According to statistics, India's exports of finished stainless steel products totaled around 355,000 tons in the first half of 2024, falling by 6% compared to the same period a year ago.

Among them, exports of 400 series products slid by 27% year on year to 11,340 tons, and 300 series had a drop of 5% to 182,000 tons. The 200 series exports experienced an increase of 24% to around 8,700 tons.

During the period, exports to Italy occupied the largest proportion, with a share of about 12% of the total exports. Germany ranked second, followed by Belgium and South Korea.

India’s stainless steel exporting performance was impacted by higher Chinese stainless steel export allocations. Due to lower domestic demand, China exported its products to Vietnam, the Middle East, Turkey, and India at dumped prices.

For the outlook, India’s stainless steel production is likely to stay low owing to monsoon rains in some areas and the summer holidays in Europe. However, it was expected that demand would recovery in late 2024 and early 2025.