【SMM Steel】On Apr 10, 2026, the Guixin Steel Indonesia project, a JV between Guangxi Guixin Steel Group and Tsingshan Holding Group, was fully commissioned at the Tsingshan Industrial Park in Central Sulawesi. The project involved converting a former nickel-iron BF into a 1,216m³ carbon steel BF. The facility includes a 210㎡ sinter plant, two 12㎡ shaft furnace pelletizing units, a 100T BOF, and full-process CC & HR lines. It will produce >1.8 Mt/y of quality steel billets/products. SMM understands it currently mainly produces slabs, with billets expected in August and HRC later. The capacity will fill regional carbon steel gaps and impact semi-finished/flat steel trade flows in SE Asia.

Recently, the Malaysian stainless steel market has been roiled by supply chain disruptions as multiple shipments of cold-rolled stainless steel from Indonesian Tsingshan faced severe customs clearance hurdles. This abrupt "stuck at customs" situation triggered strong concerns among local downstream processors regarding supply stability and spot price volatility. However, a recent gazette issued by the Malaysian Federal Government has finally turned the tide, though the underlying policy chess game is far from over. The Resolution: Official Exemption for Specific Indonesian Entity On March 6, 2026, the Attorney General's Chambers of Malaysia officially published the Customs (Anti-Dumping Duties) Order 2026 (Amendment) Order 2026 under gazette P.U. (A) 120. This document provides a crucial correction to the anti-dumping policy regarding Indonesia. Under the amended schedule for "The Republic of Indonesia," the broad category of "Other producer or exporter" has been redefined to explicitly exclude PT Indonesia Ruipu Nickel and Chrome Alloy (a subsidiary of Tsingshan Holding Group) . Effective Period and Retroactivity: The amendment is backdated, officially effective from January 15, 2026, to April 23, 2026 . Affected Products and HS Codes: The policy applies to cold-rolled stainless steel in coils, sheets, or any other form with a thickness of not more than 6.5 millimeters. The specific Malaysian Harmonized System (HS) Codes are: 7219.31.00 00 7219.32.00 00 7219.33.00 00 7219.34.00 00 7219.35.00 00 7220.20.10 00 7220.20.90 00 (Note: Excludes cold-rolled stainless steel with bright annealed (BA), No. 8 mirror finish, embossed, rigidised, etched, or coloured finishes, or those with a hardness value exceeding 250HV). Historical Trace: Was the "Customs Hold-Up" an Administrative Glitch? SMM's review of historical gazettes reveals that Indonesian Tsingshan had long held a "tax-free shield." Back on April 26, 2021, when Malaysia enacted the Customs (Anti-Dumping Duties) Order 2021 [P.U. (A) 197], which imposed a 5-year anti-dumping duty on cold-rolled stainless steel from Indonesia and Vietnam, PT Indonesia Ruipu Nickel and Chrome Alloy was explicitly exempted from the onset. However, as the policy entered a renewal/transition phase in early 2026 (post-January 15), it appears an administrative oversight occurred. The exemption clause was not automatically carried over, causing incoming shipments to be slapped with the maximum 34.82% duty designated for "Other Indonesian producers," leading to the customs blockage. The retroactive amendment published on March 6 essentially rectifies this glitch, reinstating the company's exemption status and allowing the stranded cargoes to clear customs rapidly. The Ultimate Suspense: The "April 23" Sunset Countdown While the immediate clearance crisis is resolved, SMM notes that a much larger policy countdown is looming. The "April 23" deadline set in the latest gazette is not arbitrary. According to the original 2021 directive, Malaysia's 5-year anti-dumping measure against Indonesian stainless steel has a statutory expiration date of April 23, 2026 . This means the entire Southeast Asian stainless steel trade network will face a critical Sunset Review node in just over a month: Import Rush: With only a month left in this guaranteed "tax-free window," Indonesian exporters will likely expedite shipments. This could result in a short-term flood of Indonesian spot materials into the Malaysian market, pressuring local prices. Policy Reshuffle: Post-April 23, if the Ministry of Investment, Trade and Industry (MITI) does not extend the anti-dumping duties, other Indonesian mills will regain low-cost access to Malaysia. Conversely, given Malaysia's strong protectionist stance—evidenced by the 2023 administrative review [P.U. (A) 225] which levied duties against China, Korea, and Thailand—if MITI extends the measures, can Tsingshan maintain its exclusive exemption in the new cycle? This decision will dictate ASEAN stainless steel pricing dynamics in the second half of the year. SMM will continue to track MITI's upcoming sunset review announcements and customs data to monitor shifts in Southeast Asian stainless steel trade flows.

The cooperation between Wenzhou Design Holding Group Industrial Institute and Tsingshan Holding Group's REPT Battero Energy Co., Ltd. continues to deepen, jointly promoting the development of the lithium battery industry. Leveraging its strength in chemical engineering design, the Industrial Institute has successively undertaken projects such as technological transformation and safety design for REPT Battero's existing plant areas, comprehensively supporting project progress. Recently, the Industrial Institute successfully secured the construction project for REPT Battero's energy manufacturing base, marking significant progress in the field of new energy engineering.

【Huayou Recycling and Ruipu Lanjun Achieve Strategic Partnership in Global Lithium Battery Recycling】On April 22, 2024, Zhejiang Huayou Recycling Technology Co., Ltd. (hereinafter referred to as "Huayou Recycling"), a subsidiary of Huayou Cobalt, and Ruipu Lanjun Energy Co., Ltd. (hereinafter referred to as "Ruipu Lanjun"), a subsidiary of Tsingshan Holding Group, officially signed a strategic cooperation agreement on battery recycling at Ruipu Lanjun's Wenzhou headquarters. Both parties will carry out global cooperation within the lithium battery value chain. Wu Yanjun, Executive Director of Ruipu Lanjun, and Bao Wei, General Manager of Huayou Recycling, attended the signing ceremony. Based on their respective advantages, the two parties will cooperate in areas such as battery reuse, waste recycling, carbon footprint, and OEMs, and further carry out cooperation in battery procurement, transportation and collection, storage, discharge, disassembly, diagnosis and testing, research and development, integration, sales, maintenance, and scrap battery collection/recycling, waste recycling carbon footprint tracking, etc.

[Tsingshan Holding Group's subsidiary REPT plans to build its first overseas battery factory in Indonesia, with potential production start as early as next year]

According to the Bloomberg News this week, German chemicals giant BASF is considering establishing a lithium processing plant in Chile.