India’s imports of semi-finished stainless steel rose 22% year-on-year in calendar year 2025, reaching 665,000 tonnes, driven primarily by a sharp increase in slab imports, according to market data.
The import mix showed contrasting trends. Billet imports declined sharply, while slab inflows increased significantly, offsetting the overall drop in billet volumes.
Billet Imports Decline
India imported 46,000 tonnes of stainless steel billets in CY’25, down 64% year-on-year from 129,000 tonnes in CY’24.
Indonesia remained the largest supplier, although shipments fell notably. Smaller volumes were sourced from Sweden (8,000 tonnes) and Vietnam (500 tonnes).
Market participants attributed the decline to improved domestic billet availability, cautious procurement strategies, and shifting global trade dynamics.
Indicative prices for 304L billet were reported at $1,500–1,530/t CFR, while domestic prices stood at around INR 140,000/t ex-Mumbai.
Slab Imports Rise Sharply
In contrast, stainless steel slab imports climbed 48% year-on-year to 642,000 tonnes.
Indonesia dominated supplies with 581,000 tonnes, supported by competitive pricing and stable availability. New inflows were also recorded from Singapore (28,000 tonnes) and the UAE (32,000 tonnes).
Higher slab imports were driven by cost optimisation and operational flexibility, with re-rollers and integrated mills increasingly favoring slabs over billets.
Outlook
Slab inflows are expected to remain elevated as Indonesia expands stainless steel capacity, including production from PT Jindal Stainless Indonesia and PT Glory Metal Indonesia, a joint venture with China’s Tsingshan Group.
Billet imports, meanwhile, are expected to remain subdued amid structural shifts in procurement preferences.
VietnamSteel by Hoa Sen Group
