India

The Indian economy is in good shape and experiencing steady growth. The government is actively promoting reforms and there is a noticeable positive intent towards, and support for, the industry.

The government recently released figures indicating that stainless steel consumption reached 3.75 million tonnes in the period from April 2023 to March 2024, reflecting a compound annual growth rate of 4.36% over the past five years. Recently, the Indian government extended the anti-subsidy duty on welded stainless steel pipes and tubes imported from China and Vietnam. Initially imposed in September 2019, this duty ranges from 12% to 30%.

The mills are optimistic about the long-term future but cannot overlook short-term concerns, particularly the significant challenge posed by imports from China.

After a prolonged period of subdued buying during the last quarter, we are seeing some increase in inquiries as mills are looking to restock. The recent sudden rally in LME nickel futures has resulted in higher bids from the mills, but it remains to be seen whether this buying momentum will be sustained.