Data: SHFE, DCE market movement (Oct 13)

India's Finance Minister Nirmala Sitharaman has called for coordinated international action to address global steel overcapacity, warning that unilateral tariffs merely redirect surplus steel between markets without resolving underlying production imbalances. Speaking at the World Steel Association General Assembly in New Delhi on October 12, Sitharaman emphasised the need for greater transparency and multilateral disciplines on subsidies that sustain uneconomic steelmaking capacity. She noted that India's steel industry continues to expand on the back of strong domestic consumption, with crude steel production rising 10% to approximately 165 million tonnes in 2025, while finished steel consumption reached around 164 million tonnes in FY2025–26. The minister also highlighted the impact of increasing trade restrictions and the European Union's Carbon Border Adjustment Mechanism (CBAM) on global steel trade. The remarks underline India's support for addressing structural overcapacity through international cooperation, although no new import restrictions or tariff measures were announced.

Regulation 2026/2269 of the European Parliament and of the Council, published in the Official Journal of the European Union on October 9, took effect on October 10. Its first annex covers ferro-alloys under Combined Nomenclature heading 7202 and other metal oxides under heading 2825. Qualifying Armenian-origin ferromolybdenum and molybdenum oxides and hydroxides can therefore enter the European Union free of ad valorem import duty. The measure applies until October 11, 2028, subject to origin, documentation, suspension and safeguard provisions. The move from anticipated relief to effective zero-duty access strengthens the competitiveness of Armenian molybdenum products, while any increase in trade volumes remains to be confirmed.

[Indonesia] HRC prices held steady at USD 515 per metric tonne FOB today, having fallen by USD 10 per metric tonne from USD 525 on Friday (9 October 2026) to USD 515 on Monday (12 October 2026). There are reports of a large offer from Vietnam, which is adding competitive pressure on Indonesian steel mills. With overall demand remaining weak, steel mills lack sufficient bargaining power to maintain prices. Looking ahead, slab prices have fallen for two consecutive days, by USD 8 per metric tonne on Monday and a further USD 2 per metric tonne today to USD 480 per metric tonne FOB. As slabs are the raw material for HRC, this could exert further downward pressure on HRC prices if demand does not improve.