Tata Steel’s latest performance shows a company moving from a traditional volume-based steel business toward a more margin-focused and transformation-driven model. It is driving growth and profitability, financial performance is recovering through better margins and cost control, while the company’s key business activities are increasingly focused on downstream expansion, raw material security and low-carbon steelmaking.

According to SMM statistics, both mill inventory and social inventory saw varying degrees of destocking. Total construction steel inventory stood at 7.8479 million mt, down 137,400 mt WoW, down 1.72% WoW, with destocking pace slowing down.

Following the formal announcement by India’s Minister of Commerce and Industry, the India–Oman Comprehensive Economic Partnership Agreement (CEPA) will take effect on 1 June 2026. Market attention has largely focused on the surface-level benefit that “Oman will exempt an average 5% import tariff on 98% of Indian export goods.”

As of May 26, the operating rate of 50 major construction steel EAF steel mills nationwide was 39.9%, down 0.26% WoW; the capacity utilization rate was 41.97%, down 0.36% WoW; daily average production of construction steel was 93,500 mt, down 800 mt WoW.

According to SMM statistics, total construction steel inventory stood at 7.9854 million mt, down 154,200 mt WoW, or -1.9% WoW, with the destocking pace slowing down.

【SMM Steel】GEM's annual report shows that India accounts for over 60% of new BF steel capacity worldwide, with a total of 319 mln tonnes per year announced or under construction globally. India and China together account for 86% of new coal-based steel projects. An additional 80 mln tonnes of BF capacity are slated for modernization, while official closure plans cover only 141 mln tonnes, potentially leading to a net increase of 88 mln tonnes by 2035. ~93% of India's new pig iron capacity is BF-based, but only 5% of planned BF capacity has reached the construction stage. EAF share of global steel production is 34%, while only 2% of DRI capacity uses green hydrogen.