India's semi-finished stainless steel imports rose 22 percent y-o-y in CY'25. Stainless semi-finished imports, comprising slabs and billets, stood at 665,000 tonnes (t) during January-December, reflecting a mixed trend across product categories. While billet imports declined sharply amid lower overseas availability, higher slab arrivals supported overall import volumes during the period.
Billet imports fall sharply
Stainless steel billet imports into India were recorded at 46,000 t in CY'25, down 64 percent y-o-y compared to 129,000 t in CY'24. Indonesia remained the largest supplier, however, shipments from the country dropped significantly to 60,000 t compared to 128,000 t in 2024.
Notably, India did not import any stainless-steel billets from Indonesia in 2023, highlighting the sharp volatility in sourcing patterns over the past three years. Some volumes were also reported from Sweden (8,000 t) and 500 t from Vietnam.
Market participants attributed the decline in billet imports to improved domestic availability, cautious procurement by mills, and shifting overseas trade dynamics.
304L billet indicative levels were heard at around $1,500-1,530/t CFR from Indonesia, while in the domestic market prices were heard at INR 140,000/t ex-Mumbai.
Slab imports rise on higher Indonesian supplies
In contrast, stainless steel slab imports rose sharply during the period. India imported 642,000 t of stainless-steel slabs in CY'25, up 48 percent y-o-y from 434,000 t in the same period last year. Indonesia continued to dominate as the leading supplier with 581,000 t volumes recorded, benefiting from competitive pricing and consistent availability. While Singapore's shipments were reported at 28,000 t and the UAE's at 32,000 t in 2025, there were no imports from these countries in 2024. Higher slab imports were largely driven by stable demand from domestic re-rollers and integrated mills that preferred slabs over billets amid cost optimisation and operational flexibility.
Outlook
Stainless steel slab inflows into India are expected to remain robust in the coming months as overseas subsidiaries of domestic majors channel higher supplies. Jindal Stainless subsidiary PT Jindal Stainless Indonesia (PT JSI) in Surabaya, a long-standing stainless steel producer, and a significant new joint venture, PT Glory Metal Indonesia (PT GMI), with China's Tsingshan Group in the Morowali Industrial Park (IMIP) for a large, 1.2 mnt/year stainless steel melt shop are set to boost production. As incremental slab-making capacity becomes operational, Indonesia is likely to further consolidate its position as India's primary supplier, aided by cost efficiencies, integrated upstream operations, and logistical advantages.
Consequently, slab imports are set to continue at elevated levels, catering to re-rollers and integrated mills seeking flexibility and cost optimisation. In contrast, billet imports are expected to stay subdued, given improving domestic availability and a structural shift in procurement preferences toward slabs.
Source: Bigmint