Stainless Steel News Today

OECD warns global steel crisis deepens due to alarming oversupply and subsidised production, mainly from China. This distorts markets and pressures producers in Europe and other OECD economies.

Evonith Steel acquired Indrajit Power Pvt Ltd (IPPL) for ₹232 crore through an insolvency process. This 85 MW thermal asset in Maharashtra will support Evonith's 1.4 million tonne plant, with NCLT approval on April 20.

Stainless steel prices in India remained firm, supported by healthy demand from infrastructure, engineering, and manufacturing sectors despite rising imports and global market uncertainty. Meanwhile, China's stainless steel market weakened due to ample supply and sluggish demand. Falling inventories and stable mill pricing continue to provide support to domestic prices.

Tata Steel targets 9% India sales growth this fiscal, driven by 5 million tonne Kalinganagar expansion. The company also aims to fully repay overseas bonds, strengthening its balance sheet and reducing overseas debt from 50% to 18%.

Kolkata's steel industry faces pressure to cut carbon emissions due to global climate goals. Transitioning to green steel is vital for competitiveness, despite high costs and coal reliance, with government incentives being explored for this crucial shift.

Nara Lokesh invited Russian investors to Andhra Pradesh at SPIEF 2026, pitching $4 billion space ecosystem plans, including a 3,000-acre Tirupati space city. He also sought investments in steel, manufacturing, and advanced technologies, aiming for long-term partnerships.

India's steel sector faces a green reckoning, driven by climate targets and EU carbon levies. Investing ₹347 crore in hydrogen pilots and promoting green public procurement, it aims to cut emissions, targeting 300 MTPA by 2030.

A Kolkata conglomerate plans a Rs 35,000 crore investment in West Bengal's steel, mining, and energy sectors. This expansion aims to reshape the industrial map, boost manufacturing, and generate employment, despite environmental concerns.

India steel prices remained largely stable during the week ending 29 May 2026 as demand continued to be driven by immediate requirements. While flat steel prices showed marginal improvement, rebar prices weakened due to inventory pressure. Safeguard duties supported domestic HRC prices, while seasonal factors and muted construction activity capped market momentum.

Japan launched an anti-dumping probe into cold-rolled steel from South Korea, China, and Taiwan, following requests from top steelmakers. The investigation, aiming to conclude within one year, addresses increased steel exports and potential duties.