SMM introduces new FOB Indonesia stainless steel benchmarks

By Adianto P Simamora

Shanghai Metals Market (SMM) has launched two new price assessments for Indonesian stainless steel exports, reflecting the country’s growing role as a key supply hub in the global stainless steel industry.

The announcement was published on the SMM website on 13 November 2025.

SMM stated that Indonesia’s production capacity for 304 series stainless steel coils has expanded significantly in recent years, driving rapid growth in export volumes to major markets in Asia, Europe and the Middle East.

As a result, FOB Indonesia quotations have increasingly become an important benchmark in international trade, particularly for hot-rolled (NO.1) and cold-rolled (2B) coils.

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To improve market transparency and meet the pricing needs of upstream and downstream industry players, SMM will begin publishing two new daily assessments effective 14 November 2025:

•  304/2B Coil-EM, FOB Indonesia, USD/tonne

•  304/NO.1 Coil-EM, FOB Indonesia, USD/tonne

According to the SMM announcement, the assessments will follow standardised specifications, including ASTM-compliant thickness ranges, minimum 20-tonne shipment volumes, FOB Indonesia main ports, and publication at 11:00 Jakarta time each business day.

SMM said the new benchmarks are intended to strengthen its overseas pricing system and provide a clearer reference for contract negotiations involving Indonesian-origin stainless steel. The agency highlighted that Indonesia’s expanding output is now influencing regional and global price linkages across the stainless steel supply chain.

Editing by Reiner Simanjuntak