India: Stainless steel bright bar exports remain slow amid weak overseas buying

• Overseas inquiries weak amid geopolitical uncertainty
• CBAM uncertainty weighs on European buying interest

India’s stainless steel bright bar exports remained subdued in the week ended 11 August, as overseas buying weakened amid geopolitical tensions, trade uncertainties and evolving CBAM requirements. However, export prices remained firm, supported by elevated alloy costs and healthy domestic demand ahead of the festive season.

Export buying remains cautious

Market participants reported limited inquiries from Europe, the Middle East and Turkiye, with buyers largely adopting a wait-and-watch approach.

Indicative export offers for 304 bright bars were heard at $2,250-2,350/t FOB India, while 316 bright bars were offered at $3,950-4,150/t FOB India.

BigMint’s assessment on 11 August placed 304 bright bars at $2,350/t FOB Nhava Sheva, up $50/t w-o-w, while 316 bright bars stood at $4,150/t, down $50/t w-o-w.

During January-May 2026, India’s stainless steel bars and rods exports stood at 186,374 t, broadly stable compared with 186,300 t in the corresponding period last year.

Domestic market supports prices

Despite weak export demand, domestic bright bar prices remained firm amid healthy downstream buying and elevated raw material costs.

BigMint’s 5 August assessment showed 304 bright bars at INR 220,000/t exw-Mumbai, up INR 5,000/t w-o-w, while 316 bright bars increased INR 2,000/t to INR 370,000/t exw-Mumbai.

Market participants reported improved inquiries from mills and downstream buyers ahead of the festive season, partly offsetting weaker export demand.

CBAM adds uncertainty for European buyers

European buying interest remained limited as exporters and buyers assess evolving CBAM compliance and emissions-reporting requirements. Market participants said inquiries are increasingly focused on documentation, emissions verification and product classification, making European procurement more selective.

Raw material costs remain supportive

LME three-month nickel stood at $16,925/t, down 2.2% from $17,310/t on 4 August. Meanwhile, BigMint assessed ferro molybdenum at INR 4,334,000/t ($64,303/t) exw India, up INR 59,000/t w-o-w.

Outlook

Bright bar prices are expected to remain firm in the near term, supported by domestic demand and elevated alloy costs. However, weak overseas buying and geopolitical uncertainty could limit export price gains. Market participants will closely monitor nickel prices, festive-season demand and European trade regulations.