Stainless Steel News Today

The steel industry faces a coal lock-in crisis, threatening net-zero targets. India drives 42% of new capacity, 93% coal-based. Globally, 178 mtpa net gain in blast furnace capacity is projected, contradicting decarbonization efforts.

Indian auto firms missed FY26 vehicle scrapping targets by 70%, scrapping only 2.42 lakh of 7.62 lakh required. Industry blames "unrealistic policy" and a rule change mandating only ELV steel for EPR, making the sector non-compliant.

BigMint's coking coal index hit a three-month high of $266/t due to Australian supply issues. India's imports dropped 12% in April, while vessel freights rose. Indian steel prices remained under pressure.

India's steel sector is booming, with production and consumption rising to 160-170 MT annually. Targeting 300 MTPA by 2030-31, it's a ₹10 lakh crore growth engine, becoming the world's second-largest producer, focusing on self-reliance and green steel.

India’s stainless steel market moved higher amid a sharp rise in LME nickel prices and tightening global alloy supply. While domestic demand from infrastructure, railways, and automotive sectors remains supportive, cautious buying sentiment and rising Chinese imports continue to pressure market activity. Stainless steel prices in India are expected to remain firm near term.

Sanctions on Iran's steel and petrochemical industries are projected to cause significant economic repercussions. This initial evaluation forecasts disruptions, job losses, GDP pressure, and inflation, straining the national budget and impacting related sectors.

China's May PP output is forecast to rise 6.89% MoM to 3.015 mln tonnes, with capacity utilization recovering to 65.94%. This signals a gradual supply recovery, despite high cost pressures impacting some production routes.

China's sulfuric acid prices hit a yearly high in May 2026, surging 80.57% year-on-year to Yuan 1,780-2,100/t. This sharp increase was driven by severe supply tightness caused by widespread plant maintenance.

UAE, the third-largest OPEC producer, exited OPEC+ on May 1, 2026, planning to ramp up production. This caused WTI crude to tumble below $100/barrel, signaling a major shift in global oil supply dynamics.

Iron ore futures rose after China's holiday, with Dalian up 2.33% to 812 yuan/ton and Singapore up 1.19% to $109.8/ton. Demand is expected to pick up due to construction and furnace restarts, despite high imports and weaker steel consumption.