At 4:15 PM on June 8, 2026, a ladle explosion at the SMS-1 steelmaking shop of Visakhapatnam Steel Plant (VSP) — operated by Rashtriya Ispat Nigam Limited (RINL) — unleashed molten metal at over 1,500°C onto the working platform below Caster-2. According to a preliminary report by India's Chief Inspector of Factories, the cause was a sudden release of gas entrapped within the liquid steel, which ruptured the ladle seal before the sliding gate was opened, triggering a catastrophic spill.

\LME aluminium prices have retreated steadily from their late-May peak, falling from nearly $3,680 per metric ton to around $3,480 per metric ton. More notably, the LME aluminium Cash-3M spread narrowed sharply over just one week, dropping from a cash premium of $104.56 per metric ton on June 1 to $15.17 per metric ton on June 9, a loss of nearly $90 per metric ton. This marks the steepest contraction in the backwardation structure since the outbreak of the Middle East conflict.

[SMM Steel] The global flat steel market in 2026 is being reshaped by chronic overcapacity, rising regional protectionism, CBAM-related pressure, and weaker traditional steel margins, according to discussions at Steel 2026 in Izmir. Market participants said weak demand in major economies and continued Chinese exports are putting downward pressure on international flat steel prices. Turkish and European producers are under growing pressure from low-cost Asian imports, tighter EU carbon rules, and shrinking margins. CBAM and quota policies are also changing export costs and trade flows, while service centers are expected to play a larger role in processing, financing, inventory management, and short-term delivery.

[SMM Steel] Nippon Steel reported FY2025-26 net profit of JPY44.75 billion, down sharply from JPY382.97 billion a year earlier, while sales rose 15.7% YoY to JPY10.06 trillion. Operating profit fell 55.7% YoY to JPY242.9 billion. Crude steel output increased 27.5% YoY to 50.48 million mt, while shipments declined 1.5% YoY to 31.16 million mt. The company warned that weak global steel demand, rising low-priced Chinese exports, trade protectionism, and Middle East geopolitical risks could continue pressuring earnings.

A Chinese energy and chemical firm plans to build a magnesium alloy project in Turkmenistan, leveraging local resources and Chinese technology. Meanwhile, Brazil sharply raised anti-dumping duties on Chinese magnesium ingots to $4.07/kg, effectively closing direct export channels.

Recent Middle East conflicts have disrupted the region's booming energy storage market, a major destination for Chinese exports. To assess the real impact on Chinese supply chains and project deliveries, we must analyze baseline demand amidst these geopolitical uncertainties.