[Japan Adds Steel Products to Russia Export Ban List]

Tata Steel's CEO told the Indian Foundation for Quality Management (IFQM) Symposium 2026 in Delhi that India's domestic steel demand should grow 8-10% this year, as all consuming sectors remain strong, and said the company is positive on the industry outlook. On the proposed Netherlands project, he said Tata Steel is in active talks with the Dutch government to resolve outstanding issues before any binding agreement can be signed, including the closure of coke ovens and the classification and handling of steel slag. Tata Steel's IJmuiden plant in the Netherlands has installed capacity of about 7 million tonnes per year; the company has launched a transformation programme to install lower-carbon steelmaking processes, lift production efficiency, cut fixed costs and optimise product mix and margins.

UK steel faces an unavoidable EAF transition. On Western European cost benchmarks, scrap-based EAF already beats blast furnace steelmaking — cheaper and faster to build, set to gain from grid decarbonisation — and the old grade-capability gap has narrowed sharply. Largely exported UK scrap is a feedstock the shift would retain. Consumption is set to rise 54% by 2050 on construction, offshore wind, transmission and automotive demand, but projected domestic output falls 7.3 Mt short: about 118 billion USD (93 billion GBP) of opportunity to 2050 that imports would fill without new capacity. Closing it would need over two Port Talbots' worth of new EAF capacity. UK mill power costs in 2025/26 ran 7.7 USD/tonne (6.10 GBP/tonne) above German rivals and 10.0 USD/tonne (7.90 GBP/tonne) above French peers.

[India Export] Indian HRC price references remained largely unchanged, with the Europe-linked assessment held at 660USD/tonne FOB India. Market participants reported Indian offers above 750USD/tonne CFR Europe, with suppliers targeting 760–770USD/tonne CFR, although fresh transactions at these higher levels were not confirmed. European production difficulties supported sellers’ price expectations despite subdued buying. For Vietnam, participants cited Indian HRC indications near 550USD/tonne FOB India for December–January shipment, but said major mills were not actively offering to that market. Domestically, Mumbai HRC remained at approximately 656USD/tonne (63,000INR/tonne) EXW, excluding 18% GST. Firm input costs and restricted spot availability continued to support domestic sentiment, while buyer acceptance of higher offers remained the key test for further price gains.