Statistics showed that India’s imports of stainless steel long products totaled around 20,100 tons in the first eight months of this year, rising by 17.7% compared to the same period a year ago. The increase was primarily due to a surge in cheaper sources from China and Taiwan.  

During the period, India’s imports of finished stainless steel products slightly hiked by 0.2% year on year to approximately 670,000 tons.

Among them, stainless steel flat products accounted for 97% of the total finished products, totaling around 650,000 tons, a slight year-on-year drop of 0.3%.

Imports of stainless steel flat products from major suppliers also experienced a decrease in the January-August period. China’s supply fell by 7% to around 396,000 tons, Indonesia's dropped by 10%, and imports from Taiwan plunged by 83% to 7,410 tons.

India’s imports of finished stainless steel products were expected to keep range-bound for the remainder of 2024. A series of festivals in India would lead to a slowdown in demand and transactions in the Indian market, and the finished stainless steel products imports would remain stable.