[SMM Steel] Quang Ngai Province and VNSTEEL held discussions on potential steel investment projects in the Dung Quat Economic Zone. Provincial authorities highlighted Dung Quat’s advantages, including its deep-water port infrastructure and established steel industry ecosystem, while indicating readiness to allocate around 15 hectares of land for projects with annual capacities of 500,000-1 million tonnes. The province also pledged support through tax incentives, land policies, and streamlined administrative procedures to attract steel investments and strengthen Vietnam’s steel supply chain.

Tata Steel’s latest performance shows a company moving from a traditional volume-based steel business toward a more margin-focused and transformation-driven model. It is driving growth and profitability, financial performance is recovering through better margins and cost control, while the company’s key business activities are increasingly focused on downstream expansion, raw material security and low-carbon steelmaking.

Outlook: Baosteel Ramps Up Production, Adding More Pressure to the Non-Oriented Silicon Steel Surplus Dilemma

The domestic electrolytic manganese market has stabilized slightly after a minor decline recently, with a lingering weak and sluggish market sentiment. Although the price drop has slowed down without continuous sharp declines, market pessimism remains prevalent, and downward pressure is still prominent.

On May 26, 2026, the "2026 SMM Ferrous Salon — Hangzhou Session" event, jointly hosted by Zheshang Futures Co., Ltd. and SMM Information & Technology Co., Ltd., was successfully held. Nearly forty clients from the ferrous industry chain attended the conference, sharing and exchanging views on topics such as the current status of the ferrous industry, steel export opportunities, market trading hot topics, and steel enterprise risk management, inspiring future cooperation and trading ideas in the steel industry. Chen Kaihang, Chief Black Series Analyst at Zheshang Futures Research Center, believes: 1. Rebar demand is declining, with supply adjusting to match demand. Electric furnace production remains resilient, while blast furnaces cannot deliver profits; 2. HRC is driven by international steel prices, but China's FOB needs to be in a price depression to gain export advantages; 3. Iron ore supply is increasing, demand is unlikely to grow, inventory is at high levels, costs are falling, and the downtrend is pronounced; 4. Coking coal speculation cannot drive steel, delivery issues persist, and risks will be greater after speculation ends; Summary: HRC FOB determines the price ceiling of HRC futures, and the HRC-rebar spread will stay high or even continue to widen slightly. Steel raw material prices face downward pressure. Overall, the strategy for steel remains shorting on rallies. Bottom-fishing will only be feasible when blast furnace rebar production pulls back again. SMM senior ferrous metals analyst Ding Xiaoli stated: In an overcapacity cycle, exports have become the core regulator of China's supply-demand balance. China's dependence on steel exports has continued to climb, reaching 27% in 2025, with domestic surplus capacity highly reliant on markets outside China for absorption. To secure orders, China's export prices have long remained below those of major competing markets such as India and Turkey, making export pricing the core driver of domestic steel prices. In 2026, domestic steel prices will be deeply tied to ex-China pricing, and only when prices outside China rise will Chinese steel have some upside potential.

Following the formal announcement by India’s Minister of Commerce and Industry, the India–Oman Comprehensive Economic Partnership Agreement (CEPA) will take effect on 1 June 2026. Market attention has largely focused on the surface-level benefit that “Oman will exempt an average 5% import tariff on 98% of Indian export goods.”

【SMM Steel】Malaysia's Ann Joo Resources has terminated its upstream asset sale to Southern Steel and will instead sell its steel units Ann Joo Steel and Ann Joo Integrated Steel to Singapore's Green Esteel for RM348.7 million. Ann Joo said the disposal aligns with its strategy to exit the capital-intensive upstream steel business and focus on downstream operations. Green Esteel, already a major shareholder of Southern Steel with a 50.1% stake, is consolidating its position in Malaysia's steel industry while advancing its low-carbon steel strategy.

On May 25, the SMM battery-grade nickel sulphate average price remained stable.

India’s Ministry of Steel has asked the Ministry of Finance to remove anti-dumping duties on imports of low-ash metallurgical coke, citing insufficient domestic supply and elevated prices. The ministry said current domestic availability is not enough to meet steel industry demand, creating clear pressure on raw material sourcing and production costs.

On May 25, the SMM battery-grade nickel sulphate average price remained stable.