Indian December stainless steel imports dips by 70% YoY.

ET reported that India's stainless steel imports dipped by 70% YoY to 6,000 tonnes in December 2008, weakening the industry's demand for raising import duty on the alloy.

After surging by over 60% to 20,000 tonnes in November 2008, the imports declined by 14,000 tonnes in December 2008, as demand weakened after buyers delayed their purchases in anticipation of the prices to cool down further.

Mr GK Basak executive secretary at Joint Plant Committee said that "The prices showed a stabilizing trend in December end, but fluctuation in rates over the last couple of months led to drop in sales as buyers delayed their purchases."

Joint Plant Committee is part of the union steel ministry and has been entrusted with the job of compiling data for iron and steel production, imports and exports.