Daily Update — November 06, 2025
Steelmaking Decarbonization; Open Compute Project; and Basmati Rice Exports in Asia
Today is Thursday, November 6, 2025, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.
Energy Transition & Sustainability
European steelmakers trade short-term pain for long-term gain in decarbonization
The European steel industry is changing its policies to support domestic companies, but steelmakers in the region are struggling to balance their decarbonization commitment timelines with an unfavorable market environment. Most integrated mills are transitioning from traditional high-emission blast furnaces to lower-emission electric arc furnaces, and many plan to establish low-emission metallics production with a direct reduced iron plant.
But there has been a marked increase in headlines this year about the feasibility and pace of the industry's shift toward lower-carbon steelmaking, with a flurry of announcements about project alterations and delays in decarbonization efforts. In the latest example, Swedish lower-carbon-emission steel startup Stegra said in October that it is seeking €975 million in additional funding.
Artificial Intelligence
Listen: Open Compute Project Summit | Next in Tech
The equipment that fills data centers is rapidly changing to fulfill the appetite of AI applications. AI requirements are necessitating greater scale, both logically and physically, with the width of server racks doubling in the Open Rack Wide specification to support greater density and better serviceability.
Similarly, the summit of the Open Compute Project, founded by Facebook to promulgate equipment standards, has grown from a small specialized gathering to an event that strains the capacity of the San Jose Convention Center. S&P Global Market Intelligence Senior Research Analyst Perkins Liu returned to the “Next in Tech” podcast with host Eric Hanselman to explain this growth.
Global Trade
India, Pakistan vie for basmati rice export dominance
India’s total rice output is nearly 15 times that of Pakistan, with steady growth anticipated, while Pakistan is expected to recover in 2025–26. India has surpassed Pakistan in Basmati exports over the past five years, focusing on markets such as Saudi Arabia, Iran and Iraq. Meanwhile, the United Arab Emirates, Saudi Arabia and Afghanistan continue to be major purchasers of Pakistani Basmati.
The EU — a significant importer of Basmati — is a critical market for the ongoing geographical indication dispute between India and Pakistan. As the situation develops, legal proceedings at various international forums, including the World Trade Organization, are becoming increasingly intriguing. Additionally, Pakistani Basmati prices are under increasing pressure from Indian exports, especially after India lifted its 2024 export ban, affecting trade dynamics for both nations.
In case you missed it
- Vietnam's domestic cement sales totaled about 18 million metric tons in the third quarter, equivalent to about 79% of second-quarter volumes, according to data released from the Vietnam Cement Association.
- South Korea unveiled a road map to restructure its domestic steel industry, which includes cutting oversupply of certain steel products.
- The number of North American insurance deals increased in the third quarter compared with the first two quarters, even as the industry's aggregate transaction value fell.
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