SHFE 1507 Zinc Gains RMB 220/mt (2015-5-4)

The European stainless steel scrap market weakened further in July and August as domestic mill buying interest remained limited, weighing on prices. Exports to India, where steady demand and competitive pricing were maintained, prevented a sharper decline in European stainless scrap prices. A cautious recovery is expected at the start of September as European producers restart operations, though well-stocked inventories mean there is no urgent need for restocking, pointing to a gradual pace of market improvement.

India's stainless steel bright bar export market remained broadly stable in the week ended September 8, with sentiment largely unchanged from recent weeks. Geopolitical tensions, elevated freight costs, and CBAM requirements continued to suppress overseas buying interest, while European market activity stayed subdued due to the ongoing summer holiday period, with enquiries expected to gradually resume next week. Indicative export offers held at US$2,370–2,390/t FOB India for 304 bright bars and US$4,300–4,350/t for 316, with BigMint assessments at US$2,370/t and US$4,320/t FOB Nhava Sheva respectively, largely stable WoW. In domestic longs, 304 black bars rose INR 2,000/t WoW to INR 200,000/t exw-Mumbai, while 316 black bars gained INR 5,000/t to INR 363,000/t. Domestic 304 scrap edged up INR 2,000/t WoW to INR 151,000/t DAP Delhi, with tight availability keeping replacement costs elevated and limiting scope for price corrections in the near term.

The board of the Eurasian Economic Commission (EEC) has extended the anti-dumping duty on welded pipes, tubes, and hollow profiles of corrosion-resistant (stainless) steel originating from China until September 7, 2031, based on the results of an investigation, according to a statement from the EEC's trade division.