- Higher freight costs pressure exports
- Tight scrap availability supports seller offers
India’s stainless steel longs export prices edged lower week-on-week during the assessment week ended 29 September, as market activity remained subdued amid limited buying interest. Higher freight rates and tight scrap availability in international markets continued to weigh on export activity.
Buying interest from European markets remained muted amid uncertainty surrounding CBAM implementation and quota-related developments, keeping buyers cautious about 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 $4,300-4,350/t FOB India.
BigMint’s assessment on 29 September placed 304 bright bars at $2,350/t FOB Nhava Sheva and 316 bright bars at $4,300/t FOB Nhava Sheva, with both grades declining by $30/t w-o-w.
Domestic longs market
India’s domestic stainless steel longs market remained relatively firm despite subdued buying interest, supported by tight scrap availability and elevated input costs.
BigMint’s assessment on 29 September placed 304 bright bars at INR 230,000/t, unchanged w-o-w, while 316 bright bars declined by INR 3,000/t to INR 395,000/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 seller price expectations firm, providing downside support to current offer levels despite weak demand.
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