[Tata Steel: India steel demand seen up 8-10%, in talks with Dutch government on steel production]

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.

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.