[SMM Stainless Steel Market Flash] India to Set 2035 and 2047 Targets for Stainless and Specialty Steel

Mongolian Stock Exchange data show that Erdenet Mining Corporation auctioned 14 lots totaling 499.408 tonnes of molybdenum concentrate under a forward contract on September 24. The material contained at least 44% molybdenum. Three bidders lifted the price from $28,504.17 to $34,754.17 per product tonne, a 21.93% premium, taking the total contract value to $17.36 million. Based on the minimum 44% grade, SMM calculates an equivalent of about $35.83/lb Mo, although the actual figure depends on final assay and is not directly comparable with molybdenum oxide spot prices. The auction price was 2.9% above the September 10 result.

The Material Recycling Association of India (MRAI) said the EU’s proposed restrictions on ferrous and non-ferrous scrap exports to non-OECD countries contain a clear element of “resource protectionism,” rather than serving purely as an environmental measure. MRAI argued that the policy would retain more valuable secondary raw materials within Europe for domestic steel and aluminium producers, while CBAM is also encouraging greater scrap use to reduce carbon intensity.

India’s CESTAT ruled in a case involving Chinese cold-rolled stainless steel imports that anti-dumping duty levied under the Customs Tariff Act forms part of the relevant customs duty framework and must be reflected in the calculation of IGST on imported goods. The tribunal upheld demands of about INR 2.10 million in anti-dumping duty and INR 377,228 in IGST, together with applicable interest.