Several Chinese Taiwan stainless steel producers reported strong May revenue growth on the back of market recovery and firming prices. Cold-rolled sheet producer Chien Shing led the sector with a revenue surge to NT$238 million, driven by downstream distributors rushing to restock as LME nickel prices strengthened. Ta Chen International posted NT$11.7 billion in May revenue, up 42.5% YoY, supported by expanded local production and strong pricing power at its Texas facility in the high-tariff US market. Stainless steel pipe maker Froch recorded a 37.9% YoY increase to NT$1.19 billion, underpinned by robust demand from domestic semiconductor plant expansions and inventory replenishment in Europe and the US.

European stainless steel prices are expected to continue rising over the coming weeks and months, with potential extensions to delivery times. The anticipated increases are driven by renewed rises in alloy surcharges and the imminent start of the EU safeguard successor measure on July 1, 2026. Adding to supply tightness, major EU stainless steel producers have reportedly already closed their order books, which could further extend lead times.

Marking the one-year anniversary of the US imposing a 50% Section 232 tariff on Canadian steel, the Canadian Steel Producers Association (CSPA) is urging the removal of the measure ahead of the US-Mexico-Canada Agreement (USMCA) review period beginning July 1, 2026. Prior to the trade conflict, Canada was the largest supplier of steel to the US, but shipments have plummeted by 60% in 2025 as a result of the tariffs. With Canada having already adopted strict trade policies to block global overcapacity from China, the CSPA argues the tariffs are unjustified and disruptive to the integrated North American supply chain, pushing for a collaborative "Fortress North America" approach instead.

【SMM Steel】The European Commission launched a four-week targeted consultation on June 4 running through July 2 on documentary evidence required to verify the country of melt and pour for steel imports. The consultation engages steel producers traders importers and industry associations. The resulting Implementing Act is scheduled for adoption by August 31 2026 and will take effect on October 1 2026. The melt and pour rule establishes steel origin based on where it was first melted and cast preventing circumvention via minimal processing in third countries. The EU Steel Regulation takes effect July 1 with duty-free import cap of 18.3 million tonnes and 50% tariff on volumes exceeding quotas.

[SMM Stainless Steel Daily Review] SS Futures Strength Lifted Spot Prices; Producers Held Prices Firm, Supporting Short-term Price Resilience SMM, June 2: SS futures rose sharply. Driven by the overall strength in non-ferrous metal futures, SS also rose. As of the close, the most-traded SS contract settled at 15,065 yuan/mt. Spot market side, driven by the sharp rise in SS futures, stainless steel spot prices were raised in tandem. Fueled by the sentiment to rush to buy amid continuous price rise and hold back amid price downturn, trading activity picked up. Although the market was currently in the off-season with slightly insufficient confidence, stainless steel producers still had the willingness to hold prices firm, and social inventory had not yet shown significant accumulation. Despite slightly sluggish downstream demand, short-term prices were expected to remain firm. The most-traded SS futures contract strengthened and probed higher. At 10:15 AM, SS2607 was quoted at 14,149 yuan/mt, up 110 yuan/mt from the previous trading day. Spot premiums for 304/2B in the Wuxi area were in the range of 275-725 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi remained flat; for cold-rolled untrimmed 304/2B coil, the average price in Wuxi rose 100 yuan/mt and in Foshan rose 25 yuan/mt; cold-rolled 316L/2B coil prices in Wuxi rose 150 yuan/mt; hot-rolled 316L/NO.1 coil in Wuxi rose 50 yuan/mt; cold-rolled 430/2B coil in both Wuxi and Foshan remained stable. This week, the stainless steel market saw futures edge up slightly while spot prices stabilized sideways. The futures-spot linkage was weak, and the market officially entered the traditional consumption off-season, with intensifying tug-of-war between longs and shorts on fundamentals. Traders had weak confidence in the market outlook...

Vietnam News Agency reported on May 25 that the World Steel Association (Worldsteel) recently released the list of the world's top 10 crude steel producing countries, with Vietnam making the list for the first time. Specifically, the World Steel Association estimated that Vietnam's crude steel (steel billet) production reached 2.1 million mt in April 2026, up 4% YoY. With this production volume, Vietnam surpassed Italy and entered the global top 10 steel producing countries for the first time. In the first four months of this year, Vietnam's cumulative crude steel production reached 8.5 million mt, up 8.4% YoY. According to information released by the Vietnam Steel Association, Vietnam's steel industry has achieved leapfrog development in both production scale and product variety.