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.

【SMM Steel】India's Venus Pipes and Tubes Limited commenced commercial operations at a new fittings facility and expanded its seamless pipes and tubes capacity in Dhaneti, Gujarat, on May 26, 2026. The company added 4,200 tonnes per annum of seamless capacity in this stage, bringing total incremental seamless capacity to 6,000 tpa when combined with 1,800 tpa commissioned in November 2025, exceeding the original 4,800 tpa target. The new fittings unit expands the company's value-added product mix, targeting traditional sectors such as power, oil & gas, chemicals, and engineering, as well as new fields like data centers and semiconductor production.

India, the world’s second-largest bullion market, has seen gold and silver imports grind to a halt for five weeks since April 1, driving domestic prices to a premium of over $20 an ounce above international levels for the first time since early February.

Indian manufacturer Solex Energy signed an MoU with the Gujarat government to invest $420 million in a vertical integration project. The plan includes a 5 GW solar cell facility (2 GW + 3 GW phases) and a 10 GW BESS plant to complement its existing 4 GW module capacity. Solex is currently co-developing high-efficiency back-contact (BC) technology with Germany’s ISC Konstanz, targeting a 24.6% module efficiency. This expansion aligns with the company’s 2030 goal of reaching 10 GW of integrated capacity across the PV value chain to bolster India’s domestic energy ecosystem.

[SMM Steel] ArcelorMittal Nippon Steel India has launched a new production line at Hazira, Gujarat, to produce advanced high-strength steel (AHSS) for the automotive sector. The line has 2 mln t capacity and is part of a $6.31bn expansion, aiming to boost domestic supply and reduce import reliance.

India added a record 44.6 GW of solar and 6 GW of wind capacity in fiscal year 2026, representing year-on-year increases of 87.2% and 45.6%, respectively, according to JMK Research. As of March 31, 2026, India's total renewable energy capacity reached 275 GW, with solar accounting for 55% (150.26 GW). The surge was primarily driven by the commissioning of projects under the MNRE’s 50 GW annual bidding trajectory and the acceleration of projects ahead of the June 2025 ISTS waiver deadline. Additionally, the PM Surya Ghar scheme significantly boosted residential rooftop adoption, with Maharashtra and Gujarat leading the state-level installations across various solar segments.

According to market reports, India’s Jindal Stainless Limited (JSL) and Oyster Renewable Energy Limited (OREL) have partially commissioned a 315.6 MW hybrid solar-wind power project. The first phase (216 MW) in Madhya Pradesh is now operational, with the remaining 99.5 MW in Gujarat launching soon. Developed by OREL, the project entails a total investment of $211 million, including a $14 million contribution from JSL. This facility integrates bifacial solar modules and 3.15 MW wind turbines to ensure a stable clean energy supply for industrial use. Once fully operational, the project will help JSL reduce its carbon emissions by approximately 650,000 mt per year, highlighting its transition toward green stainless steel production.

AGEL has successfully commissioned 951 MW of renewable energy capacity across two locations in India: Baiya, Rajasthan (251 MW) and Khavda, Gujarat (700 MW). The newly commissioned portfolio consists of 926 MW of solar and 25 MW of hybrid projects, executed through various step-down subsidiaries. Following the receipt of all necessary clearances, the plants officially commenced commercial operations and power generation on March 30. With the integration of these new facilities, AGEL's total operational renewable generation capacity has now expanded to 18,933.3 MW.

India's Solarium Green Energy has commissioned a 1 GW fully automated solar module facility in Ahmedabad, Gujarat. Backed by an INR 900 million investment, the plant manufactures high-efficiency 'G12' modules up to 725 Wp using 'TOPCon', half-cut, and bifacial technologies. This move toward backward integration aims to secure Solarium's 'EPC' supply chain, boost margins, and potentially generate over INR 10 billion in annual revenue.

According to recent reports, Gujarat-based manufacturer Venus Pipes & Tubes Ltd has secured a new supply contract for seamless and welded stainless steel tubular products. This order underscores the surging demand for advanced industrial materials across India's engineering, power, and process sectors. As critical components in high-performance applications like power generation, heat exchangers, and chemical facilities, these corrosion-resistant pipes are seeing increased consumption driven by scaling nationwide infrastructure and energy projects. The contract highlights the expanding footprint of Indian stainless steel pipe manufacturers as they increasingly invest in modern production technologies to meet stringent specifications for both robust domestic needs and export markets.