India experienced a significant 23% y-o-y increase in stainless steel production during FY’24, totalling 3.35 mnt compared to 2.74 mnt in FY’23. Finished flats production accounted for 2.34 mnt, with finished longs accounting for the balance 1.01 mnt. Within the scrap import landscape, Zurik grade shipments decreased by 6% to 0.26 mnt in the period under review (FY’24), while non-Zurik cargoes saw a 6% y-o-y increase to 1.04 mnt. Particularly noteworthy was the 36% rise in imports of the 400 series, which touched 0.13 mnt from 0.10 mnt in FY’23, propelled by industrial expansion and demand from automotive and food equipment sectors.
