India’s stainless steel finished flats imports from China decline sharply in 10M CY’25

India’s dominant stainless steel supplier-recorded an unprecedented ~70% y-o-y collapse in flat product shipments, plunging to 0.16 mnt from 0.52 mnt last year. This single trend accounted for the majority of the decline in total imports. In contrast, Vietnam, South Korea, and Thailand expanded their supplies, filling part of the gap left by China. Indonesia and Japan held stable positions with marginal variations.