Working on Scope 3 emissions, Jindal Stainless is prepared for the EU's carbon price
Jindal Stainless, a prominent stainless steel manufacturer catering to diverse sectors like transportation and construction, is proactively addressing its Scope 3 emissions in preparation for the European Union's (EU) Cross-Border Adjustment Mechanism (CBAM). Abhyuday Jindal, the company's Managing Director, indicated that they have already made significant investments in the renewable sector and are exploring hydrogen power. Despite the EU's carbon tax posing challenges for an industry already 95% scrap-based, Jindal Stainless is honing in on Scope 3 emissions, deploying advanced tech platforms for their suppliers.
Request Access For the Latest Price Trends of Hydrogen
The company recently amplified its Odisha facility's production capacity, positioning itself among the top global stainless steel producers with a capacity of 2.9 mtpa. For the fiscal year 2023-24, they aspire to boost production by 20 to 25%. Jindal believes that India's rising steel market, aiming for production targets of 9 million tonnes for stainless steel and 300 million tonnes for steel, will prove advantageous for them.
Within the next 3-4 years, stainless steel consumption in India is projected to hit 5 kg/capita, while developed nations average between 28-30 kg/capita, and the global average stands at 6 kg. The primary growth drivers will be domestic demand, but exports are anticipated to pick up in the latter half of the fiscal year.
However, Jindal voiced concerns over China's subsidized and inferior stainless steel flooding the Indian market. While the steel ministry has sought the finance ministry's intervention, a resolution is still pending. The surge in Chinese stainless steel imports, up by 318% in two years, has adversely affected the local industry, causing a 50% drop in capacity utilization.
Read More About Stainless Steel Production Cost Reports - Get Free Sample Copy in PDF
According to Procurement Resource, Jindal Stainless is working on its Scope 3 emissions and is ready to deal with the carbon pricing by the EU. The company has already invested in the renewable sector and is further planning for hydrogen power. The growing steel market is benefitting the company. As a result, they are ready to tackle the challenges of the carbon tax.
Recent News & Articles
Class III Milk Forecast Lifted to $17.00/cwt on Cheese and Whey Strength
Cheese Procurement Outlook: Spot Prices Ease, Annual Forecasts Rise
Coconut Oil Procurement Outlook Improves as Export Supply Grows
Rapeseed Oil Supply Outlook Improves as Canada Stocks Rise
Sunflower Oil Supply Rebuild Coming as Ukraine Output Jumps 19 Percent
Tags
- Access independent price trends and market intelligence for thousands of raw materials.
- Request customised production cost and prefeasibility reports for specific plants or locations.
- Explore subscription dashboards for continuous tracking of prices, indices, and news.
- Commission bespoke research on categories, suppliers, or trade flows tailored to your brief.
Our Team will be happy to assist you
We are Just a Text away
.webp&w=1080&q=75)
