India: Stainless steel bright bar export offers inch up w-o-w as market activity resumes

• Tight scrap supply, high alloy costs support prices
• Elevated freight rates keep buyers cautious

India’s stainless steel longs export offers increased slightly during the assessment week ended 15 September, as market activity gradually resumed following the summer holiday period. However, buyers remained cautious amid higher freight rates, which continued to pose challenges for overseas shipments. At the same time, limited scrap availability and elevated alloy costs continued to support sellers’ price expectations, keeping export offers at elevated levels.

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 15 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 increasing by $10/t w-o-w.

Domestic longs market

The domestic stainless steel longs market remained broadly stable, although trading activity was limited amid subdued demand and elevated raw material costs. Mills continued to face tight availability of stainless steel scrap, keeping replacement costs elevated and limiting the scope for downward price revisions.

BigMint’s benchmark assessment on 9 September placed 304 black bars at INR 204,000/t exw-Mumbai, up by INR 4,000/t w-o-w, while 316 black bars increased by INR 3,000/t to INR 366,000/t exw-Mumbai.

Scrap availability remains tight

Tight scrap availability remained a key factor supporting finished stainless steel prices. Market participants noted that constrained scrap supply had increased production costs, keeping mill offers firm despite limited buying interest.

BigMint’s assessment for 304-grade stainless steel scrap stood at INR 150,000/t DAP Delhi on 15 September.

Outlook

India’s stainless steel bright bar export market is expected to see some improvement in the near term as European buyers return from the holiday period, potentially supporting export activity. However, subdued buying interest from the UAE and broader trade uncertainties may continue to limit momentum. Meanwhile, tight scrap availability and elevated alloy costs are expected to keep sellers’ price expectations firm, limiting the scope for significant price corrections.