electromagnetism - Is diamagnetism a static or dynamic effect?

When we put a diamagnetic material in the presence of an external magnetic field $\vec B_0$, the magnetic field inside the material decreases to

$$\vec B=(1+\chi_m)\vec B_0,$$ where the magnetic susceptibility $\chi_m$ is a small negative number. I am assuming the material is linear and isotropic.

On the other hand the diamagnetism is explained in terms of Lenz law. When we change the magnetic flux of the external field over the material, atomic currents generate an induced magnetic field trying to restore the flux. But then the induced field could have any sign (in the appropriated direction), depending if we are increasing or decreasing the flux of the external field. It seems diamagnetism is a dynamic effect. How come the sign of $\chi_m$ is always negative? Moreover, the magnitude of $\chi_m$ should depend on how large is the variation of the flux but I do not see any suggestion of this when looking at tables of $\chi_m$.