- European demand muted amid uncertainty around CBAM
- Elevated freight costs constrain overseas shipments
India’s stainless steel longs export offers remained largely stable w-o-w during the assessment week ended 22 September, with trading activity subdued amid limited buyer interest. Elevated freight costs, tight scrap availability, and higher alloy costs continued to support sellers’ price expectations.
Buying interest from European markets remained muted amid uncertainty over the implementation of CBAM and quota-related developments, keeping buyers cautious regarding fresh bookings.
Indicative export offers for 304 bright bars were heard at around $2,350-2,380/t FOB India, while 316 bright bars were offered at around $4,320-4,350/t FOB India.
BigMint’s assessment on 22 September placed 304 bright bars at $2,380/t FOB Nhava Sheva and 316 bright bars at $4,330/t FOB Nhava Sheva, with both grades remaining unchanged w-o-w.
Domestic longs market
The domestic stainless steel longs market remained firm despite relatively subdued buying interest, supported by tight scrap availability and elevated input costs.
BigMint’s assessment on 16 September placed 304 bright bars at INR 230,000/t, up INR 3,000/t w-o-w, while 316 bright bars increased by INR 7,000/t to INR 398,000/t, Exw-Mumbai.
Outlook
India’s stainless steel bright bar export market is expected to remain largely stable in the near term. Buying activity could gradually improve as overseas buyers return from the holiday period; however, subdued demand in key markets such as the UAE, elevated freight costs and broader trade uncertainties are likely to limit fresh bookings.
Meanwhile, tight scrap availability and elevated alloy costs are expected to keep sellers’ price expectations firm, providing a floor to current offer levels despite weak demand.
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