Midea Sees Surge in European AC Orders Amid Heatwave, Ships 20,000 Units to France

The European Commission has published final terms for an Innovation Fund auction worth approximately USD 1.14 billion (around INR 109.2 billion; original budget EUR 1 billion) aimed at decarbonising industrial process heat, with the steel industry explicitly included among eligible sectors. The IF26 Heat Auction will be funded through EU Emissions Trading System revenues and is expected to open for bids in December 2026. Eligible technologies include industrial electrification solutions such as plasma torches, electric boilers, heat pumps and thermal storage; direct renewable heat from sources including solar thermal and geothermal energy; and, for the first time, nuclear technologies including small modular reactors. Successful projects will receive a fixed premium linked to each tonne of direct CO2 emissions avoided for a maximum of five years. The scheme is open to projects of all sizes across the European Economic Area and forms part of the EU's broader Industrial Decarbonisation Bank framework.

Odisha's High-Level Clearance Authority has approved two major steel-sector projects in Sundargarh involving a combined investment of approximately USD 1.46 billion (INR 140 billion). Rungta Mines plans to invest approximately USD 937 million (INR 90 billion) to expand its existing integrated steel plant, with the state government estimating employment potential of around 12,000. Shakambhari Ispat & Power plans to invest approximately USD 521 million (INR 50 billion) in an integrated steel plant along with a cement plant and captive power plant, with potential employment of around 5,000. The projects form part of 27 industrial proposals approved by Odisha on September 23. The state government's announcement did not specify the incremental steelmaking capacity or commissioning schedules for the two projects.

Spanish steelmakers have begun temporarily halting output during peak electricity price hours as sharply higher energy costs hit the sector, industry association UNESID said. UNESID estimates extra energy costs of about 749 million USD (658 million EUR) between March and December 2026, of which some 514 million USD (452 million EUR) falls in September-December, versus 206 million EUR accumulated through August. Electricity accounts for about 459 million USD (403 million EUR) and gas for some 290 million USD (255 million EUR). Adjustment services add around 23 USD/MWh (20 EUR/MWh), pushing mills to halt production in the costliest hours; curtailments may grow if prices persist. Q4 electricity is forecast at about 163 USD/MWh (143 EUR/MWh) and gas at 86 USD/MWh (76 EUR/MWh). UNESID urges immediate government measures, including higher compensation for indirect carbon costs and continued grid-charge relief for energy-intensive industries. About 70% of Spanish steel output is exported, two-thirds to other EU markets.