The Philippine Iron and Steel Institute (PISI) submitted its 2026-2040 industry roadmap to the government's Board of Investments, targeting an increase in domestic apparent steel consumption to 21.4 million metric tons by 2040, up from 9.9 million metric tons in 2024. The strategic plan expects to push finished domestic long steel production to 4.2 million metric tons over the same period, aiming to reduce supply chain gaps and attract foreign capacity investments.

South Korean steelmaker Hyundai Steel increased its second-quarter steel sales by 3.7% quarter on quarter to 4.42 million tonnes, mainly driven by higher shipments of flat steel, long steel and automotive steel. Revenue rose 2.7% year on year to KRW 6.11 trillion, but operating profit fell 43.1% y/y to KRW 58 billion, while net profit declined 67.6% y/y to KRW 12 billion. This indicates that the recovery in steel sales has not yet translated into an overall improvement in profitability, limiting near-term support for coking coal demand. Hyundai Steel also plans to commission a 2.8 million-tonnes-per-year EAF steelworks in 2029. If the project eventually replaces part of the company’s blast-furnace capacity, it could create structural downside risks for Hyundai Steel’s medium- to long-term coking coal and coke demand.

[India] Indian long steel prices registered a slight decline across major markets, with buying activity remaining cautious amid the monsoon season. Mandi Gobindgarh TMT held at 503.10 USD/tonne (47,900 INR/tonne), while primary producer offers remained at 525.15 USD/tonne (50,000 INR/tonne) ex-Durgapur. In the semis market, Mandi Gobindgarh billet was unchanged at 447.43 USD/tonne (42,600 INR/tonne), although billet prices in Durgapur and Raipur slipped by 4.20 USD/tonne (400 INR/tonne) and 1.05 USD/tonne (100 INR/tonne), respectively. Export sentiment remained subdued, with Indian HRC offers heard at 490 USD/tonne FOB to European buyers and 520 USD/tonne FOB to Middle Eastern buyers. But buyers were not interested in these levels amid the availability of lower-priced material from other regions. Domestic raw material prices softened in July, led by lower iron ore and manganese ore prices. NMDC reduced Baila lump (65.5%) prices by 4.4% month on month to 57.10 USD/tonne (5,450 INR/tonne) and Baila fines (64%) by 3.1% to 49.30 USD/tonne (4,700 INR/tonne), while MOIL's 37% Mn lump ore declined 5.0% to 194.20 USD/tonne (18,529 INR/tonne).

August rebar planned production at 7.2229 million mt, down 96,100 mt or 1.31% from July actual output. August wire rod planned production at 3.0722 million mt, down 120,800 mt or 3.78% from July actual output. Export planned production of long products at sampled steel mills in August was 590,000 mt, down 63,000 mt MoM, with billet export planned production at 320,000 mt, down 30,000 mt MoM.

[India] The long steel market was largely steady, with trading activity remaining subdued as the monsoon continued to weigh on construction demand. In northern Mandi Gobindgarh, MS billet and ingot prices held flat at 448 USD/tonne EXW (42,600 INR/tonne), reflecting stable market sentiment. Elsewhere, Mumbai ingot prices edged up by 2 USD/tonne to 434 USD/tonne EXW (41,300 INR/tonne). Conversely, HRC prices moved lower, with Mumbai ex-works quotes slipping 5.25 USD/tonne daily to 599 USD/tonne EXW (57,000 INR/tonne), while export offers to Europe were heard at 640–650 USD/tonne CFR. On the rebar front, quotes stood at 469.5 USD/tonne EXW (44,700 INR/tonne) in Mumbai and 457 USD/tonne EXW (43,500 INR/tonne) in Raipur.

The negative China-related measures taken by the US Federal Communications Commission and the US Department of Homeland Security seriously violate the important consensus reached by the two heads of state and seriously undermine China’s legitimate rights and interests. On August 5, a spokesperson for the Ministry of Commerce stated that China has no choice but to respond with necessary countermeasures, including: strengthening export controls on drones and their key parts and technologies to the US, and suspending the China Compulsory Certification

[Turkey] Supported by rising billet costs, the Turkish long steel market held firm overall this week, though sluggish end-user demand prevented a broader price surge. In the rebar sector, after Karabük mill concluded large-volume billet transactions at higher prices, coupled with escalating fuel costs, mills in the Marmara region showed strong resistance to price cuts, pushing domestic rebar offers up to 580 USD/tonne EXW (excl. VAT). However, given tight buyer liquidity and earlier partial restocking, mainstream producers in Iskenderun and Izmir maintained quotes at 570 USD/tonne EXW, leaving export offers steady at 575 USD/tonne FOB amid subdued trading. In the wire rod market, buoyed by domestic price hikes from major producers, Turkish wire rod export quotes advanced in tandem to 585 USD/tonne FOB.

Tata Steel has approved capital expenditure of 3.54 billion USD for its subsidiary Neelachal Ispat Nigam Limited in Odisha. The project will add 4.8 million tonnes of annual capacity, raising the mill’s total capacity to 6.3 million tonnes. Following the expansion, Tata Steel’s operational capacity in India will reach 27.4 million tonnes per year, supporting its longer-term target of 40 million tonnes and strengthening its presence in higher-margin branded long steel products.

Stronger HRC realizations and a higher share of value-added steel helped Jindal Steel offset lower sequential production and rising raw material costs in Q1FY27. As India's steel demand continues to outpace global markets, the company's earnings outlook will depend on capacity ramp-up, domestic steel prices, coking coal costs and import competition.

JSW Steel expects production and sales to strengthen from Q2 FY27 as the expanded Blast Furnace-3 at Vijayanagar ramps up, while reaffirming an aggressive capacity expansion pipeline spanning Dolvi, Odisha, Utkal and Kadapa. Despite the planned BF-3 shutdown, the company reported record first-quarter steel sales of 6.25 million tonnes, supported by resilient domestic demand and a 46% year-on-year increase in exports.