News, June 22, 2026: According to China Customs statistics, China’s total imports of high-carbon ferrochrome reached 131,000 tonnes in May 2026, falling 9.7% month-on-month and 15.62% year-on-year. Imports from South Africa stood at 10,000 tonnes, down 71.45% month-on-month and 37.18% year-on-year; Imports from Kazakhstan hit 84,700 tonnes, rising 10.18% month-on-month while slipping 13.87% year-on-year. From January to May 2026, China’s cumulative imports of high-carbon ferrochrome totalled 677,900 tonnes, a year-on-year drop of 45.5%. Cumulative imports from South Africa: 100,100 tonnes, plunging 83.0% year-on-year; Cumulative imports from Kazakhstan: 395,600 tonnes, edging down 9.9% year-on-year. South Africa's preferential electricity tariff of 0.62 rand per kWh has officially obtained approval from Nersa. Top ferrochrome producer Glencore-Merafe has withdrawn the clause involving 189 job cuts. Although South Africa's ferrochrome sector has entered full production resumption, output has not seen a notable jump, with monthly ferrochrome exports remaining at a relatively low range of 70,000–100,000 tonnes. Kazakhstan maintains steady production with limited fluctuations in its ferrochrome exports and supply volume. On the whole, China's ferrochrome imports will stay at a low and stable level in the short run.

【SMM Steel】The British Chamber of Commerce has warned that new steel import quotas effective July 1 will severely impact SMEs in steel-consuming sectors. The UK's annual steel demand is ~10.3m tonnes, while domestic production covers only ~2.6m tonnes. William Bain, BCC Head of Trade Policy, said companies face millions in losses once quotas are exhausted, with some considering relocation to the EU. The BCC urges the government to scale back quota cuts, phase in the 50% tariff, and extend transitional arrangements.

【SMM Steel】In 2025 EU steel production hit a historic low of 125.8mt down 2.9% while apparent consumption rose 4.4%. The growth was absorbed by a 14% import surge pushing import share from 27% to 30%. EUROFER warned the sector lost 30000 jobs and 30mt of capacity in five years. The outlook remains subdued due to US tariffs geopolitical tensions weak demand and high energy prices, with consumption expected to grow 0.4% in 2026 and 2.2% in 2027 though still below pre-pandemic levels.

On June 22, China’s MOFCOM imposed export controls on 10 US entities, including rare earth giants MP Materials and USA Rare Earth, retaliating against the US expansion of its "Chinese Military Companies List" on June 8. While largely symbolic for China's magnet exports, the move targets the Achilles' heel of US supply chain autonomy, threatening higher costs and delays for American defense and rare earth projects.

Sila Nanotechnologies, Inc. and Georgia Tech Research Corporation filed a Section 337 complaint with the U.S. International Trade Commission (ITC) on June 18, alleging that certain anode materials used in battery cells and batteries violate Section 337 of the U.S. Tariff Act of 1930 through their importation, sale, or distribution in the United States. The filing concerns lithium battery anode materials and is currently at the complaint stage pending ITC review.

New Fed Chair Warsh adjusted the Fed's communication framework during his first quarterly press conference, downplaying the emphasis on dot plot guidance and cautioning the market against overinterpreting policymakers' interest rate projections. He did not submit his own individual projections. Warsh stated that the current high inflation is sustained by three long-term factors—energy, tariffs, and housing—rather than a short-term one-off disturbance, and that price stability is the primary policy goal. Warsh did not lock in a fixed interest rate path, stressing that rates could be adjusted in either direction at every meeting and that the Fed would not proactively cut interest rates solely to boost the economy. Over the longer term, AI is expected to improve productivity and ease inflation pressures after 2027, becoming the core prerequisite for rate cuts. Warsh's overall stance was hawkish, further extinguishing near-term market expectations for rate cuts and driving a notable rise in market-implied probabilities of a year-end interest rate hike.