【SMM Steel】Vietnamese steelmaker Vnsteel inaugurated a new warehouse in Khanh Hoa province, marking its return to the South Central Vietnam market. The project strengthens its nationwide logistics and distribution network. The new facility enhances Vnsteel's capacity to serve local distributors and construction projects. Beyond storage, it serves as a regional logistics center. The company aims to improve customer support, accelerate shipping, and solidify its standing in Vietnam's steel industry.

After the holiday, ferrous metals opened higher, but subsequent trends diverged—steel products and iron ore fluctuated at highs, while coke surged before pulling back. The strong rally during the week was mainly driven by disturbances outside China. During the holiday, the US-Iran standoff escalated with widening negotiation gaps, pushing raw materials to lead the gains in ferrous metals. Combined with capital inflows after the holiday, this provided a clear upward drive for prices. In the latter half of the week, market rumors suggested that Iran and the US had reached a consensus on easing the US naval blockade in exchange for the gradual reopening of the Strait of Hormuz, and bears increased their positions in coke. Data on the five major steel products were released, showing weakness in both supply and demand, with inventory not accumulating after the holiday. On the spot market side, traders had a strong willingness to hold prices firm, and purchases were made in both futures and spot cargo at low price levels...

[SMM Steel] UK Steel warned that Britain’s steel industry still relies heavily on imports, with domestic producers supplying only around 30% of local demand, far below levels seen in the EU and US. The association expressed concern that tighter EU quotas could hurt British exports, as around 80% of UK steel exports are shipped to the EU market. UK Steel also criticized growing preference for imported “green steel” produced via electric arc furnaces (EAF), warning that this trend could undermine investment in domestic steel decarbonization. The UK government plans to cut steel import quotas by 60% from July 1 and raise over-quota tariffs from 25% to 50%.

As of now, the FOB price of Indonesian MHP nickel was $17,629/mt Ni, and the FOB price of Indonesian MHP cobalt was $50,992/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) were 89.5-91, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 93. The FOB price of Indonesian high-grade nickel matte was $17,655/mt Ni.

On May 8, SMM battery-grade nickel sulphate average prices declined slightly.

Indonesian state-owned steel giant PT Krakatau Steel (Persero) Tbk (IDX: KRAS, hereinafter referred to as "Krakatau") released its 2025 consolidated financial statements on March 31, 2026. On the surface, the company recorded a net profit of 339.6 million USD (approximately 5.68 trillion IDR), its best performance since 2019. However, unpacking the core steel business reveals that the steel segment's operating loss in 2025 actually widened from 40.79 million USD in 2024 to 102.5 million USD.