abroad. The country’s scrap importers have also been hit by the weakness of the Indian rupee in relation to a strong US dollar.

In China, stainless scrap demand is healthy owing to its current price advantage over nickel pig iron. And in what constitutes a rare event over the last two or three years, there have even been some imports of stainless scrap into China from Europe.

In other developments, the UAE has extended a ban on exports of steel scrap, including stainless. This is affecting material flows to key buyers such as India and Pakistan.
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Linde Expands Gas Supply Agreement with Jindal Stainless

Strategic Research Institute
Published on :
25 Oct, 2022, 4:01 am

Industrial gas supplier Linde has expanded its existing long-term agreement for the supply of industrial gases with Jindal Stainless Limited. Under the terms of the new agreement, Linde will build a second ASU, more than tripling the current total capacity of its plant at Kalinganagar. The additional supply will support the significant expansion of JSL’s facility. The new ASU is expected to start up in the first half of 2024 and will be an additional supply source for the local merchant market.

Linde already supplies oxygen, nitrogen and argon to JSL from its on-site Air Separation Unit at the Kalinganagar Industrial Estate in Odisha, East India.
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Jindal Stainless to Supply Steel to Yantra India for Defence

Strategic Research Institute
Published on :
25 Oct, 2022, 4:04 am

Indian stainless steel maker Jindal Stainless has signed an agreement with state-owned Yantra India Ltd for the development and manufacturing of defence products. JSL said that its defence vertical Jindal Defence & Aerospace has signed a MoU with the state-owned Yantra India Ltd for engineering, development and manufacturing of defence products with their respective capabilities.

Jindal Defence & Aerospace is leading player in advanced materials with nickel-based alloys, armour steel glass fibre, and carbon fibre composites for next-gen defence applications.

In the past, Jindal Defence & Aerospace has supplied material for key DRDO and ISRO projects, including satellite launcher PSLV, GSLV Mk-3, Chandrayaan, Gaganyaan, KS Nuclear Submarine missile system and missile canister for almost all missile programmes.
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Acerinox Recognises Its Best Ever January to September Results

Strategic Research Institute
Published on :
28 Oct, 2022, 5:45 am

Spain headquartered stainless steel maker Acerinox Group has recognised profits after tax and non-controlling interests amounting to EUR 741 million in the first nine months of the year.

Acerinox recognised revenue of EUR 6,996 million, giving rise to a 47% increase compared to the first nine months of 2021.

Moreover, EBITDA, which totalled EUR 1,186 million, was 77% higher than that of the same period in 2021, and the EBITDA margin on sales increased to 17%.

Melting shop production, 1,792,480 tonnes, decreased by 10% compared to the same period in 2021.

Acerinox, while giving the outlook, said “Our main market, the United States, maintain a better tone than the rest of the markets. This is expected to continue in the coming months. The high levels of imports and inventories reached in the summer have led us to reduce production and sales in order to optimise margins. The outlook in our main market, the United States, is positive, while in Europe uncertainty prevails, due to the war and high energy prices. The fourth quarter will be affected by the inventory reduction in the market and the aforementioned circumstances, and we expect EBITDA to be lower than in the third quarter. Even so, the 2022 results will be the best in our history, thus demonstrating our capacity to take advantage of the good moments in the cycle and the level of competitiveness achieved. In the fourth quarter we expect a reduction in working capital, which would have a positive effect on cash generation and debt reduction.”
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Jindal Stainless Reports 48% Dip in Profit in Jul-Sep’22 Quarter

Strategic Research Institute
Published on :
7 Nov, 2022, 3:40 am

India’s leading stainless maker Jindal Stainless announced that its standalone revenue of at INR 5,442 crores, EBITDA of INR 411 crores and PAT of INR 189 crores during July-September quarter of 2022, up 13%, down 42% & down 48% YoY respectively with a sales volume of 270,360 tonnes, up 5% YoY. On a consolidated basis, JSL’s revenue stood at INR 5,605 crores, EBITDA at INR 358 crores, and PAT at INR 152 crores rspctively.

Jindal Stainless said “Globally, demand for stainless steel decelerated throughout Jul-September quarter. This can be attributed to subdued demand in real estate and construction sectors, high energy costs, and aggressive rate hikes by FED, among other reasons. On the domestic front, demand from end-user segments continued to be strong. With JSL’s agility in sales planning, the Company enhanced its focus on domestic sales. As a result, 95% of JSL’s total sales volume catered to domestic customers. The Company supplied new stainless steel grades including 432, along with existing grades like 436L and 439 to auto majors. In the ornamental pipe and tube segment, sales increased by 41% YoY. Demand was also strong in the lift and elevators segment. Indian Railways continued its thrust on increasing its share of business in freight. This led to a 25% jump in JSL’s sales to the railway wagon segment during quarter. Going forward, Vande Bharat train sets will remain a major focus area for Railways.”

Jindal Stainless also said “Despite being suppliers of high quality products, the cost competitiveness of the Indian stainless steel manufacturers has been severely affected by the government’s decision to impose a duty on the export of stainless steel products. This has led to a fall of 60% in the Indian exports of stainless steel flat products between Jun-Aug’22. On one hand, this has disrupted the ongoing expansion plans of domestic producers. On the other hand, it has led to a lack of trust in Indian policies among global customers. Overall, this decision is damaging India’s reputation as a reliable stainless steel exporter.”
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Stainless Steel Services Secures Lending Facility from Cynergy

Strategic Research Institute
Published on :
17 Nov, 2022, 5:10 am

Business Manchester reported that one of the UK’s largest independent distributors and processors of stainless steel, Stainless Steel Services Limited, has secured an invoice discounting facility from Cynergy Business Finance to help manage a flexible cashflow. Part of Cynergy Bank, CBF provides finance solutions between GBP 200,000 and GBP 20 million to businesses across the country against business assets such as receivables, plant and machinery, inventory, and property. It also offers cash flow loans and provides complementary export funding. The fully comprehensive processing facility allows SSS to offer a one stop shop for its customer’s stainless steel requirements.

After experiencing an exceptional rise in business sales, as well as the increasing cost of raw materials, SSS sought external financial support. CBF were able to offer SSS a bespoke invoice discounting package, including a facility that was double the size of which it had previously received. This enabled SSS to ensure adequate growth opportunities were available despite challenging economic conditions.

Founded in 1987, SSS is a Stainless Steel Service Centre based on the border between Birmingham and West Bromwich. SSS is part of the Irestal Group, which is based in Barcelona with 21 divisions across five countries.
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