[SMM Stainless Steel Flash] South Korea's Stainless Imports Decline in Early August, Taiwan (POC) Leads HR Imports

Canada announced retaliatory measures effective September 8 against US Section 338 tariffs, covering 874 tariff lines worth approximately USD 27.6 billion in trade at up to 50% — mirroring the US rate — targeting metal products, dairy, appliances, agricultural machinery, pulp and paper, plastics, and electronics. The US tariffs took effect August 22 following the first-ever invocation of Section 338 of the Tariff Act of 1930, after Washington talks collapsed and Prime Minister Carney withdrew the negotiating team.

Taiwan (POC)'s 300-series cold-rolled stainless steel import volumes fell below approximately 8,000 tonnes in July, with import values edging slightly above approximately NT$86,000/tonne. Meanwhile, export volumes rebounded to nearly 24,000 tonnes — the second-highest of the year — while export prices surpassed approximately NT$81,000/tonne, extending an upward trend for a sixth consecutive month with cumulative gains of nearly NT$15,000/tonne since February. The sustained price increase reflects mills' repeated upward quote adjustments over multiple months, with export pricing remaining firm despite a decline in import volumes compared to prior periods.

India's stainless steel bright bar export market remained subdued in the week, with sentiment broadly unchanged WoW. Geopolitical tensions, elevated freight costs, and evolving CBAM requirements continued to weigh on overseas buying interest, with European buyers cautious amid summer holidays and Middle East activity limited by regional tensions. Indicative export offers held at US$2,350–2,375/t FOB India for 304 bright bars and US$4,320–4,340/t for 316 bright bars, both unchanged WoW. In domestic longs, pre-festive season enquiries gradually improved with 304 black bars steady at INR 195,000/t exw-Mumbai and 316 black bars up INR 2,000/t to INR 352,000/t. Domestic 304 scrap rose INR 4,000/t WoW to INR 147,000/t DAP Delhi, with tight availability continuing to underpin raw material costs and provide a price floor despite weak export demand. Near-term outlook remains firm but range-bound, with healthy domestic demand and elevated alloy costs limiting downside while subdued overseas enquiries and high freight costs cap export volumes.