The European Commission has launched a consultation on expanding the scope of its 2026 Steel Regulation, which cuts duty-free steel import quotas to 18.3 million mt/year, nearly 47% below 2024 levels, and raises the out-of-quota tariff to 50%. The regulation also introduces “melt and pour” traceability, requiring importers to identify where steel was originally melted and cast. The consultation considers adding four product groups, including stainless steel wire, steel wire, cast iron pipes and forged steel bars, and will remain open until September 30, 2026. The new rules could pose challenges for Vietnamese exporters using imported billets or hot-rolled steel, as products may be counted under the raw material’s country of origin rather than Vietnam. Vietnam’s steel exports to the EU already fell 18.3% in volume and 23.3% in value year on year in the first five months of 2026. Exporters, particularly those in stainless steel wire and steel pipes, are advised to closely monitor the consultation and engage with EU importers and industry associations.

[Turkey] Driven by frequent attacks on merchant vessels in the Black Sea and surging freight costs, shipping rates from the Russian Black Sea to Turkey have reached approximately 40 USD/tonne, prompting buyers to largely halt new order placements from the Black Sea region. This supply bottleneck pushed Turkish steel billet import quotes slightly higher to 490 USD/tonne CFR. However, with domestic finished steel demand remaining sluggish and mill capacity utilization running low, buyers have not engaged in panic procurement. Against this backdrop, Turkish buyers are substantively adjusting their procurement strategies, with delivered prices for Iranian billets via rail recently stabilizing at 480–485 USD/tonne.

On August 4, SMM’s Copper Division visited Ningbo Jinlong Copper Co., Ltd. in Ningbo for an on-site survey. They were warmly received by Chairman Liu, Sales Director Jin, and the core management team. During the discussion, the two sides had in-depth exchanges on the company’s current operational and development status, and conducted pragmatic discussions on core topics such as the supply-demand pattern of the copper billet processing industry, corporate strategic development plans, platform empowerment, and business collaboration. This visit further consolidated the long-term and stable cooperative partnership between the two sides, laying a solid foundation for deeper and broader collaboration in the future. Founded in 1989, Ningbo Jinlong Copper Co., Ltd. is located in the Zhenhai District of Ningbo. Specializing in the production of lead brass billets, copper wire, and profiles, it is a top-10 enterprise in the district that integrates manufacturing and trading. The company currently employs over 500 staff, including more than 40 senior and intermediate-level professionals, with total assets of 2 billion yuan. In 2017, it relocated to a new, well-equipped factory site with upgraded facilities at the intersection of Zhenhai Avenue and Jiulong Avenue. The company boasts excellent production equipment and strong technical capabilities, featuring advanced continuous casting and extrusion processing technologies for lead brass. It professionally produces round, square, hexagonal, and special-shaped brass billets, copper wires, and profiles according to European, American, and Japanese standards, such as 58-3A, HPb59-1, and Cw617n, with over 2,000 specifications. It also produces cast lead brass ingots, with an is expected to annual capacity is 80,000 mt. Its products are widely used in over 40 industries, including hardware, sanitary ware, plumbing, automotive parts, machinery, and electrical appliances, supplying high-quality raw materials to industrial enterprises. With the development of its foreign trade business, the company has established long-term, stable cooperative relationships with suppliers in multiple countries, fully ensuring the quality and quantity of raw materials. Technology drives progress, and innovation creates the future. To meet the demands of market competition, the company continuously optimizes its industrial layout and product mix, innovates its business models, and introduces new machinery and equipment, moving towards a direction of specialization, technology orientation, and brand building. Since its establishment, the company has adhered to the business philosophy of "people-oriented, integrity, and rigor." It focuses on technology, character, and product excellence, with customer satisfaction always remaining our ultimate goal. Contact Information Contact: Fan Hongxia 13506848669 Email: 8657@nbjinlongcopper.com Company Address: No. 388, Zhenhai Avenue (West Section), Luotuo Subdistrict, Zhenhai District, Ningbo City WeChat QR Code SMM Contact: Cai Enze 18550876001

As of July 30, China’s aluminum ingot inventory in major consumption areas stood at 953,000 mt. Cumulative destocking from the YTD high of 1.465 million mt in early May has reached 512,000 mt (-35%), with an additional accelerated destocking of 53,000 mt this week, breaking below the 1 million mt threshold as expected. However, the directional divergence between warehouse withdrawals and inventory has raised concerns...

As of July 30, China's major consumption regions reported aluminum ingot inventory of 953,000 mt, having cumulatively destocked 512,000 mt (-35%) from the year's high of 1.465 million mt in early May. Within the week, destocking accelerated further by 53,000 mt, as expected falling below the 1 million mt mark. However, the directional divergence between warehouse withdrawals and inventory drew attention: weekly warehouse withdrawals pulled back to 127,700 mt, losing the advantage of being at a high for the same period in the past four years. The core driving force of this destocking round has shifted from "demand and warehouse withdrawal boost" in June to "supply contraction + slowdown in shipment pace": the proportion of liquid aluminum rose to 78.3% in July, with casting ingot volume down 15.1% YoY; a sharp drop in arrivals in South China pushed Foshan's premium wider by 50 yuan/mt in a single week to 115 yuan/mt; SMM believes...

[Turkey] Supported by rising billet costs, the Turkish long steel market held firm overall this week, though sluggish end-user demand prevented a broader price surge. In the rebar sector, after Karabük mill concluded large-volume billet transactions at higher prices, coupled with escalating fuel costs, mills in the Marmara region showed strong resistance to price cuts, pushing domestic rebar offers up to 580 USD/tonne EXW (excl. VAT). However, given tight buyer liquidity and earlier partial restocking, mainstream producers in Iskenderun and Izmir maintained quotes at 570 USD/tonne EXW, leaving export offers steady at 575 USD/tonne FOB amid subdued trading. In the wire rod market, buoyed by domestic price hikes from major producers, Turkish wire rod export quotes advanced in tandem to 585 USD/tonne FOB.