The 2025 2nd SMM Southeast Asia Automotive Supply Chain Conference was successfully held, featuring the launch of 10 new car models, Southeast Asia brand strategies from three automakers, and SMM Thailand local steel prices. The event facilitated efficient matchmaking between 12+ buyers and 60+ suppliers, and preliminarily established a communication platform for the entire industry chain of Southeast Asia's automotive sector. Currently, the NEV industry in Southeast Asia is entering a critical development phase, with Thailand, Indonesia, and Vietnam each making their own strategic deployments and breakthroughs, while the industry also faces challenges such as supply chain restructuring, competition over technology roadmaps, and localization compliance. Thanks to the support from all parties, SMM's local pricing systems in Thailand and Indonesia have been implemented and adopted by core enterprises, establishing a credible cost benchmark for the industry. The 2026 3rd Conference will focus on three core themes: exploring the NEV auto sales potential in Southeast Asia; connecting the last mile of the supply chain and integrating regional industry resources; and advancing SMM Southeast Asia metal pricing from a price reference to a transaction benchmark, implementing procurement applications for electrification materials and establishing an executable pricing system. We firmly believe that true progress comes from turning consensus into action. At this conference, We cordially invite you to gather again in Bangkok, to transform strategic blueprints into market competitive advantages, to witness and participate in this extraordinary and far-reaching industry event, and to co-create a brilliant new chapter! Click the to register now. Booth No.: A05 NEV Process Fluid Solutions Quaker Houghton (NYSE: KWR) is the global leader in industrial process fluids with more than 150 years of history. Quaker Houghton has 36 manufacturing sites and more than 30 technical centers globally, serving clients in 116 countries and regions around the world, with annual revenue of $1.9 billion. We have our regional head office in Bangkok and a manufacturing plant in Rayong to serve the Southeast Asia market. Quaker Houghton (NYSE: KWR) is the global leader in industrial process fluids with more than 150 years of history. Quaker Houghton has 36 manufacturing sites, more than 30 technical centers globally, serves customers in 116 countries and regions around the world, the annual revenue is $1.9 billion. We have regional head office in Bangkok and manufacturing plant in Rayong to serve the Southeast market. From passenger cars and e-Mobility solutions to heavy off-road equipment, we provide process fluids, lubricants and surface treatments for a wide range of automotive and transportation needs. From Passenger cars and e-Mobility solutions to heavy off-road equipment, we provide process fluids, lubricants and surface treatments for a wide range of automotive and transportation needs. Optimized Solutions by Process Requirements: Metal Removal, Die Casting / Porosity Sealing, Heat Treatment, Forging, Forming, Cleaning, Corrosion Protection, Fire Resistant Hydraulic Fluid Optimized Solutions by process requirements: Metal Removal / Die Casting / Porosity Sealing / Heat Treatment / Forging / Forming / Cleaning / Corrosion Protection / Fire Resistant Hydraulic Fluid Contact Contact 77/105-106, 25th Floor Sinn Sathorn Tower Krungdhonburi Road, Klongsarn, Bangkok Tel: +66.2.440.1262 Contact Us Guan Changkui 18715173598

2025 Global Steel Mill Profitability Divergence In 2025, steel mill profitability diverged across different global regions. North American market, US-based Cleveland-Cliffs posted a net loss of $1.478 billion in 2025, with losses widening YoY; US-based Nucor reported net profit of $1.74 billion in 2025, down 13.58% YoY. South American market, Brazil's Gerdau S.A. posted net profit of $248 million in 2025, down 70.69% YoY. European market, Luxembourg-based ArcelorMittal reported net profit of $3.15 billion in 2025, up 135.4% YoY; Austria's voestalpine GROUP posted net profit of $109 million in 2025, up 178.01% YoY. Asian market, South Korea's Hyundai Steel reported net profit of approximately $680,000 in 2025, down 88.89% YoY; South Korea's POSCO Steel posted net profit of $776 million in 2025, up 26.7% YoY; China's Valin reported net profit of approximately $383 million in 2025, up 28.49% YoY. Amid Declining Steel Prices Across Multiple Global Regions, Chinese Steel Mill Profits Performed Relatively Well In 2025, steel prices declined across most global regions. Taking hot-rolled coil as an example, Black Sea export FOB prices fell 14% YoY, Turkish export FOB prices fell 11% YoY, export FOB prices from China, Japan, and India as well as EU import CFR prices fell 9% YoY, Southeast Asian import CFR prices fell 7%, while US import CFR prices rose 8%. A comparison of 2025 revenue and net profitability among selected global steelmakers revealed that among those with higher revenue (>$10 billion), Chinese steelmakers slightly outperformed their ex-China counterparts in net profit.

[SMM Steel] India’s Kirloskar Ferrous Industries Limited (KFIL) plans to invest $52 million to increase its seamless steel tube production capacity from 371,000 tonnes/year to 400,000 tonnes/year. The company is also developing solar power projects expected to generate annual savings of around $10 million and plans to complete the integration of Oliver Engineering, a casting and machining company acquired in 2023. The move reflects KFIL’s continued focus on capacity expansion, cost optimization, and downstream value-added steel products.

According to statistics from SMM, China's output of high-carbon ferrochrome in May 2026 rose by 5.09% month-on-month and 23.85% year-on-year.

German crude steel production has risen significantly since early 2026, surpassing 2022 output levels according to the German Steel Federation, even as the broader economy deteriorates sharply. The Federal Statistical Office reported nearly 500,000 jobs lost in Q1 2026, concentrated in manufacturing, construction, and trade, while insolvencies have hit their highest rate in over two decades per the Halle Institute for Economic Research. Industry analysts attribute the steel sector's divergence to EU trade defence measures and the Carbon Border Adjustment Mechanism shielding domestic producers from international competition — a dynamic critics argue defers rather than resolves the structural investment gap in European steelmaking.

[SMM Analysis] Stainless Steel Costs Edged Down with Prices Holding Steady, Steel Mill Profits Rebounded Slightly This week, stainless steel production costs edged down while prices remained generally stable, resulting in a slight expansion in steel mill profit margins. Using 304 cold-rolled as the calculation benchmark, the current raw material-based profit margin was 2.33%, while the low-level inventory raw material-based profit margin reached 3.39%. Nickel-based raw material costs: high-grade NPI prices edged up this week. Although the traditional consumption off-season for stainless steel was approaching, steel mills had limited acceptance of high-priced raw materials and adopted a cautious purchasing stance, with mediocre performance in transactions. However, supported by expectations of tight high-grade NPI supply, the market showed a strong willingness to hold prices firm, and prices remained firm overall. As of this Friday, mainstream 10-12% grade high-grade NPI rose 3 yuan per nickel unit, closing at 1,143.5 yuan/nickel unit. Stainless steel scrap market: stainless steel scrap prices pulled back slightly this week. Although SS futures edged up, the spillover effect was weak and difficult to transmit to the spot market. With the consumption off-season approaching, downstream purchasing attitudes were cautious, and finished product prices lacked upward momentum. The high-grade NPI rally slowed down with weak transactions, providing insufficient support from the raw material side. Compounded by unresolved tax invoice tightness, fermentation of rumors about steel mill production cuts in June, and weakening demand expectations, multiple bearish factors dragged down prices. However, stainless steel scrap still held an economic advantage over NPI, with the cost price spread providing a floor and limiting the downside. In the short term, constrained by tax invoice issues and weakening off-season demand, prices are expected to remain relatively stable going forward. As of this Friday, mainstream 304 off-cuts prices in Shanghai fell 100 yuan/mt, with the latest quote at approximately 10,350 yuan/mt. Chromium-based raw materials...

[SMM Stainless Steel Scrap Market Weekly Review] Off-Season Bearish Factors Dragged Stainless Steel Scrap Prices to Pull Back Slightly, Cost Advantages Held Up the Market Floor This week, prices of 304 stainless steel off-cuts in east China pulled back slightly, with a quotation range of 10,300-10,400 yuan/mt. Prices of the same-grade stainless steel off-cuts in Foshan remained stable, with a price range of 10,150-10,450 yuan/mt. From the perspective of raw material production costs, the cost of producing stainless steel entirely from stainless steel scrap was approximately 14,459.87 yuan/mt, while the cost of production entirely using high-grade NPI reached 15,149.69 yuan/mt. The price spread between the two remained considerable. Stainless steel scrap prices pulled back slightly this week. Although SS futures saw a slight upward probe during the week, the upward momentum from futures was relatively weak and difficult to transmit to the spot market. Coupled with the market gradually approaching the traditional consumption off-season for stainless steel, downstream end-user purchase sentiment turned cautious overall, and spot prices of finished stainless steel products remained largely stable, lacking upward momentum. Meanwhile, the pace of price increases for the alternative raw material high-grade NPI also slowed down simultaneously, with weak market transaction performance and insufficient overall support from the raw material side. Additionally, the long-standing industry issue of tight tax invoices remained unresolved, and news of production cuts and maintenance at individual stainless steel mills in June emerged. Market expectations for raw material demand weakened, and multiple bearish factors collectively dragged stainless steel scrap prices to pull back slightly during the week. Despite the slight weakening of scrap prices this week, stainless steel scrap still maintained favorable cost advantages compared to high-grade NPI. The significant production cost spread continued to play a substitution role, providing...

SMM Weekly Stainless Steel Futures Review — week of May 25–29, 2026. Indonesian nickel ore and ferroalloy policy expectations and a low-inventory floor steady the benchmark contract near RMB 14,800/mt in the week of May 25 – May 29.

[SMM Coking Coal and Coke Daily Brief] Supply side, coking enterprises saw increased costs, and with strong sales performance and low inventory levels at some coking enterprises, coke fundamentals remained tight. Demand side, steel mill production enthusiasm was moderate, and some steel mills had low coke inventory levels, sustaining rigid demand for coke. However, the off-season impact on the end-user finished steel market intensified, steel prices performed weakly, and steel mills showed limited acceptance of further coke price increases. In summary, the coke market is expected to continue to hold up well next week.

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.