HRC Inventory in the Third Week of October 2026

Hyundai Motor India has inaugurated its new Pune plant, which has an initial annual production capacity of 170,000 vehicles, set to increase to 320,000 units by 2030. The company will invest INR 11,000 crore in phases to expand the facility which will manufacture the Hyundai VENUE for export to over 35 markets. The investment comes alongside Hyundai Motor Group’s broader USD 15.5 billion commitment to India through 2032, supporting manufacturing expansion and localisation.

India’s wholesale inflation rose to 11.39% YoY in September 2026 from 9.92% in August, according to provisional data released by the government. Inflation in manufactured products increased to 9.76%, while basic metals inflation surged to 16.96%. Coal, crude petroleum and natural gas, fuel and power prices also contributed to the increase, potentially adding to cost pressures for steel producers.

On 18 September the European Commission imposed preliminary safeguard measures raising minimum import prices for grain-oriented electrical steel (GOES) and transformer cores, with permanence undecided; they expire in February 2027. EU GOES consumption rose 32% from 2021-2025, but EU mills' share fell from 66% to 43% as imports more than doubled, over half from China. Only Thyssenkrupp and Stalprodukt still produce GOES in the EU; Thyssenkrupp has cut output since December 2025. Germany's ZVEI says European producers cannot supply the needed volumes or top grades, making Japanese and Korean imports indispensable; T&D Europe warns the measures will raise transformer costs without requiring EU mills to expand output. The U.S. runs a single GOES mill; its 2018 tariffs covered finished products only from August 2025.