[SMM Stainless Steel Flash] Indonesia Output Cuts Support Taiwan (PoC) Stainless Steel October Price Hike Expectations

India's stainless steel longs export offers remained largely stable WoW in the assessment week, with trading activity subdued amid limited buyer interest. Elevated freight costs, tight scrap availability, and higher alloy costs continued to support sellers' price expectations. European buying interest remained muted amid uncertainty over CBAM implementation and quota-related developments. Indicative export offers held at USD2,350–2,380/t FOB India for 304 bright bars and USD4,320–4,350/t for 316 bright bars; BigMint assessments placed both at USD2,380/t and USD4,330/t FOB Nhava Sheva respectively, unchanged WoW. Domestically, the longs market held firm with 304 bright bars at INR 230,000/t (+INR 3,000/t WoW) and 316 at INR 398,000/t (+INR 7,000/t). The near-term export outlook remains stable, with gradual improvement possible as overseas buyers return from the holiday period, though weak UAE demand and elevated freight costs are expected to limit fresh bookings.

India's stainless steel finished market remained firm in the week, supported by steady domestic demand, firm scrap prices, and elevated input costs, though nickel price volatility and high freight rates kept buyers cautious. In flat products, 304 HR coil held steady at INR 222,000/t exw-Mumbai, while 316 HR coil rose INR 2,000/t WoW to INR 440,000/t. In longs, 304 black bars gained INR 1,000/t to INR 205,000/t and 316 black bars held at INR 370,000/t. Export offers for 304 bright bars stood at USD2,380/t FOB Nhava Sheva and 316 at USD4,330/t, both unchanged WoW. On raw materials, imported 304 scrap edged up USD10/t to USD1,560/t CFR Mundra while 316 scrap surged USD100/t to USD3,150/t; FeMo 60% eased INR 21,000/t to INR 4,336,000/t. Pre-Diwali restocking to gradually support buying activity in the coming weeks are expected.