From July 1, a 50% out-of-quota tariff grabs the headlines — but for stainless steel, the real rule change is "melt-and-pour" origin, and it rewrites who counts as the producer.

At 4:15 PM on June 8, 2026, a ladle explosion at the SMS-1 steelmaking shop of Visakhapatnam Steel Plant (VSP) — operated by Rashtriya Ispat Nigam Limited (RINL) — unleashed molten metal at over 1,500°C onto the working platform below Caster-2. According to a preliminary report by India's Chief Inspector of Factories, the cause was a sudden release of gas entrapped within the liquid steel, which ruptured the ladle seal before the sliding gate was opened, triggering a catastrophic spill.

India's state-run steelmaker RINL has suspended operations at its Steel Melt Shop 1 (SMS-1) following an explosion on June 11 that killed nine workers and critically injured several others. During the incident, casting machines 1–4 were in operation. A second explosion at machine 2 occurred just 20 minutes later, disabling a crane and damaging equipment. Preliminary investigations point to a sudden release of trapped gases (oxygen, hydrogen, nitrogen) in molten steel as the likely cause. A separate molten metal spill at SMS-2 was reported 15–20 minutes prior. Operations remain halted.

【SMM Steel】A ladle carrying molten steel exploded on June 8 at RINL's Visakhapatnam Steel Plant in Andhra Pradesh, killing 8 workers and injuring 6 others. PM Modi announced ex-gratia of 2400 USD per deceased and 600 USD per injured. Steel Minister Kumaraswamy announced 30000 USD per deceased and 12000 USD per injured, plus housing until retirement age and permanent jobs for eligible family members. A three-member expert committee has been formed to investigate the accident. Former CM Jagan linked the tragedy to massive workforce reductions: about 6500 contract workers laid off and 3000 voluntary retirements in recent years, arguing that staff cuts are eroding safety systems.

Against the backdrop of accelerating global energy transition and digital economy development, silver—a strategic metal possessing both industrial and financial attributes—is witnessing profound transformation across its industry chain. On one hand, demand for silver from emerging sectors such as PV, NEVs, and 5G communications continues to climb, driving the industry toward higher value-added and greener upgrades; on the other hand, resource constraints, technological barriers, and market fluctuations impose higher requirements on industry chain resilience, urgently calling for innovation-driven coordinated development across the entire chain. Dual Drivers of Policy and Market Under China's "dual carbon" goals and the global ESG investment wave, the silver industry faces pressing demands for green production, recycling, and low-carbon technologies. The NDRC's "14th Five-Year Plan for Circular Economy Development" explicitly calls for strengthening the recycling of precious metal resources, while international silver price fluctuations and geopolitical risks are compelling enterprises to enhance supply chain autonomy and controllability. Against this backdrop, the Silver Industry Chain Innovation Conference emerged, aiming to build a collaborative platform integrating government, industry, academia, research, and end-use applications, to address industry pain points, and to lead the industry toward high-end, intelligent, and internationalized development. Innovation Demands and Industry Pain Points Technological Breakthroughs: Silver purification processes, nano-silver material applications, and scrap recycling technologies urgently need breakthroughs to meet the demand for high-purity, low-cost silver in emerging fields such as PV silver paste and flexible electronics. Industry Chain Coordination: Information barriers exist across mining, smelting and processing, and end-use applications, requiring digital tools to achieve optimized resource allocation and risk sharing. Green Transformation: Traditional smelting processes are energy-intensive and highly polluting, necessitating the promotion of clean production technologies and circular economy models in response to global carbon neutrality commitments. Market Expansion: Silver's application potential in frontier fields such as hydrogen energy and quantum computing has not been fully explored, requiring strengthened cross-industry cooperation and standard-setting. Conference Objectives and Value Themed "Silver Chain Innovation · Intelligent Creation for the Future," this conference brings together global silver industry chain leaders, research institutions, financial institutions, and policymakers for in-depth dialogue around three core topics: technological R&D, supply chain optimization, and market expansion. Through releasing industry white papers, establishing innovation alliances, and signing major projects, the conference aims to drive the silver industry's transformation from "resource dependence" to "technology leadership," providing critical material support for the global energy revolution and digital economy. Shanxi Jinwu Energy Co., Ltd. will attend this grand event, joining industry peers to discuss industry development trends and work together to propel the silver industry to new heights. Click to register now. Join us to witness and participate in this remarkable and far-reaching industry event, and together create a brilliant new chapter! Shanxi Jinwu Energy Co., Ltd. is a production-oriented enterprise integrating R&D, production, sales, and services, with an annual production capacity of 200kt of high-end foundry briquette coal (briquette coke) and 200kt of carbon products (carburizers). Located in Huayu Town, Jishan County, Shanxi Province, the company was established in October 2005, with a registered capital of 68 million yuan, covering an area of over 300 mu, and employing more than 500 people. Over the years, the company has adhered to the mission and business philosophy of "Products reflect character, quality is life, aligning with the world, and creating international brands." The company has obtained 6 national invention patents and 31 utility model patents, passed the ISO triple management system certification, and is recognized as a Shanxi Province high-tech new-type enterprise, a "Single Champion in High-end Foundry Briquette Coal" enterprise, and a national-level specialized, refined, distinctive, and innovative "Little Giant" enterprise. Foundry briquette coal (briquette coke) was an encouraged project under the national " 12th Five-Year Plan" and "13th Five-Year Plan. " This technology was a domestic first and world-leading innovation, fully aligned with the "Six New " strategy proposed by the state, and is a typical representative of carbon-based new materials. After more than a decade of dedicated R&D, the company broke through technical bottlenecks and successfully developed the environmentally friendly Ash-8 and Ash-10-series "Jinwu" brand high-end foundry briquette coal (briquette coke), produced with anthracite as the primary raw material . This product features high fixed carbon, high strength, high calorific value, excellent hot metal carburizing effect, and high coke reactivity strength. The products have long been leading both international and Chinese markets. Internationally, the products are exported to Germany, Japan, South Korea, and other countries, and the company is a long-term supplier to world-renowned enterprises such as Toyota and Hyundai. Domestic sales cover 18 provinces and cities, and the company is a strategic partner of well-known enterprises including Meide Group, LONGi Group, Binglun Group, and Sanhuan Group. "Jinwu" brand foundry briquette coal (briquette coke) has become an essential raw material for high-end equipment manufacturing and was awarded the honorary title of "Quality Foundry Material" by the China Foundry Association. "Jinwu " brand carburizer is produced using high-quality anthracite and petroleum coke as the primary raw materials. Carburizers can be used in steel mills and foundries to adjust the carbon and oxygen content of molten steel, modifying its rigidity and toughness, thereby enhancing the nucleation capability of molten steel and the intrinsic quality of steel billets. It is an indispensable auxiliary additive for producing high-quality steel and castings. The products have long been leading both international and Chinese markets. Internationally, products are exported to Japan, South Korea, and various Southeast Asian countries; domestically, the sales network covers more than 20 provinces and cities, with partner steel enterprises including Zhejiang Tsingshan Steel, Jiangsu Binxin Steel, Xuzhou Steel, Jinnan Steel, and other well-known steel enterprises. Contact Information 15582980888 15333598563 Long press to scan the code and register now 2026 SMM (7th) Silver Industry Chain Innovation Conference

[SMM Analysis] Raw Material Prices See Slight Correction, Stainless Steel Mill Profits Expand This week, both stainless steel production costs and prices pulled back slightly, and steel mill profits expanded accordingly. Using 304 cold-rolled as the calculation benchmark, the current raw material-based profit margin was 2.19%, while the low-level inventory raw material-based profit margin reached 3.67%. Overall industry profitability was moderate, and steel mills therefore maintained high production schedules. On the nickel-based raw material cost side, high-grade NPI prices first declined then rose this week, showing an overall slight pullback. During the week, news emerged that Indonesia planned to unify ferroalloy exports under state-owned enterprise operations. Although stainless steel scrap still held a notable cost-effectiveness advantage and steel mills had a strong desire to bargain down prices, supply uncertainty fueled a strong market sentiment to hold prices firm and hold back from selling, and prices ultimately stopped falling and stabilized. As of this Friday, mainstream high-grade NPI with a grade of 10-12% fell 4.5 yuan per nickel unit, closing at 1,140.5 yuan/nickel unit. Stainless steel scrap market, prices pulled back this week. The decline was driven by the combined impact of multiple bearish factors, including weak spot cargo performance in finished products, steel mills pushing for lower raw material prices, and downward adjustments in molten steel quotes. However, the decline was limited for the following reasons: the tight tax invoice situation was expected to ease, trading pain points were being gradually resolved, and steel mill purchase expectations rose accordingly. In addition, steel scrap held a greater cost-effectiveness advantage over NPI, and coupled with steel mills still being profitable and rigid demand remaining robust, prices were effectively supported. The overall pattern showed "weakening spot cargo, cost support, and recovering expectations," and short-term prices were expected to fluctuate in tandem with finished products, with limited downside room. As of this Friday, mainstream 30 in the Shanghai area...

[SMM Stainless Steel Scrap Market Weekly Review] Bearish Factors Converge to Weaken Stainless Steel Scrap, Cost Advantages Hold Price Floor This week, prices of 304 stainless steel scrap off-cuts in east China pulled back, with a quotation range of 10,400-10,500 yuan/mt. Off-cuts of the same specification in Foshan weakened, with a price range of 10,150-10,450 yuan/mt. From a raw material production cost analysis, the cost of producing stainless steel entirely from stainless steel scrap was approximately 14,580.48 yuan/mt, while the cost of production entirely using high-grade NPI reached 15,125.2 yuan/mt. Stainless steel scrap prices fell and pulled back this week. The stainless steel finished product spot market was overall in the doldrums, with spot prices continuously under pressure. Meanwhile, steel mills continued to push for lower prices on the alternative raw material high-grade NPI, creating an overall bearish atmosphere on the raw material side. Combined with major steel mills lowering their molten steel quotations during the week, multiple bearish factors converged to drive stainless steel scrap prices further down. The supporting factors cushioning the decline in stainless steel scrap were clearly visible: positive news emerged in the market this week that issues related to reverse invoicing and tight tax invoices might be eased, with industry transaction pain points expected to be alleviated. Steel mills' purchase demand for stainless steel scrap is expected to increase going forward. At the same time, stainless steel scrap continued to maintain favorable cost advantages over high-grade NPI. Coupled with the fact that steel mills still had profit margins on the production side, production and procurement enthusiasm was sustained, and overall rigid demand remained robust, continuously providing floor support for stainless steel scrap prices. Overall, the stainless steel scrap market this week exhibited a pattern of "weakening spot prices, cost-supported floor, and expectations of recovery...

I. Policy Review: Hydrogen Policy Developments (I) Domestic Policies National Energy Administration: Issued the "Greenhouse Gas Voluntary Emission Reduction Project Methodology: Renewable Energy Water Electrolysis for Hydrogen Production (CCER-01-004-V01)". The notice proposes that local ecological environment and energy departments should support renewable energy water electrolysis for hydrogen production projects and SF6 recovery and purification projects for electrical equipment to participate in trading. It encourages wind and solar power hydrogen production projects to enhance benefits by integrating with hydrogen transmission pipelines and natural gas pipeline networks, and promotes the coordinated development of hydrogen production and pipeline hydrogen transmission. This means wind and solar power hydrogen production projects will gain an additional CCER trading revenue channel. The renewable energy water electrolysis for hydrogen production methodology focuses on the energy sector and is applicable to new projects meeting specific conditions: they must use electricity from their own wind or PV power plants (self-generation for self-consumption, under the same legal entity), and the power generation facilities and hydrogen products must not participate in other emission reduction mechanisms; they must also comply with water resource management requirements, have monitoring data connected to the network, and adhere to laws and policies. Notably, considering the industry is in its early stages with high costs and risks, eligible projects can be exempted from additionality demonstration. National Development and Reform Commission (NDRC): Issued the "Statistical Classification of the Low-Altitude Economy and Its Core Industries (Trial)". The document states that the low-altitude economy is a comprehensive economic form driven by low-altitude aviation activities that spur innovation in related industries and application scenarios. This classification defines the scope of the low-altitude economy into four major categories: 01 Low-altitude Manufacturing, 02 Low-altitude Operations, 03 Low-altitude Infrastructure and Information Services, and 04 Low-altitude Supporting Industries. This includes the manufacturing of fuels and petroleum products for low-altitude use, referring to the production of fuels, petroleum products, and chemical products for low-altitude aircraft, including aviation gasoline, kerosene, biofuels, lubricants, hydrogen energy, and other aviation fuels and petroleum products consumed during the production, use, maintenance, and repair of low-altitude aircraft, as well as sealants and adhesives, cleaners, paint strippers, anti-corrosion supplies, and various pure chemical reagents. Urumqi, Xinjiang: "Urumqi Hydrogen Energy Industry Development Three-Year Action Plan (2025-2027)". Overall Goals (2027 Core Indicators) Industry Chain: The entire industry chain of hydrogen "production, storage, transportation, refueling, and application" is basically formed, with initial results in industry cultivation; Green Hydrogen Capacity: Completion of more than 3 integrated wind and solar power hydrogen production projects, adding no less than 20kt/year of green hydrogen capacity; Infrastructure: Construction of more than 5 hydrogen refueling stations (including comprehensive energy stations), with continuous improvement in the layout of the hydrogen storage and transportation network; Demonstration Applications: Demonstration operation of more than 300 fuel cell vehicle units, covering areas such as public transport, logistics, and mines. Xiamen Development and Reform Commission: Draft for Comments on Several Policies and Measures to Promote High-Quality Development of the Hydrogen Energy Industry in Xiamen, the draft proposes to support enterprises in constructing new projects and expanding production capacity related to hydrogen energy equipment and key materials (including technological upgrades and efficiency improvements), providing subsidies of up to 10% of the investment in production equipment and facilities, with a maximum of 30 million yuan per project; it also supports the demonstration applications of hydrogen energy in transportation, industry, energy, and construction. Each year, a batch of advanced and influential hydrogen energy benchmark scenarios will be solicited and selected, offering rewards of up to 30% of the total project investment, with a cap of 1 million yuan. (II) Overseas Developments Tokyo University of Science, Japan : Developed a new type of dye-sensitized photocatalyst that can effectively capture long-wavelength visible light for efficient hydrogen production, outperforming traditional photocatalytic systems. IVECO BUS: Delivered its hydrogen fuel city bus, the GX 337 H2 LINIUM, to Lorient Agglomeration in France, marking the first delivery of this model in Europe by IVECO BUS. ZeroAvia: Secured private capital from a group of strategic investors focused on climate. In the short term, ZeroAvia is expected to focus on national defense, drones, and early commercial aviation applications. Its key priority is the Super Stack Flex modular fuel cell system, which has already been supplied to defense customers and positioned as a dual-use platform for both military and civilian aviation markets. II. Corporate Dynamics: Project Signings and Technical Collaborations​ (I) Project Intelligence​​ Baosteel Zhanjiang Iron & Steel Co., Ltd. : Its first domestic near-zero carbon steel production line with an annual capacity of one million tons was fully operational at Baosteel Zhanjiang, successfully producing 220 mt of molten steel on the day of commissioning. Guangdong Yuntao Hydrogen Energy Technology Co., Ltd.: Completed the delivery of 201 hydrogen commercial vehicles to multiple companies including Zhikar Technology and Guanghuan Factory in Guangzhou Baiyun, and signed a procurement agreement for 118 hydrogen vehicles with Guangzhou Jiaoneng Ronghe Operation Management Co., Ltd., setting a new record for regional bulk deployment of hydrogen commercial vehicles with a total of 319 units. The delivered models include 18-ton wing logistics trucks, 4.5-ton refrigerated trucks, and hydrogen tractors, all equipped with the "Pilot One" fuel cell system. Tianjin Rongcheng New Energy Technology Group Co., Ltd.: Recently delivered a total of 65 hydrogen vehicles, with 30 hydrogen heavy-duty trucks delivered to Tianjin Hande Logistics Co., Ltd. for the exclusive use of CNOOC's equipment and material transportation in the Beijing-Tianjin-Hebei-Shandong region; another 35 were delivered to Tianjin Development Zone Xintianli Trading Co., Ltd., mainly serving container port cargo pick-up and delivery at Tianjin Port. Dongguan Energy Investment Group Co., Ltd. : The inauguration ceremony for Dongguan's first hydrogen refueling station was held at the Dongguan Energy Shatian Hydrogen Refueling Station on Shatian Avenue, Shatian Town, Dongguan City. This is a Level 3 station primarily serving hydrogen fuel cell logistics vehicles, sanitation trucks, heavy-duty trucks, etc., with an investment scale reaching 15 million yuan. It has a designed maximum refueling capacity of 1,000 kg/day, a maximum working pressure of 35 MPa for the hydrogen dispenser, and can reduce carbon dioxide emissions by approximately 15.48 mt daily. Zhijiangxi Service Area Hydrogen Refueling Station on the Han-Yi Expressway : Since its commissioning in March 2024, it has maintained a safe and stable operation record, delivering outstanding performance with solid results. As of now, it has cumulatively dispensed nearly 100 mt of hydrogen, provided refueling services for 5,000 vehicles, and achieved 15,000 hours of safe equipment operation. Hydroyun (Henan) New Energy Technology Co., Ltd. : A strategic cooperation achievement with the Yutong Group – 50 hydrogen fuel cell tractor trucks were officially delivered to the customer. This delivery included two main series: 10 units of the 180kW long-driving range version, specifically designed for long-haul trunk logistics with a driving range of up to 600 km, meeting cross-regional transport needs and significantly improving transport efficiency; and 40 units of the large battery capacity version, optimized for medium- and short-distance, high-load transport scenarios with improved battery system and power matching, offering a pure electric range of 170 km, a pure hydrogen range of 330 km, and a comprehensive range of 500 km. They possess excellent load capacity and gradeability, suitable for short-distance shuttle transport scenarios such as ports and industrial parks. China Classification Society (CCS): The naming and delivery ceremony was held for the 6,300 m³ LPG/liquid ammonia carrier "An Tai Yuan", for which CCS executed the plan approval and construction survey. This vessel was also the last newbuilding delivered by the Dalian Branch in 2025, marking a perfect conclusion to the construction survey work for the "14th Five-Year Plan" period. Feichi Auto Technology: The 49T hydrogen fuel cell heavy-duty truck, co-developed with partners, was officially delivered to a client in the Middle East. (II) Enterprise Dynamics Shaanxi Hydrogen Research Institute : Two national standards compiled by Shaanxi Hydrogen Research Institute, Southwest Chemical Research Institute, and other units were officially released by the State Administration for Market Regulation and the Standardization Administration of China. The two national standards are "Hydrogen - Part 1: Industrial Hydrogen" (GB/T 3634.1-2025) and "Hydrogen - Part 2: Pure Hydrogen, High-Purity Hydrogen and Ultra-Pure Hydrogen" (GB/T 3634.2-2025). Both were proposed by the China Petroleum and Chemical Industry Federation and will be officially implemented from May 1, 2026. Meijin Energy : The Department of Ecology and Environment of Shanxi Province officially announced the "Pilot List for the Shanxi Provincial Product Carbon Footprint Management System (Second Batch)", and Meijin Energy was selected as a pilot in the Shanxi Provincial Product Carbon Footprint Management System. Zhongye Wukan Engineering Technology Co., Ltd. : The Forum and Groundbreaking Ceremony for the R&D and Application Demonstration Base Project of Underground Distributed Hydrogen Storage Devices was grandly held in Wuhan. It is understood that this project is the first R&D and application demonstration base project for underground distributed hydrogen storage devices in Central China, a key scientific and technological achievement transformation project in Wuhan, and a vivid practice of the deeply integrated innovation mechanism of "industry-university-research-application" in the hydrogen energy field. III. Technological Progress: Breakthroughs in Efficiency and Cost (I) Production, Storage, and Transportation Sector Beijing Hydrogen Energy Innovation Center: At the "Hydrogen Heart, Peer Cooperation, Creating and Winning the Future" Beijing Hydrogen Energy Innovation Center Achievements Release Conference, the center announced the R&D achievements of a forward-designed integrated hydrogen-electric chassis for heavy-duty trucks. The project's Version 2.0 heavy-duty truck achieved a hydrogen consumption of 7.1 kg per 100 kilometers under plain conditions, and the vehicle supports flash charging, with refueling completed in 10-15 minutes. CIMC ENRIC: The product of the 38.7 m³ Type II Tube Skid Container project, developed by its Shijiazhuang Enric Gas Machinery Co., Ltd., successfully rolled off the production line. Chinese Academy of Sciences: The new technology of Sprayed Ultra-High Performance Concrete (SUHPC), jointly developed by CCCC Second Harbor Engineering Co., Ltd. and the Wuhan Institute of Rock and Soil Mechanics of the Chinese Academy of Sciences, was successfully applied in the initial tunnel support engineering of China's first rock cavern hydrogen energy storage system project—the Hubei Daye Rock Cavern Hydrogen Energy Storage System. Foshan Xianhu Laboratory: The industry's first "Zero-Carbon Ammonia-Fueled Aluminum Billet Heating Furnace" for aluminum extrusion production was released at Foshan Xianhu Laboratory. This equipment achieves zero-carbon operation in the aluminum processing heating stage, marking a significant step forward in the green transformation of China's aluminum processing industry. (II) Fuel Cell Technology/Product Developments South China University of Technology: The research team led by Chen Yu discovered a Ce₀.₆Ni₀.₂Cu₀.₂O₂ nanocatalyst with a heterogeneous structure, contributing to high-performance direct methanol protonic ceramic fuel cells. Wuhan University of Technology: Professor Tang Haolin's team collaborated with Professor Jin Huanyu from the Shenzhen Institute of Advanced Technology, Chinese Academy of Sciences. They proposed a strategy of "coupling electron-withdrawing groups to enhance proton delocalization," which reduced the proton delocalization energy barrier in perfluorosulfonimide-biphenyl* acid (PFSI-BPA) membranes through molecular structure design, achieving a synergistic improvement in efficient proton conduction and thermal stability. This was confirmed through a combination of in-situ measurements and theoretical calculations. Xi'an University of Architecture and Technology: By carefully designing the structure in a titanium dioxide electrolyte and leveraging the synergy between polystyrene sphere templates and lithium-based electrodes, the team successfully induced an "online in-situ structural transformation" within the battery, ultimately forming a stable lithium-titanium-oxygen-carbon heterogeneous structure.

On December 23, 2025, China's first 1 million mt near-zero carbon steel production line was fully connected at Baosteel's Zhanjiang Steel, successfully producing the first heat of 220 mt of molten steel that day.

[SMM Domestic Analysis: Magnesium Alloy Becomes the Core Direction of Material Industry Upgrading; Industry Expansion Drives Upstream Raw Material Dividends; Magnesium Ingot and Ferrosilicon Enter a Growth Window Period] Magnesium alloy, with its core advantages such as lightweight, high strength, and corrosion resistance, continues to increase its penetration rate in high-end manufacturing fields like NEVs, aerospace, electronic equipment, and rail transit, becoming one of the core directions of global material industry upgrading. As downstream application scenarios continue to expand, the market size of magnesium alloy is showing rapid growth, leading to structural expansion in the demand for upstream raw materials such as magnesium ingot and ferrosilicon in the industry chain, with the transmission effect of the industry chain gradually becoming prominent.