The Indian authority hiked export tariffs on stainless steel sheets, long products, and section products from 0% to 15% on May 23. Indian stainless steel products are mainly exported to the US and Poland, and the primary buyers of Chinese stainless steel are Italy and Taiwan.

Some market participants indicated that the authority adjusted tariffs to reduce stainless steel exports, while the demand for imported stainless steel also decreased in the domestic industry.

Indonesia is the largest stainless steel import country for India. Therefore, Indonesian stainless steel exporters are likely to seek other export markets and stimulate buying through low price strategies.