BigMint (formerly SteelMint/CoalMint)

India’s Copper Output Surges 25% in FY’26 | What’s Driving the Expansion? | BigMint Updates India’s copper sector is entering a new growth phase, with production surging and major investments coming in. New capacities, expanding players, and strong demand from EVs and infrastructure are reshaping the market. But there’s a hidden risk-one that could impact future growth despite rising output.

Mahanadi Coalfields Limited conducted its non-coking coal auction on 30 April 2026, offering around 2,774,700 t. Against this, total allocation stood at 448,000 t (around 16%) reflecting relatively weak participation and cautious buying sentiment amid softer domestic prices and subdued industrial demand.

BigMint's flagship India steel composite index, a barometer of the domestic market, fell by 1.1% w-o-w, as assessed on the week ending 1 May 2026, with domestic steel prices shedding most of the gains made in April to slip back to levels last seen in end-March. The index fell for the third straight week as market sentiments softened with the geopolitical conflict in the Middle East subsiding somewhat and buyers showing resistance to high prices.

India's Stainless Steel Flat Imports Crash 27% in FY'26 | What’s Changing? India’s stainless steel flat imports have dropped sharply, but this isn’t just a decline; it signals a deeper structural shift. With major suppliers like China and Indonesia losing ground, and domestic production rising, the market dynamics are changing fast.

Global crude steel production slipped by 2.3% y-o-y to 459.2 mnt in January-March 2026, as per @worldsteel data covering 69 reporting countries. The decline was driven by a 4.6% contraction in China, the largest producing country, with crude steel output from the rest of the world rising marginally by around 1%. Notably, in March, Vietnam surpassed Iran as the tenth-largest producer, with a 10% rise to an estimated 6.4 mnt. worldsteel data suggests that Iran's crude steel production more than halved y-o-y to 1.5 mnt, reflecting the impact of the US-Iran conflict.

India proposes mandatory recycled steel use in autos under revised ELV rules. From FY27, at least 10% of steel used in new vehicles must be recycled, alongside expanded EPR obligations across multiple waste streams. This shifts compliance from disposal to material sourcing within the auto value chain.

The Directorate General of Trade Remedies (DGTR) has recommended extending anti-dumping duties (ADD) on low-ash metallurgical coke imports for an additional five years. However, the proposed definitive duty range of $42.95-128.8/t is lower than the current provisional duties ($60.87-130.66/t), resulting in mixed market sentiment.

India: HRC-rebar spread narrows sharply in Apr’26 as flat steel extends outperformance The HRC-rebar spread tightened to -INR 1,200/t in Apr’26, from -INR 3,200/t in Mar and -INR 4,900/t in Feb, marking a second consecutive month of compression. The shift was driven by stronger gains in HRC, which rose INR 2,500/t m-o-m to INR 59,100/t, compared with a INR 500/t increase in rebar to INR 60,300/t. This signals a clear reversal in segmental pricing momentum, with flat steel now outperforming after a period of relative underperformance.

Crude steel production reached 15.32 mnt in Mar’26, driven by sustained capacity ramp-up and high utilisation. At the same time, steel imports have fallen sharply to ~0.5–0.6 mnt/month, signalling stronger domestic supply substitution.But industrial momentum is softer. Manufacturing PMI has eased to 53.9, indicating production is running ahead of broader demand. The shift is clear: growth is becoming supply-led, with rising input intensity as coal demand increases.

DGTR Recommends 5-Year Anti-Dumping Duty on Low-Ash Met Coke Imports | BigMint Updates India is tightening its stance on low-ash met coke imports-but not in the way you might expect. DGTR has proposed extending anti-dumping duties for five years, but with lower rates than before. With imports declining and domestic production rising, the market is at a turning point

India's power system is facing acute stress in April as demand surges to record levels amid an intensifying heatwave. Combined with a shift in peak load to late evening hours, when renewables supply is not available, the widening gap between demand and available supply highlights growing stress across the system, with coal stocks declining, gas-based generation curtailed, and renewables unable to support evening peaks. Read the detailed Insight: bigmint.co/insights/detai…

#WATCH | India’s power demand hits a record 256 GW amid heatwave surge, as solar, coal and hydro keep the lights on while power stocks rally sharply @KarannJoshi639 shares key updates #PowerSector #India #Heatwave #Energy #Markets #ETNDdigitalfirst

Indias power system is facing acute stress in April as demand surges to record levels amid an intensifying heatwave. Combined with a shift in peak load to late evening hours, when renewables supply is not available, the widening gap between demand and available supply highlights growing stress across the system, with coal stocks declining, gas-based generation curtailed, and renewables unable to support evening peaks.

China’s steel exports fell 10% y-o-y to 24.7 mnt in Jan–Mar 2026, reflecting a broad-based slowdown across its core markets. The decline is concentrated where China sells the most. Shipments to the Middle East & Africa (-12%) and Southeast Asia (-13%)-together accounting for a majority share-both contracted sharply. East Asia (-16%) and South Asia (-19%) saw even steeper drops, pointing to weaker industrial and construction demand across Asia. Europe stood out with 53% growth, but from a low base and insufficient to offset losses elsewhere.

India’s trade remedy authority has recommended extending anti-dumping duties on low-ash metallurgical coke for five years- but at lower rates than currently applied. The proposed range of $42.95–128.8/t is below the provisional $60.87–130.66/t in force until June 2026. Final implementation now depends on government approval. The signal is balanced: continued protection for domestic producers, but with some cost relief for importers and steelmakers.

India has temporarily eased stainless steel import rules- and MSMEs could finally get some breathing room. With QCO exemptions now in place, raw material access may improve for key downstream sectors.

India's Ministry of Steel(@SteelMinIndia) has granted a temporary exemption from Quality Control Order (QCO) compliance for select stainless steel flat products, offering relief to MSMEs facing raw material procurement challenges. The order, issued on 27 April 2026 by the Technical Division, covers both semi-finished and final stainless steel flat products under specific Indian Standards.

India's primary copper industry in FY'26 is entering a new growth phase, supported by capacity additions and strategic investments aimed at strengthening domestic supply. Total refined copper production through the primary route stood at around 0.7 mnt, registering a robust growth of approximately 25% y-o-y compared to 0.56 mnt in FY'25. The growth is primarily driven by the ramp-up of new capacity at Kutch Copper and steady operations at existing players.

European ferrous scrap exports grew 5.8% y-o-y to 22.5 mnt in CY'25, as per data maintained with BigMint. This was driven by a 2.5% drop in crude steel output, indicating weaker domestic demand and higher reliance on exports.

Global iron ore export shipments rose 4.1% w-o-w to 28.7 mnt in the week ended 17 April, from 27.6 mnt a week earlier, according to BigMint data. Gains were primarily driven by a strong rebound in Atlantic basin shipments, particularly from Canada and South Africa, while Australia shipments moderated slightly after last week's surge.