India Sees 21% Drop in Imports of Stainless Steel Seamless Pipe, Falling to $25M in 2024 - News and Statistics - IndexBox

Get instant access to more than 2 million reports, dashboards, and datasets on the IndexBox Platform.

In 2024, the amount of stainless steel seamless pipe for oil and gas imported into India shrank remarkably to 5.8K tons, falling by -30.5% against 2023. In general, imports continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2021 with an increase of 22% against the previous year. Imports peaked at 37K tons in 2014; however, from 2015 to 2024, imports stood at a somewhat lower figure.

In value terms, stainless steel seamless pipe imports dropped markedly to $25M (IndexBox estimates) in 2024. Over the period under review, imports continue to indicate a abrupt descent. The pace of growth was the most pronounced in 2021 with an increase of 38%. Over the period under review, imports hit record highs at $119M in 2014; however, from 2015 to 2024, imports remained at a lower figure.

In 2024, China (4.7K tons) constituted the largest stainless steel seamless pipe supplier to India, accounting for a 82% share of total imports. Moreover, stainless steel seamless pipe imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (241 tons), more than tenfold. South Korea (236 tons) ranked third in terms of total imports with a 4.1% share.

From 2014 to 2024, the average annual rate of growth in terms of volume from China totaled -17.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+35.8% per year) and South Korea (-1.7% per year).

In value terms, China ($19M) constituted the largest supplier of stainless steel seamless pipe for oil and gas to India, comprising 75% of total imports. The second position in the ranking was held by South Korea ($1.5M), with a 5.9% share of total imports. It was followed by the United Arab Emirates, with a 4.9% share.

From 2014 to 2024, the average annual rate of growth in terms of value from China stood at -14.3%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-1.6% per year) and the United Arab Emirates (+47.9% per year).

In 2024, the stainless steel seamless pipe price stood at $4,360 per ton (CIF, India), with an increase of 13% against the previous year. Overall, import price indicated tangible growth from 2014 to 2024: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, stainless steel seamless pipe import price decreased by -8.3% against 2022 indices. The pace of growth appeared the most rapid in 2022 an increase of 36% against the previous year. As a result, import price attained the peak level of $4,756 per ton. From 2023 to 2024, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($9,948 per ton), while the price for China ($3,978 per ton) was amongst the lowest.

From 2014 to 2024, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+8.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for stainless steel seamless pipe in India. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

Making Data-Driven Decisions to Grow Your Business

A Quick Overview of Market Performance

Understanding the Current State of The Market and Its Prospects

Finding New Products to Diversify Your Business

Choosing the Best Countries to Establish Your Sustainable Supply Chain

Choosing the Best Countries to Boost Your Exports

The Latest Trends and Insights into The Industry

The Largest Import Supplying Countries

The Largest Destinations for Exports

The Largest Producers on The Market and Their Profiles