[UK scrap gap: 7.3 Mt capacity shortfall needs two Port Talbots of new EAF capacity]

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.

Japan has announced additions to its export ban list against Russia, with steel products included among the newly listed categories. The move further tightens Tokyo's existing sanctions framework, formally closing export channels for the affected steel grades and steel products. Japanese exporters will need to redirect those volumes towards alternative markets such as Southeast Asia and the Middle East. As Japan's steel shipments to Russia are limited in volume, the direct trade impact is manageable, but the signal is stronger: G7 controls on industrial goods including steel continue to tighten, and downstream finished products and metallurgical equipment may be covered next. The full commodity code list and the effective date have not yet been published, so the practical impact will depend on the final official ordinance.

[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.