[SMM Steel]

India’s steel consumption rose to 152 million tonnes in FY2024-25 from 77 million tonnes in FY2014-15, according to Steel Secretary Sandeep Pondrik. Speaking at the India AI Impact Summit 2026 in New Delhi, Pondrik said the country’s crude steel capacity is projected to reach 300 million tonnes by FY2030-31 and 400 million tonnes by FY2035-36. The summit also brought steelmakers, iron-ore miners and AI developers together to explore digital applications and partnerships across the steel value chain.

HRC futures closed at 3,286 today, gaining 0.4% for the full day. In the spot market, spot HRC prices edged up 10 yuan/mt while remaining largely stable, cold-rolled prices were flat, and overall trading was moderate today. HRC city inventory data was released today: inventories in Zhangjiagang, Shanghai, Ningbo, and Tangshan built up, while those in Lecong and Shenyang saw slight destocking. Overall, HRC social inventory is expected to build up this week. Cost side, expectations for price hikes in coking coal and coke are heating up, strengthening the support from raw materials for HRC’s bottom. Steel mills have become somewhat more inclined to hold prices firm. However, end-use demand has yet to improve materially, capping upside room. In the short term, HRC lacks a directional driver. The futures market is trading on expectations for the September peak season. The upside is pressured by weak demand, while the downside is cushioned by costs. Prices are most likely to continue moving sideways.

Finnish stainless steel producer Outokumpu has inaugurated a new biocoke agglomeration plant in Tornio with an investment of approximately USD 35 million. The facility processes biochar into biocoke to replace fossil coke in ferrochrome production and could reduce annual carbon dioxide emissions by up to 82,000 tonnes at full capacity. The project supports Outokumpu's target of cutting value-chain carbon dioxide emissions by 42% by 2030 from 2016 levels.