Production to Restart at One Shandong NPI Producer

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.

India's stainless steel finished market continued to strengthen in the week, underpinned by firm raw material costs, tight availability, and steady domestic demand. In flat products, major mills withdrew discounts with 304 HR coils rising INR 1,000/t WoW to INR 220,000/t exw-Mumbai, while 316 HR coils surged INR 10,000/t WoW to INR 428,000/t on elevated ferro molybdenum costs; a leading producer raised 316-grade HRC and CRC prices by a further INR 4,000/t effective August 25, marking the grade's third increase this month. In longs, pre-festive season enquiries gradually improved with 304 black bars up INR 3,000/t WoW to INR 198,000/t and 316 black bars up INR 6,000/t to INR 358,000/t exw-Mumbai. Tight domestic scrap supply and elevated freight costs continued to limit import competitiveness, sustaining reliance on domestic material.

[8.27 Morning Meeting Minutes] Iran said the Strait of Hormuz would not be opened immediately, Oman agreed to close the southern shipping lane of Hormuz, and the two also issued a joint statement proposing to establish a mutually agreed safe sea channel in the Strait of Hormuz. The most-traded SHFE nickel contract (2610) moved sideways in the morning session, closing at 129,310 yuan/mt, down 0.27%. Expectations of Indonesian quota supply release and high inventories formed a drag, but a weaker US dollar and cost support provided a floor. In the short term, the price of the most-traded SHFE nickel contract is expected to trade in the range of 127,000-132,000 yuan/mt.