Imports of stainless semi-finished products to India increased by 11 percent year-on-year in January 2017 due to a steady influx of Indonesian slabs

Imports of semi-finished stainless steel products to India increased by 11 percent year-on-year to 56,004 tons in January 2026, compared with 49,747 tons in December, driven almost entirely by the influx of slabs. Flat bars accounted for 55,104 tons, or more than 98 percent of the total supply, underscoring the clear structural preference for the purchase of bullion-based bars.

Indonesian slab anchor growth

Indonesia supplied the entire volume of slabs within a month, strengthening its position as the main supplier of semi-finished products from India. The trade flow reflects the integrated mining economy in Indonesia, where access to captive nickel and NPI combined with large-scale smelters continues to offer conversion cost advantages.

For Indian flat-rolled manufacturers, the import of slabs remains commercially viable against the background of solid nickel prices and increased alloy surcharges. Instead of increasing internal smelting, which is subject to ferroalloy volatility and energy costs, the mills decided to provide imported raw materials to optimize rolling margins and working capital cycles.

Industry participants assume that slab imports are increasingly becoming part of structured intra-group trade flows, ensuring supply stability and protecting domestic operations from fluctuations in raw material prices.

In addition, prices for imported slabs fluctuated at around $1,575-1,630/mt CFR Paradip and Dhamra.

Import of ingots is shifting to Europe

Bullion imports increased moderately by 8 percent year-on-year to 900 tons.