[Indonesia Opens Anti-Dumping Probe into Chinese Galvanized Steel Imports]

[Indonesia] Following a rise in HRC prices of approximately 5 USD/metric ton on Monday, prices are now considered stable and have not changed at all, remaining at around 525–530 USD/metric ton FOB. This is due to a complete lack of demand—as demand remains very sluggish—and possibly because delivery times are still quite long (around December), so prices have remained the same. Furthermore, there are currently no or very few orders coming in. Buyers may attempt to negotiate lower prices, but they remain in a wait-and-see mode, while HRC mills have not taken any action yet. If there is no movement at all—particularly on the demand side—prices will remain stable and unchanged for at least this week.

Austrian steelmaker voestalpine says construction of its Hy4Smelt demonstration plant in Linz remains on schedule, with completion expected in 2027 and research activities set to begin that November. Described as Austria's largest climate protection research project, Hy4Smelt will be the world's first plant combining hydrogen-based direct reduction of ultra-fine iron ores with electric melting, aiming to develop net-zero carbon dioxide steelmaking. Key equipment, including the melting furnace and HYFOR reactors, is due for delivery from autumn 2026, with the project carried out in partnership with Primetals Technologies and Rio Tinto, and supported by K1-MET.

[Europe] European hot-rolled coil (HRC) steel prices remained generally stable. Although ongoing regional supply constraints supported mills' firm stance on pricing, slow inventory turnover at steel service centers and weak end-user demand continued to suppress upward momentum. In Italy, trading entered a deadlock this week as downstream demand stayed lackluster and buyers showed little appetite for procurement. Notably, reports that the EU may cut steel import quotas for India are circulating in the market, with official EU documents suggesting HRC quotas could face a quarterly reduction of around 15%; if implemented, this would deal a heavy blow to importers struggling to secure overseas volumes free of tariff risks. Furthermore, market participants widely anticipate that Acciaierie d'Italia (ADI) may be forced to halt crude steel production entirely this week, further exacerbating the risk of regional supply shortages.