India's stainless steel exports decreased by 6% in the first half of the year

India’s finished stainless steel exports reached approximately 355,000 tons during the January-June period of 2024, a decline of 6% compared to the same period last year. This decline was mainly due to the 27% decline in exports of 400 series products to 11,340 tons and 5% decline in exports of 300 series products to 182,000 tons. In contrast, the exports of 200 series products increased by 24% to approximately 8,700 tons.

Italy accounted for the largest share of India’s stainless steel exports, accounting for approximately 12% of total exports. Germany, Belgium, and South Korea followed Italy, respectively.

The decline in India’s stainless steel exports was due to China exporting large quantities of stainless steel at dumped prices to markets such as Vietnam, the Middle East, Turkey, and India due to weak domestic demand.

Going forward, India’s stainless steel production is expected to remain low due to seasonal influences such as monsoon rains and summer vacations in Europe, but a recovery in demand is anticipated by the end of 2024 and the beginning of 2025.