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<!-- HERO -->
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<div class="container">
<p class="text-uppercase mb-1" style="color:var(--steel-gold);font-size:0.78rem;letter-spacing:.1em;">Joint Plant Committee</p>
<h1 class="mb-3">Indian Steel Industry<br>January 2026 – A Trend Report</h1>
<p class="lead mb-0">
India remains a bright spot in the global steel industry and the steel demand in the country is expected to show a healthy growth of around <strong>9%</strong> in both 2025 and 2026 compared to no growth and just 1.3% growth in global demand, according to the latest Short Range Outlook released by the World Steel Association. Indian steel demand will continue to charge ahead, driven by continued growth in all steel-using sectors. In 2026, steel demand in India is projected to be almost <strong>75 million tonnes higher</strong> than in 2020.
</p>
</div>
</div>
<!-- WORLD ECONOMY -->
<div class="container my-4">
<div class="section-header">World Economy at a Glance</div>
<div class="row g-3 mb-4">
<div class="col-md-3 col-6">
<div class="stat-box">
<div class="stat-val">51.9</div>
<div class="stat-label">JP Morgan Global Mfg PMI</div>
<div class="stat-change up">▲ 44-month high (Feb 2026)</div>
</div>
</div>
<div class="col-md-3 col-6">
<div class="stat-box">
<div class="stat-val">56.9</div>
<div class="stat-label">India Mfg PMI (Feb 2026)</div>
<div class="stat-change up">▲ Fastest growth globally</div>
</div>
</div>
<div class="col-md-3 col-6">
<div class="stat-box">
<div class="stat-val">7</div>
<div class="stat-label">Months PMI > 50.0</div>
<div class="stat-change up">▲ Consecutive expansion</div>
</div>
</div>
<div class="col-md-3 col-6">
<div class="stat-box">
<div class="stat-val">#1–5</div>
<div class="stat-label">Asian Economies in Output Growth</div>
<div class="stat-change up">▲ India leads</div>
</div>
</div>
</div>
<div class="row g-3 mb-2">
<div class="col-12">
<ul class="mb-3" style="font-size:.92rem;">
<li>Global manufacturing business conditions improved in February 2026 to the greatest extent since June 2022, as rates of expansion in output and new orders gathered pace. Business optimism rose to a 21-month high.</li>
<li>The top five spots in national output growth rankings were all held by Asian economies. Fastest production growth was recorded in <strong>India</strong>, followed by Vietnam, Thailand, the Philippines and Taiwan.</li>
<li>Faster rates of expansion in Asia and Europe contrasted with weaker growth in North America. The rate of increase in output in the US slipped to a five-month low.</li>
</ul>
</div>
</div>
<!-- PMI Table -->
<div class="table-responsive">
<table class="table table-bordered pmi-table">
<thead>
<tr>
<th rowspan="2">Country</th>
<th rowspan="2">GDP 2024 (% change)*</th>
<th colspan="2" class="text-center">Manufacturing PMI</th>
</tr>
<tr>
<th>January 2026</th>
<th>February 2026</th>
</tr>
</thead>
<tbody>
<tr><td class="highlight">India</td><td>6.5**</td><td>55.4</td><td class="highlight">56.9</td></tr>
<tr><td>China</td><td>5.0</td><td>50.3</td><td>52.1</td></tr>
<tr><td>Japan</td><td>0.1</td><td>51.5</td><td>53.0</td></tr>
<tr><td>USA</td><td>2.8</td><td>52.4</td><td>51.6</td></tr>
<tr><td>Eurozone</td><td>0.9</td><td>49.5</td><td>50.8</td></tr>
<tr><td>Brazil</td><td>3.4</td><td>47.0</td><td>47.3</td></tr>
<tr><td>Russia</td><td>4.1</td><td>49.4</td><td>49.5</td></tr>
<tr><td>South Korea</td><td>2.0</td><td>51.2</td><td>51.1</td></tr>
<tr><td>Germany</td><td>−0.2</td><td>49.1</td><td>50.9</td></tr>
<tr><td>Turkey</td><td>3.2</td><td>48.1</td><td>49.3</td></tr>
<tr><td>Italy</td><td>0.7</td><td>48.1</td><td>50.6</td></tr>
</tbody>
<tfoot>
<tr><td colspan="4" class="text-muted" style="font-size:.78rem;">Source: GDP: official releases; PMI – Markit Economics. *provisional | **FY 2024-25</td></tr>
</tfoot>
</table>
</div>
</div>
<!-- GLOBAL CRUDE STEEL -->
<div class="container my-4">
<div class="section-header">Global Crude Steel Production</div>
<div class="row g-3 mb-3">
<div class="col-md-4 col-6">
<div class="stat-box">
<div class="stat-val">298.2 Mt</div>
<div class="stat-label">World Production (Jan–Feb 2026)</div>
<div class="stat-change down">▼ −1.5% yoy</div>
</div>
</div>
<div class="col-md-4 col-6">
<div class="stat-box">
<div class="stat-val">28.9 Mt</div>
<div class="stat-label">India Production (Jan–Feb 2026)</div>
<div class="stat-change up">▲ +9.7% yoy | Rank #2</div>
</div>
</div>
<div class="col-md-4 col-12">
<div class="stat-box">
<div class="stat-val">160.3 Mt</div>
<div class="stat-label">China Production (Jan–Feb 2026)</div>
<div class="stat-change down">▼ −3.6% yoy | 53.8% share</div>
</div>
</div>
</div>
<div class="table-responsive mb-3">
<table class="table table-bordered pmi-table">
<thead>
<tr>
<th>Rank</th><th>Country</th><th>Jan–Feb 2026 (Mt)</th><th>% YoY Change</th>
</tr>
</thead>
<tbody>
<tr><td>1</td><td>China</td><td>160.340</td><td class="down text-danger">−3.6%</td></tr>
<tr class="table-warning"><td>2</td><td><strong>India</strong></td><td><strong>28.888</strong></td><td class="text-success"><strong>+9.7%</strong></td></tr>
<tr><td>3</td><td>USA</td><td>13.652</td><td class="text-success">+4.9%</td></tr>
<tr><td>4</td><td>Japan</td><td>13.149</td><td class="text-danger">−0.3%</td></tr>
<tr><td>5</td><td>Russia</td><td>10.507</td><td class="text-danger">−9.0%</td></tr>
<tr><td>6</td><td>South Korea</td><td>10.431</td><td class="text-success">+2.5%</td></tr>
<tr><td>7</td><td>Turkey</td><td>6.415</td><td class="text-success">+4.7%</td></tr>
<tr><td>8</td><td>Germany</td><td>5.915</td><td class="text-success">+9.9%</td></tr>
<tr><td>9</td><td>Brazil</td><td>5.262</td><td class="text-danger">−3.4%</td></tr>
<tr><td>10</td><td>Iran</td><td>4.272</td><td class="text-success">+7.9%</td></tr>
<tr class="table-secondary"><td colspan="2"><strong>Top 10 Total</strong></td><td><strong>258.829</strong></td><td class="text-danger">−1.0%</td></tr>
<tr class="table-secondary"><td colspan="2"><strong>World Total</strong></td><td><strong>298.205</strong></td><td class="text-danger">−1.5%</td></tr>
</tbody>
<tfoot>
<tr><td colspan="4" class="text-muted" style="font-size:.78rem;">Source: worldsteel (provisional)</td></tr>
</tfoot>
</table>
</div>
</div>
<!-- GLOBAL DRI -->
<div class="container my-4">
<div class="section-header">Global DRI Production</div>
<p style="font-size:.92rem;">World DRI production stood at <strong>19.088 Mt</strong> in January–February 2026, showing a year-on-year growth of <strong>9.6%</strong>. India led global DRI production with 54.2% share.</p>
<div class="table-responsive">
<table class="table table-bordered pmi-table">
<thead>
<tr><th>Rank</th><th>Country</th><th>Jan–Feb 2026 (Mt)</th><th>% YoY Change</th></tr>
</thead>
<tbody>
<tr class="table-warning"><td>1</td><td><strong>India</strong></td><td><strong>10.344</strong></td><td class="text-success"><strong>+11.1%</strong></td></tr>
<tr><td>2</td><td>Iran</td><td>3.003</td><td class="text-success">+28.4%</td></tr>
<tr><td>3</td><td>Russia</td><td>1.409</td><td class="text-success">+0.3%</td></tr>
<tr><td>4</td><td>Egypt</td><td>1.175</td><td class="text-success">+0.6%</td></tr>
<tr><td>5</td><td>Saudi Arabia</td><td>1.012</td><td class="text-success">+3.9%</td></tr>
<tr class="table-secondary"><td colspan="2"><strong>Top 5 Total</strong></td><td><strong>16.945</strong></td><td>+11.5%</td></tr>
<tr class="table-secondary"><td colspan="2"><strong>World</strong></td><td><strong>19.088</strong></td><td>+9.6%</td></tr>
</tbody>
<tfoot>
<tr><td colspan="4" class="text-muted" style="font-size:.78rem;">Source: worldsteel (provisional)</td></tr>
</tfoot>
</table>
</div>
</div>
<!-- STEEL PRICES -->
<div class="container my-4">
<div class="section-header">World Steel Price Trends</div>
<p style="font-size:.92rem;">Steel prices witnessed an <strong>upward trend in January 2026</strong> in major markets (India, China, USA, EU) both year-on-year and month-on-month. Some Chinese products remained flat due to domestic oversupply from the prolonged property market crisis.</p>
<h5 class="mt-3 mb-2" style="font-size:1rem;font-weight:700;color:var(--steel-dark);">Key Price Drivers</h5>
<div class="row g-3 mb-4">
<div class="col-md-3 col-sm-6">
<div class="factor-card">
<div class="factor-letter">a</div>
<h6>US Trade Tariff</h6>
<p class="mb-0">High US tariffs on India may affect value-added steel exports in the short run. Negotiations ongoing.</p>
</div>
</div>
<div class="col-md-3 col-sm-6">
<div class="factor-card">
<div class="factor-letter">b</div>
<h6>Geopolitical Uncertainty</h6>
<p class="mb-0">Russia-Ukraine & Israel-Iran conflicts impacting supply of ferroalloys and coking coal, raising input costs.</p>
</div>
</div>
<div class="col-md-3 col-sm-6">
<div class="factor-card">
<div class="factor-letter">c</div>
<h6>Oversupply Condition</h6>
<p class="mb-0">China's overcapacity due to weak domestic demand is leading to surging steel exports and protectionist reactions.</p>
</div>
</div>
<div class="col-md-3 col-sm-6">
<div class="factor-card">
<div class="factor-letter">d</div>
<h6>EU CBAM</h6>
<p class="mb-0">EU Carbon Border Adjustment Mechanism took effect Jan 2026, affecting ~60% of Indian steel exports to Europe.</p>
</div>
</div>
</div>
<div class="row g-3">
<div class="col-md-6">
<div class="info-card card">
<div class="card-body">
<h6 class="fw-bold mb-2" style="color:var(--steel-dark);">Long Products – TMT Bars</h6>
<p class="mb-1" style="font-size:.88rem;">Prices rose both y-o-y and m-o-m in India, China, USA and EU in January 2026.</p>
<ul style="font-size:.86rem;" class="mb-0">
<li>India: Sharp rally driven by high raw material costs, increased infrastructure demand, and safeguard duties.</li>
<li>USA: Buyers saw increases from all major mills.</li>
<li>EU: Northern Europe +3.4%, Italy +1.8%, driven by surging production and energy costs.</li>
</ul>
</div>
</div>
</div>
<div class="col-md-6">
<div class="info-card card">
<div class="card-body">
<h6 class="fw-bold mb-2" style="color:var(--steel-dark);">Flat Products – HRC</h6>
<p class="mb-1" style="font-size:.88rem;">HRC prices also rose both y-o-y and m-o-m across major markets.</p>
<ul style="font-size:.86rem;" class="mb-0">
<li>India: Higher mill offers, rising input costs and tight near-term supply.</li>
<li>USA: Limited spot supply from domestic mills, extended lead times.</li>
<li>Europe: Mills hiked Q2 targets; CBAM and safeguard measures tightening imports.</li>
</ul>
</div>
</div>
</div>
</div>
<p class="mt-2 text-muted" style="font-size:.78rem;">[Source Credit: Fastmarkets Metal Bulletin]</p>
</div>
<!-- RAW MATERIALS -->
<div class="container my-4">
<div class="section-header">Raw Material Scenario</div>
<p style="font-size:.92rem;">Prices of major steel-making raw materials generally witnessed a <strong>rising trend in January 2026</strong> both year-on-year and month-on-month.</p>
<div class="table-responsive">
<table class="table table-sm table-bordered price-table">
<thead>
<tr>
<th>Raw Material</th><th>YoY Trend</th><th>MoM Trend</th>
</tr>
</thead>
<tbody>
<tr><td>Premium Low Vol HCC FOB Australia</td><td class="text-success">▲ Up</td><td class="text-success">▲ Up</td></tr>
<tr><td>Iron Ore 65% Fe Blast Furnace Pellet (CFR Qingdao)</td><td class="text-success">▲ Up</td><td class="text-success">▲ Up</td></tr>
<tr><td>Platts TSI HMS I/II (80:20)</td><td class="text-success">▲ Up</td><td class="text-success">▲ Up</td></tr>
<tr><td>Platts IODEX 62% Fe CFR North China</td><td class="text-success">▲ Up</td><td class="text-danger">▼ Down</td></tr>
</tbody>
<tfoot>
<tr><td colspan="3" class="text-muted" style="font-size:.78rem;">Data source: Platts</td></tr>
</tfoot>
</table>
</div>
</div>
<!-- NEWS AROUND THE GLOBE -->
<div class="container my-4">
<div class="section-header">News Around the Globe</div>
<div class="news-item">EU and India sealed the "largest" trade agreement ever — India will reduce tariffs on automobile imports from 110% to as low as 10%; EU will cut duties on agricultural imports.</div>
<div class="news-item">Tokyo Steel (Japan) became the first Japanese steelmaker to get Environmental Product Declaration (EPD) certification for non-fossil-fuel-powered hot-rolled coil.</div>
<div class="news-item">India imposed a <strong>three-year safeguard duty</strong> on imports of select flat steel products from China, Vietnam and Nepal, citing serious injury to the domestic industry.</div>
<div class="news-item">Turkey imposed an antidumping duty of 3.95% on cold-rolled stainless flat steel from China.</div>
<div class="news-item">Kurum International awarded Danieli a contract for a new low-carbon steel plant in Elbasan, Albania.</div>
<div class="news-item">Tata Steel UK making preparations at Port Talbot for a new 3.2 Mt/year electric arc furnace.</div>
<div class="news-item">China's accelerating passenger car sales decline set to intensify pressure on the flat steel market in early 2026.</div>
<div class="news-item">Australian miner GM3 declared force majeure on Illawarra coking coal supplies due to Dendrobium mine issues and heavy rainfall.</div>
<div class="news-item">ArcelorMittal Tailored Blanks initiated consultations on potential closure of its automotive steel facility in Ghent, Belgium.</div>
<div class="news-item">US International Trade Administration announced preliminary countervailing duty determinations on steel rebar imports from Algeria, Egypt and Vietnam.</div>
<div class="news-item">Serbia introduced a temporary quota (169,650 mt) on hot and cold-rolled coil, rebar and wire rod imports (Jan 1 – Jun 30).</div>
</div>
<!-- INDIAN STEEL MARKET -->
<div class="container my-4">
<div class="section-header">Indian Steel Market Round-Up (April–December 2025-26)</div>
<div class="row g-3 mb-4">
<div class="col-6 col-md-3">
<div class="stat-box">
<div class="stat-val">124.6 Mt</div>
<div class="stat-label">Crude Steel Production</div>
<div class="stat-change up">▲ +11.4%</div>
</div>
</div>
<div class="col-6 col-md-3">
<div class="stat-box">
<div class="stat-val">118.7 Mt</div>
<div class="stat-label">Finished Steel Production</div>
<div class="stat-change up">▲ +10.5%</div>
</div>
</div>
<div class="col-6 col-md-3">
<div class="stat-box">
<div class="stat-val">4.65 Mt</div>
<div class="stat-label">Finished Steel Import</div>
<div class="stat-change down">▼ −37.4%</div>
</div>
</div>
<div class="col-6 col-md-3">
<div class="stat-box">
<div class="stat-val">4.80 Mt</div>
<div class="stat-label">Finished Steel Export</div>
<div class="stat-change up">▲ +33.3%</div>
</div>
</div>
</div>
<div class="table-responsive mb-3">
<table class="table table-bordered pmi-table">
<thead>
<tr>
<th>Item</th>
<th>Apr–Dec 2025-26* (Mt)</th>
<th>Apr–Dec 2024-25 (Mt)</th>
<th>% Change</th>
</tr>
</thead>
<tbody>
<tr><td>Crude Steel Production</td><td>124.551</td><td>111.843</td><td class="text-success">+11.4%</td></tr>
<tr><td>Hot Metal Production</td><td>71.699</td><td>67.494</td><td class="text-success">+6.2%</td></tr>
<tr><td>Pig Iron Production</td><td>6.364</td><td>6.301</td><td class="text-success">+1.0%</td></tr>
<tr><td>Sponge Iron Production</td><td>44.547</td><td>41.467</td><td class="text-success">+7.4%</td></tr>
<tr><td>Total Finished Steel Production</td><td>118.699</td><td>107.426</td><td class="text-success">+10.5%</td></tr>
<tr><td>Import</td><td>4.649</td><td>7.424</td><td class="text-danger">−37.4%</td></tr>
<tr><td>Export</td><td>4.799</td><td>3.600</td><td class="text-success">+33.3%</td></tr>
<tr><td>Consumption</td><td>119.574</td><td>111.727</td><td class="text-success">+7.0%</td></tr>
</tbody>
<tfoot>
<tr><td colspan="4" class="text-muted" style="font-size:.78rem;">Source: JPC; *provisional; Mt = million tonnes</td></tr>
</tfoot>
</table>
</div>
<div class="row g-3 mb-3">
<div class="col-md-6">
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<h6 class="fw-bold mb-2" style="color:var(--steel-dark);">Export Highlights</h6>
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<li>Overall exports up by <strong>33.3%</strong> at 4.799 Mt</li>
<li>Top exported item: <strong>HR Coil/Strip</strong> (1.691 Mt, 35% share)</li>
<li>Largest export market: <strong>Italy</strong> (0.877 Mt)</li>
<li>Flat products: 86% share of exports (+35.1%)</li>
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<h6 class="fw-bold mb-2" style="color:var(--steel-dark);">Import Highlights</h6>
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<li>Overall imports down by <strong>37.4%</strong> at 4.649 Mt</li>
<li>India was a <strong>net exporter</strong> of finished steel in Apr–Dec 2025-26</li>
<li>Top imported item: <strong>HR Coil/Strip</strong> (1.676 Mt, 36% share, −48.5%)</li>
<li>Largest source: <strong>South Korea</strong> (1.705 Mt, 37% share)</li>
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<h6 class="fw-bold mb-2" style="color:var(--steel-dark);">Production Mix</h6>
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<li>Non-alloy steel: <strong>108.472 Mt (91.4% share)</strong>, up 9.4%</li>
<li>Non-flat (54% share): Bars & Rods led at 49.459 Mt (+7.6%)</li>
<li>Flat (46% share): HRC led at 44.737 Mt (+12.4%)</li>
<li>Private sector led with <strong>84%</strong> share of crude steel</li>
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<h6 class="fw-bold mb-2" style="color:var(--steel-dark);">Consumption Mix</h6>
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<li>Total consumption: <strong>119.574 Mt</strong>, up 7.0%</li>
<li>Non-alloy steel: 108.626 Mt (91% share), up 6.5%</li>
<li>Non-flat (54%): Bars & Rods at 49.728 Mt (+7.9%)</li>
<li>Flat (46%): HRC at 44.340 Mt (+4.8%)</li>
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<div class="section-header">Indian Economy – Highlights of Performance</div>
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<strong>GDP:</strong> Real GDP at Constant (2011-12) Prices in Q2 (July–September) 2025-26 reached <strong>₹48.63 lakh crore</strong>, up from ₹44.94 lakh crore in Q2 2024-25 — a growth of <strong>8.2%</strong>. Financial, Real Estate & Professional Services reported highest growth at 10.2%. Mining & Quarrying contracted by 0.04%.
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<strong>Industrial Production:</strong> Index of Industrial Production for April–December 2025-26 rose by <strong>3.9%</strong> over the same period of the previous fiscal.
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<strong>Infrastructure Growth:</strong> Eight Core Infrastructure Industries grew <strong>2.6%</strong> in April–December 2025-26. Steel sector reported the <strong>highest growth of 9.5%</strong>. Five sectors (Steel, Cement, Electricity, Refinery Products, Fertilizers) reported positive growth. Natural Gas reported steepest contraction of −3.2%.
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<strong>Inflation:</strong> CPI stood at <strong>2.75%</strong> and WPI at <strong>1.81%</strong> in January 2025. Both moved up significantly compared with the previous month.
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<strong>Prepared by: Joint Plant Committee (JPC)</strong><br/>
Indian Steel Industry: January 2026 – A Trend Report | Sources: worldsteel, Markit Economics, Platts, Fastmarkets Metal Bulletin, CSO/DPIIT (India)
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