From July 1, a 50% out-of-quota tariff grabs the headlines — but for stainless steel, the real rule change is "melt-and-pour" origin, and it rewrites who counts as the producer.

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.

India's state-run steelmaker RINL has suspended operations at its Steel Melt Shop 1 (SMS-1) following an explosion on June 11 that killed nine workers and critically injured several others. During the incident, casting machines 1–4 were in operation. A second explosion at machine 2 occurred just 20 minutes later, disabling a crane and damaging equipment. Preliminary investigations point to a sudden release of trapped gases (oxygen, hydrogen, nitrogen) in molten steel as the likely cause. A separate molten metal spill at SMS-2 was reported 15–20 minutes prior. Operations remain halted.

【SMM Steel】A ladle carrying molten steel exploded on June 8 at RINL's Visakhapatnam Steel Plant in Andhra Pradesh, killing 8 workers and injuring 6 others. PM Modi announced ex-gratia of 2400 USD per deceased and 600 USD per injured. Steel Minister Kumaraswamy announced 30000 USD per deceased and 12000 USD per injured, plus housing until retirement age and permanent jobs for eligible family members. A three-member expert committee has been formed to investigate the accident. Former CM Jagan linked the tragedy to massive workforce reductions: about 6500 contract workers laid off and 3000 voluntary retirements in recent years, arguing that staff cuts are eroding safety systems.

Against the backdrop of accelerating global energy transition and digital economy development, silver—a strategic metal possessing both industrial and financial attributes—is witnessing profound transformation across its industry chain. On one hand, demand for silver from emerging sectors such as PV, NEVs, and 5G communications continues to climb, driving the industry toward higher value-added and greener upgrades; on the other hand, resource constraints, technological barriers, and market fluctuations impose higher requirements on industry chain resilience, urgently calling for innovation-driven coordinated development across the entire chain. Dual Drivers of Policy and Market Under China's "dual carbon" goals and the global ESG investment wave, the silver industry faces pressing demands for green production, recycling, and low-carbon technologies. 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Join us to witness and participate in this remarkable and far-reaching industry event, and together create a brilliant new chapter! Shanxi Jinwu Energy Co., Ltd. is a production-oriented enterprise integrating R&D, production, sales, and services, with an annual production capacity of 200kt of high-end foundry briquette coal (briquette coke) and 200kt of carbon products (carburizers). Located in Huayu Town, Jishan County, Shanxi Province, the company was established in October 2005, with a registered capital of 68 million yuan, covering an area of over 300 mu, and employing more than 500 people. Over the years, the company has adhered to the mission and business philosophy of "Products reflect character, quality is life, aligning with the world, and creating international brands." The company has obtained 6 national invention patents and 31 utility model patents, passed the ISO triple management system certification, and is recognized as a Shanxi Province high-tech new-type enterprise, a "Single Champion in High-end Foundry Briquette Coal" enterprise, and a national-level specialized, refined, distinctive, and innovative "Little Giant" enterprise. Foundry briquette coal (briquette coke) was an encouraged project under the national " 12th Five-Year Plan" and "13th Five-Year Plan. " This technology was a domestic first and world-leading innovation, fully aligned with the "Six New " strategy proposed by the state, and is a typical representative of carbon-based new materials. After more than a decade of dedicated R&D, the company broke through technical bottlenecks and successfully developed the environmentally friendly Ash-8 and Ash-10-series "Jinwu" brand high-end foundry briquette coal (briquette coke), produced with anthracite as the primary raw material . 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Carburizers can be used in steel mills and foundries to adjust the carbon and oxygen content of molten steel, modifying its rigidity and toughness, thereby enhancing the nucleation capability of molten steel and the intrinsic quality of steel billets. It is an indispensable auxiliary additive for producing high-quality steel and castings. The products have long been leading both international and Chinese markets. Internationally, products are exported to Japan, South Korea, and various Southeast Asian countries; domestically, the sales network covers more than 20 provinces and cities, with partner steel enterprises including Zhejiang Tsingshan Steel, Jiangsu Binxin Steel, Xuzhou Steel, Jinnan Steel, and other well-known steel enterprises. Contact Information 15582980888 15333598563 Long press to scan the code and register now 2026 SMM (7th) Silver Industry Chain Innovation Conference

[SMM Analysis] Raw Material Prices See Slight Correction, Stainless Steel Mill Profits Expand This week, both stainless steel production costs and prices pulled back slightly, and steel mill profits expanded accordingly. Using 304 cold-rolled as the calculation benchmark, the current raw material-based profit margin was 2.19%, while the low-level inventory raw material-based profit margin reached 3.67%. Overall industry profitability was moderate, and steel mills therefore maintained high production schedules. On the nickel-based raw material cost side, high-grade NPI prices first declined then rose this week, showing an overall slight pullback. During the week, news emerged that Indonesia planned to unify ferroalloy exports under state-owned enterprise operations. Although stainless steel scrap still held a notable cost-effectiveness advantage and steel mills had a strong desire to bargain down prices, supply uncertainty fueled a strong market sentiment to hold prices firm and hold back from selling, and prices ultimately stopped falling and stabilized. As of this Friday, mainstream high-grade NPI with a grade of 10-12% fell 4.5 yuan per nickel unit, closing at 1,140.5 yuan/nickel unit. Stainless steel scrap market, prices pulled back this week. The decline was driven by the combined impact of multiple bearish factors, including weak spot cargo performance in finished products, steel mills pushing for lower raw material prices, and downward adjustments in molten steel quotes. However, the decline was limited for the following reasons: the tight tax invoice situation was expected to ease, trading pain points were being gradually resolved, and steel mill purchase expectations rose accordingly. In addition, steel scrap held a greater cost-effectiveness advantage over NPI, and coupled with steel mills still being profitable and rigid demand remaining robust, prices were effectively supported. The overall pattern showed "weakening spot cargo, cost support, and recovering expectations," and short-term prices were expected to fluctuate in tandem with finished products, with limited downside room. As of this Friday, mainstream 30 in the Shanghai area...