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India: ISI Marking Becomes Mandatory for Stainless Steel Products

In a significant regulatory shift, the Indian government has announced that ISI marking will now be mandatory for certain stainless steel and aluminum products. This decision follows a major scandal uncovered in June 2024 involving possible customs fraud through fake BIS (Bureau of Indian Standards) certificates for stainless steel imports.

  1. Emerging Markets: Asia Remains the International Driving Force
    • Asia continues to lead as a major growth engine for emerging markets, with the MSCI Emerging Markets Index reflecting a robust 12% performance increase since the beginning of the year. Asia’s influence is underscored by a notable 16% gain in the index, indicating the region’s strong economic momentum.
  2. Asia to Remain International Growth Driver
    • The International Monetary Fund (IMF) forecasts a steady 4.6% average annual economic growth for Asia’s emerging and developing countries over the next five years. Analysts predict a potential profit growth of up to 22% for Asian companies, reinforcing the region’s pivotal role in global economic expansion.
  3. Europe: Spain and Switzerland Ahead in Corporate Profits?
    • In Europe, Spain and Switzerland are leading in terms of corporate profit growth. Both countries are expected to see significant profit increases, particularly in the utilities sector (18%) and the energy sector (approximately 13%). This positive outlook could benefit European markets and investors.
  4. India: ISI Marking Becomes Mandatory for Stainless Steel and Aluminum Products
    • The Indian government has implemented a new regulation requiring ISI marking on stainless steel and aluminum kitchenware products. This mark ensures that products meet the BIS standards. Companies that fail to comply with this new requirement face severe penalties.
  5. Huge Customs Fraud with Stainless Steel in India?
    • Recent investigations reveal a large-scale customs fraud involving fake BIS certificates and mill test documents for stainless steel imports. Thousands of tonnes of stainless steel are suspected to have been fraudulently declared and smuggled past Indian customs, prompting an ongoing investigation into the scandal.
  6. Suspicion: Thousands of Tonnes of Stainless Steel Affected
    • Reports suggest that the fraudulent scheme involved several thousand tonnes of flat-rolled stainless steel, which was misdeclared and illegally imported. This incident mirrors past fraudulent practices seen in Europe and the United States, where customs authorities and anti-fraud agencies have taken stringent actions against such illicit activities.

Conclusion

The mandatory ISI marking for stainless steel and aluminum products marks a critical step in tightening regulatory standards in India, driven by the recent customs fraud scandal. Meanwhile, Asia’s significant economic growth continues to shape global markets, with expectations of sustained progress and profit opportunities. In Europe, Spain and Switzerland stand out as leaders in corporate profit growth, while the broader European market anticipates a favorable economic environment.

Related News

  • Emerging Markets: Asia’s role as a growth leader is evident with a 16% increase in the MSCI Emerging Markets Index.
  • Europe: Spain and Switzerland are seeing promising profit growth, particularly in utilities and energy.
  • India: New ISI marking regulations come in response to significant customs fraud investigations.

This update highlights the evolving regulatory landscape and economic trends influencing both local and global markets.

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