Stainless Steel News Today

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.

The US will cut tariffs on farm equipment from 25% to 15% and introduce a 10% rate for products using 85% US metals. However, core metal tariffs remain at 50%, with limited benefits for India, impacting $2.9 billion in trade.

Steel rebar futures hit CNY 3,190/tonne in June, a two-week high, up over 3% year-to-date. Chinese stimulus measures are boosting demand expectations, driving the price surge.

Trump adjusted steel, aluminum, and copper tariffs, lowering rates to 15% for farm equipment and HVAC, and 10% for countries using 85% US metals. These temporary changes are effective Monday until end-2027.

The US eased some metal tariffs, reducing duties from 25% to 15% on specific equipment and introducing a 10% rate for US-origin metal products. However, core 50% steel/aluminium duties remain, offering limited relief for Indian exporters.

West Bengal's Howrah steel expansion is fully operational, adding several lakh tonnes of coated steel capacity annually. This boosts eastern India's industrial growth, supply chain, and employment, reflecting renewed confidence in the region's manufacturing.

SAIL anticipates a marginal ₹100-₹200 impact on steel prices due to the West Asia conflict, despite limestone costs rising from $23-$24 to $35. The company is securing raw materials via diverted routes, prioritizing supply over cost.

DCE iron ore futures closed at 780.5 yuan/mt, down 0.06%. Port spot prices fell 1-5 yuan, with lukewarm trading and cautious steel mill inquiries. Transactions were mainly at low prices.

Ohmium and InSolare partner for NLC India's 4 MW green hydrogen project in Tamil Nadu, aiming to produce up to 700 metric tons annually. This strategic collaboration supports India's energy transition goals.