Tata Steel has approved capital expenditure of 3.54 billion USD for its subsidiary Neelachal Ispat Nigam Limited in Odisha. The project will add 4.8 million tonnes of annual capacity, raising the mill’s total capacity to 6.3 million tonnes. Following the expansion, Tata Steel’s operational capacity in India will reach 27.4 million tonnes per year, supporting its longer-term target of 40 million tonnes and strengthening its presence in higher-margin branded long steel products.

[Vietnam] The Southeast Asian HRC price declined by 3 USD/tonne to 510 USD/tonne CFR. A 30,000-tonne cargo of Indian SAE1006 HRC was concluded at this level for September delivery, while Indonesian material was also offered at 510 USD/tonne CFR Vietnam. Vietnamese buyers remained cautious and were waiting for new monthly offers from a major domestic steelmaker.

[India] Ship-breaking HMS (80:20) prices in Alang, Gujarat, declined to 351 USD/tonne ex-yard. Persistent rainfall disrupted cutting operations and constrained processed scrap availability, while weaker billet and rebar prices reduced buying interest from secondary steelmakers. Procurement remained largely need-based, but tight supply limited the correction. The market is expected to remain range-bound in the near term.