SMM News Flash: [Rebar] Today, export FOB prices for rebar rose slightly by about USD 2/tonne. According to market traders, inquiry activity was relatively decent, but actual transactions remained average. Some participants also noted that long steel demand in South America has been relatively stable recently, while demand in the Middle East remains weak. Regarding the US–Iran peace agreement, there has been no significant change in order flow so far, and overall market sentiment remains cautious and wait-and-see. [Billet] Today, export billet offers increased slightly by around USD 2/tonne, with prices at approximately USD 473–476/tonne FOB. Market feedback indicates that countries such as Indonesia and India are actively exporting billets, leading to intensified competition. However, domestic export price advantages are not obvious, as rising production costs are limiting steel mills’ willingness to discount, while traders are also more cautious in taking short positions. As a result, overall transaction activity remained moderate. [HRC] Today, export prices for flat steel products rose by USD 2/tonne day-on-day. Hot-rolled coil transaction prices were in the range of USD 497–506/tonne. Market inquiry activity was moderate, with no significant release of concluded deals. Recently, there have been some new inquiries for medium and heavy plate in the Middle East, with a portion of them resulting in transactions. [India] Ship-breaking scrap prices in the Alang (Gujarat) market increased by around 3 USD/tonne, with HMS (80:20) assessed at approximately 373 USD/tonne EXW. Semi-finished steel prices remained broadly stable, while finished steel saw a mild correction in the previous trading session. Market sentiment in Alang stayed subdued, as vessel arrivals remained at historically low levels. Strong freight economics continued to incentivize shipowners to extend the operating life of older vessels, limiting scrap inflows. In the near term, Alang scrap prices are expected to remain supported but constrained by tight supply conditions, with further movement largely dependent on vessel arrivals and downstream steel demand. [Thailand] Galvanizing quotes in the Thai market remained stable in the short term, with import offers still around 710 USD/tonne; however, for large-volume firm orders, the market could consider offering a discount of 5-10 USD/tonne. Wire rod quotes were also relatively stable, but some traders had to push up prices by 20 USD/tonne to 570 USD/tonne due to rising costs. In terms of local market transactions, downstream end-use demand was weak, and actual deals mostly shifted to a "negotiate deal by deal" model. It is expected that in the short term, Thai wire rod and galvanizing prices will hover at highs. Whether prices can subsequently stabilize on a solid footing will mainly depend on the release of downstream firm orders and the final bargaining and concession room offered by sellers under shipment pressure. [South Korea] Facing the approaching rainy season, South Korean builders are racing against time to push forward the final “intensive rush to meet deadlines” for foundation and main structure works, and the upward momentum of finished steel prices has slowed significantly. Today, POSCO’s two core steelworks (Pohang and Gwangyang) simultaneously raised the purchase price of high-quality pig iron scraps/premium steel scrap by 15,000 won/tonne (approximately 9.93 USD/tonne), and medium and light scrap by 10,000 won/tonne (approximately 6.62 USD/tonne), mainly to prevent domestic supply from being snapped up by other EAF steel mills before the off-season arrives. POSCO had no choice but to raise buying prices against the trend to “lock in” domestic spot cargo flows.

Today HRC futures held up well, with the most-traded contract settling at 3,397, up 0.68%. In the spot market, spot HRC offers rose 10-20 yuan/mt in many regions, while cold galvanized prices remained largely stable, and overall transaction performance was moderate. In news, the National Development and Reform Commission (NDRC) and other authorities issued a notice on launching a three-year campaign to promote energy-saving and carbon-reduction transformation in key industries. Starting from 2026, focusing on nine industries including steel, aluminum, cement, flat glass, oil refining, ethylene, synthetic ammonia, methanol, and coal power, comprehensive transformation will be carried out over three years; attention will be paid to subsequent implementation and progress. Outside China, Pakistan’s prime minister said on the 15th local time that after intensive negotiations, the US and Iran had reached a peace agreement, and Trump said the Strait of Hormuz would be fully opened. On the fundamentals, HRC inventory is expected to continue destocking this week, with limited accumulation of fundamentals. Considering the overall weakening demand during the off-season, steel prices lack self-driving force. In the short term, they are expected to hold up well, following raw material prices. Attention needs to be paid to the changing Middle East situation and its impact on future export orders.

Hoa Phat’s 2025 results marked a major step-up driven by the ramp-up of Dung Quat 2, pushing crude steel output above 11 million tons and lifting earnings through higher volumes and cost dilution despite weak global steel prices. Growth was supported by stronger HRC and downstream sales, a rising export mix, and continued domestic dominance. The year also signals a strategic shift toward higher-value products and future capacity expansion into rail and special steels.

[SMM Stainless Steel Daily Review] Stainless Steel Futures Stabilize, Spot Trades Pick Up SMM reported on June 12 that SS futures stopped falling and stabilized. News of easing US-Iran conflict emerged again, nonferrous metal futures generally staged a recovery, and SS strengthened in tandem. As of midday close, the most-traded SS contract was quoted at 14,715 yuan/mt. In the spot market, driven by the strengthening of SS futures, market activity improved. In the morning session, both inquiries and transactions recovered, and traders raised their offers. The most-traded SS futures contract pulled back. At 10:15 a.m., SS2607 was reported at 14,705 yuan/mt, up 300 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi ranged from 365-915 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi remained flat; for cold-rolled 304/2B trimmed edge coil, the average price in Wuxi rose 50 yuan/mt, and in Foshan rose 50 yuan/mt; cold-rolled 316L/2B coil in Wuxi fell 200 yuan/mt; hot-rolled 316L/NO.1 coil in Wuxi was flat; cold-rolled 430/2B coil in both Wuxi and Foshan held steady. This week, stainless steel futures and spot prices both declined under pressure, as macro headwinds outside China dominated the market and off-season pessimism spread quickly. The industry’s outlook expectations weakened, end-users remained on the sidelines, and rigid demand stayed sluggish. Traders concentrated on selling to destock and offered discounts. On the futures front, overseas macro developments were the core driver this week. The US non-farm payrolls data significantly exceeded expectations, the unemployment rate stayed low, and the market delayed or even canceled expectations for a US Fed interest rate cut within the year…

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.

This week, ferrous metals experienced divergent and volatile movements. At the start of the week, the four major stock indices all closed lower. Coking coal futures showed strong performance, with the most-traded contract 2609 hitting a high of 1,486.5 yuan/mt, while ore and steel futures trended weaker. Subsequently, hit by news about Shaanxi authorities ensuring coal supply for enterprises, coupled with persistently weak steel consumption, supply-demand imbalances gradually built up, leading to a sharp decline in coking coal and coke futures. In the latter half of the week, on the one hand, news of iron ore shipments and tightening market liquidity drove a stronger performance in its futures; on the other hand, the escalation of coking coal supply tightness once again pushed up coking coal, coke, and hot-rolled coil and rebar futures prices. In the spot market, the sixth round of coke price increases was implemented mid-week......

[SMM Analysis] Stainless Steel Off-Season Demand Combined with Macro Turbulence: Prices and Costs Pulled Back in Tandem, Narrowing Steel Mill Profits This week, stainless steel prices and production costs pulled back in tandem, slightly narrowing steel mill profit margins. Using 304 cold-rolled coil as the calculation benchmark, the profit margin based on current raw material costs was 2.23%, while the profit margin based on inventory raw material costs was 1.31%. On the nickel-based raw material cost side, high-grade NPI prices continued to pull back this week. Dragged down by the decline in SHFE nickel prices during the week, coupled with the heightened cost advantage of stainless steel scrap, expected production schedules at stainless steel mills dropped, reinforcing a strong desire to bargain down prices. High-priced transactions encountered resistance, keeping high-grade NPI prices in the doldrums. As of this Friday, mainstream 10%-12% grade high-grade NPI rose by 0.5 yuan per nickel unit, closing at 1,144 yuan per nickel unit. In the stainless steel scrap market, prices remained largely stable this week. The pullback in high-grade NPI prices caused the raw material side to weaken, making it difficult to drive prices upward. However, a rebound in stainless steel futures and limited declines in finished product spot prices provided a counterbalancing force that supported prices. The industry has now entered the off-season for consumption, with steel mill production schedules and profits both sliding. Combined with rising uncertainty in the macro environment, bearish risks are gradually accumulating, and prices are expected to face downward pressure going forward. As of this Friday, mainstream 304 off-cuts in the Shanghai region gained 100 yuan/mt, with the latest quotation at approximately 10,450 yuan/mt. On the chrome-based raw material cost side, high-carbon ferrochrome prices edged down this week. Chrome ore port inventories remained at historically high levels, and prices gradually pulled back, weakening the cost support for high-carbon ferrochrome. Additionally, ferrochrome producers still had profit margins at present, and production declines……

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.

[Leading Mills Keep Pushing Up Prices, Grain-Oriented Silicon Steel Prices to Remain Generally Stable with Slight Rise Next Week] This week, cold-rolled grain-oriented silicon steel spot prices held up generally stable with a slight rise, while end-users maintained a steady procurement pace of purchasing as needed. Ferrous metals futures swung wildly this week, limiting overall market price fluctuations. However, Baowu announced its July price policy for grain-oriented silicon steel with a MoM increase of 300 yuan/mt, opening up upside room for spot prices. Traders showed strong willingness to hold prices firm, and spot offers were gradually raised in line with the mill's policy, with low-priced resources in the market largely disappearing.

The 2nd SMM Southeast Asia Automotive Supply Chain Conference in 2025 was successfully held. At the conference, 10 new car models were unveiled, along with the Southeast Asia brand strategies of three automakers and SMM's Thailand domestic steel prices. It facilitated efficient negotiations between over 12 buyers and over 60 suppliers, initially establishing an exchange platform for the entire automotive industry chain in Southeast Asia. Currently, Southeast Asia's NEV industry has entered a critical development phase. Thailand, Indonesia, and Vietnam have each made strategic moves and breakthroughs, while the industry also faces challenges such as supply chain restructuring, technology route competition, and localization compliance. Fortunately, with support from all parties, SMM's Thailand and Indonesia domestic price systems have been launched and adopted by core enterprises, establishing a credible cost benchmark for the industry. The 3rd conference in 2026 will focus on three core areas: exploring the sales potential of NEVs in Southeast Asia, bridging the last mile of the supply chain and integrating regional industrial resources, upgrading SMM's Southeast Asia metal quotations from price references to transaction benchmarks, and implementing the procurement application of electrification materials and establishing an actionable pricing system. We firmly believe that real progress comes from turning consensus into action. At this conference, cordially invites you to gather again in Bangkok to jointly transform strategic blueprints into market competitive advantages, to witness and participate in this extraordinary and far-reaching industry event, and to create a brilliant new chapter together! Click the to register immediately. Booth No.: B06 Tianjin CIMC Logistics Equipment Co., Ltd. is located in Tianjin Economic-Technological Development Area. It mainly designs, develops and manufactures logistics equipment, trolleys, storage racks and special containers, etc. It currently has three production bases in Tianjin, Wuhu (Anhui) and Chuzhou (Anhui), and has obtained certifications including ISO 9001, ISO 14000, IATF 16949, ISO 45001 and ISO 50001 management system standards. Since 2000, we have designed and manufactured various general-purpose pallets, boxes, racks and other line-side equipment as well as precise material racks for automakers in Japan, Europe and the United States, and China. We provide customized products and services based on customer needs, offering integrated logistics solutions for the automotive industry. The company has its own product R&D and design team, has cumulatively developed over 2,000 product categories, and ships 700,000 sets of products annually. Tianjin CIMC Logistics Equipment Co., Ltd. is located in Tianjin Economic-Technological Development Area. The company specializes in the design, development and manufacture of logistics containers, trolleys, storage racks and special containers. It currently operates three production bases in Tianjin, Wuhu (Anhui) and Chuzhou (Anhui), and has obtained certifications including ISO 9001, ISO 14001, IATF 16949, ISO 45001 and ISO 50001 management system standards. Since 2000, we have designed and manufactured general-purpose pallets, bins, racks, inline tooling and precision part racks for automotive manufacturers in Japan, Europe, the United States and domestic China. We provide customized products and services tailored to client requirements, and deliver comprehensive logistics solutions for the automotive industry. We have our in-house product R&D and design team, with more than 2,000 product varieties developed with an annual shipment volume of 700,000 sets. Contact Information Contact Lian Hao +86-13820657998（English） Wu Xiaoshan +86-15822677128（Japanese） Contact Us Zhang Jingjie zhangjingjie@smm.cn