India

India’s stainless steel production has grown 14% year on year to reach 4.27 million tonnes. Correspondingly, stainless steel scrap imports surged 21% in 2025 to reach 1.47 million tonnes, highlighting the importance of this inflow in shaping the dynamics of stainless production in India. Imports of semi-finished products such as slabs and billets are ongoing, but availability is lower.

Indonesia continues to play a pivotal role in the global nickel supply chain, providing ferro-nickel and nickel pig iron (NPI). Indian mills are still using NPI but volumes and bulk shipping, etc. provide limited acceptability and, given a choice, mills prefer the flexibility of usage offered by scrap. The 304 grade continues to dominate scrap imports at around 570,000 tonnes, followed by Zurik on some 290,000 tonnes and then the 316 and 430 grades on, respectively, 140,000 and 120,000 tonnes.

The recent LME surge led to an uptick in prices in India but, once the LME dropped back, mills adjusted their bids accordingly. Mills are becoming very particular as they are pricing their purchases based only on sales realisation and not on following any major upward or downward swing on the LME.

At the recent MRAI International Material Recycling Conference in Jaipur, it was noted that domestic stainless steel demand is increasing at a healthy pace. Some existing mills are expanding their production amid an evolving industry landscape.