- European buyers remained cautious amid trade uncertainties
- Tight scrap availability supported seller price expectations
India’s stainless steel longs export market witnessed a downward price movement during the assessment week ended October 13, 2026, amid subdued buying activity and limited fresh bookings. Elevated freight costs and tight scrap availability continued to challenge suppliers, while weak overseas demand weighed on market sentiment.
Export market
The European market remained subdued following the holiday period, with buyers adopting a cautious approach amid uncertainty over the European Union’s Carbon Border Adjustment Mechanism (CBAM) and import quotas. Market participants are closely monitoring the impact of CBAM on previous shipments before committing to fresh purchases, while quota-related developments continue to delay buying decisions.
The implementation of the EU’s CBAM regime in January and safeguard measures introduced in July had supported order intake for European mills as finished steel imports declined. However, overall demand showed little or no growth, and market participants expect conditions to remain weak in Q4 2026, with the outlook for 2027 also unfavourable.
The recent decline in nickel prices and continued imports of stainless steel slabs have added to market uncertainty. European mills also face uncertainty over electricity and gas costs, alongside the possibility of customers shifting demand towards North America and Asia. These factors continue to weigh on sentiment across the European stainless steel market.
Indicative export offers for 304 bright bars were heard at $2,350–2,375/t FOB India, while 316 bright bars were offered at $4,320–4,340/t FOB India.
BigMint assessed 304 bright bars at $2,300/t FOB Nhava Sheva on October 13, down $50/t week-on-week (w-o-w). Meanwhile, 316 bright bars were assessed at $4,300/t FOB Nhava Sheva, declining by $30/t w-o-w.
Domestic longs market
India’s domestic stainless steel longs market recorded a decline in 304 bright bar prices during the assessment week. Prices fell by INR 2,000/t to INR 225,000/t exw-Mumbai.
Despite tight scrap availability and firm alloy costs, subdued demand continued to influence market activity. Higher input costs and limited scrap availability, however, remained factors supporting sellers’ price expectations.
Outlook
India’s stainless steel bright bar export market is expected to remain largely stable in the near term, with buying activity potentially improving as overseas buyers return following the holiday period. However, subdued demand in key markets, including the UAE, elevated freight costs and ongoing trade uncertainties are likely to constrain fresh bookings.
Meanwhile, tight scrap availability and elevated alloy costs are expected to support sellers’ price expectations, limiting further downside pressure on export offers despite weak demand.
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