The first-phase target has increased from 17 GW to 30 GW, but storage, grid readiness, financing and local-content rules will determine how quickly policy ambition becomes equipment demand.

This week, ferrous metals trended mostly higher, with performance varying slightly among varieties. Coking coal and coke were the strongest performers, while iron ore and finished steel posted relatively limited gains. During the week, safety supervision remained stringent, the pace of production resumptions at coal mines fell short of expectations, and structural shortages of coking coal grades further deepened, leading coking coal futures to continue rising. Coking plants suffered heavy losses...

According to reports, the Hyundai Motor Union (Metal Workers' Union Hyundai Motor Branch) launched a full strike on the 21st due to a deadlock in this year's wage and labor negotiations. This is the first time the union has taken such action since 2016. As a result, all production lines at the Ulsan, Jeonju, and Asan plants were shut down that day. Because both day-shift and night-shift workers went on strike for 8 hours each, the production lines were actually suspended for 16 hours that day. Currently, the labor and management sides are locked in a tug-of-war over three demands: raising bonuses, reinstating employees fired for union activities, and extending the retirement age. The negotiations remain deadlocked, with differences yet to be resolved.

[SMM Tin Morning Briefing: Night Session Consecutive Gains Stabilized at 428,000, Downstream Mainly Rigid Demand Price Fixing at 424,000-426,000]

According to SMM statistics, total construction steel inventory this period was 8.3259 million mt, down 217,100 mt MoM (-2.54% MoM), shifting from increase to decline. Both mill inventory and social inventory destocked to varying degrees. Social inventory destocking accelerated notably as arrivals dropped. With the dock closure now lifted, subsequent concentrated arrivals of construction steel may lead to social inventory accumulation.

Metinvest's Italian subsidiary, Ferriera Valsider, officially declared force majeure in mid-August 2026 after an unforeseeable breakdown forced the complete shutdown of its hot-rolled coil and heavy plate production lines. The company suspended all contractual performance terms, citing an inability to immediately determine the duration of the significant disruption. Technical teams are currently assessing the damaged equipment to establish a reliable repair timeline and restore normal operations.