One Shandong Nickel Producer Cuts Output in July on Raw Material Issues, SMM Learns

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.

According to a SMEL's company statement released on September 9, they achieved stainless steel sales of 10,920 mt in August 2026, up 16.44% YoY, with average stainless steel realizations rising 2.21% MoM compared to July 2026. In other segments, carbon steel flat product sales reached 29,262 mt (+114% YoY), specialty alloy sales came in at 19,002 mt (+2,797% YoY), while carbon steel long product sales declined 2.76% YoY to 142,897 mt.