Grain-Oriented Silicon Steel Price Dynamics Shanghai B23R085 grade: 12,200-12,200 yuan/mt Wuhan 23RK085 grade: 11,700-11,700 yuan/mt Spot prices for cold-rolled grain-oriented silicon steel edged higher this week, with moderate trading activity in the market. Following the full implementation of earlier price hike policies by steel mills, the market digestion pace remained smooth. Traders held a strong sentiment to hold prices firm, pushing the center of spot quotations slightly higher. Demand side, just-in-time procurement by transformer and power equipment enterprises remained normalized. While end-users restocked in batches as needed, some enterprises locked in forward raw materials in advance, releasing a small amount of restocking demand, providing sufficient just-in-time demand support. Supply side, production pace at various steel mills was stable, with mainstream specification resources being released normally. Overall supply was ample, with no significant pressure from either inventory buildup or rapid destocking. Looking ahead, mainstream steel mills still show willingness to hold prices firm. Additionally, with power grid investment under the "15th Five-Year Plan" ramping up, orders from UHV and data center substation projects continue to be released, and medium and long-term downstream demand expectations continue to improve. Overall, spot prices lack downward momentum in the near term, supported by both raw material costs and terminal orders. Next week, the spot market for cold-rolled grain-oriented silicon steel is expected to maintain a generally stable with slight rise trend. Data Source Statement: Except for publicly available information, all other data is processed by SMM based on public information, market communication, and SMM's internal database models, for reference only, and does not constitute decision-making advice. Note: This article is original content belonging to this official account. For reprinting, whitelisting, cooperation, and other requests, please contact us. Without permission, the above content may not be reprinted, modified, used, sold, transferred, displayed, translated, compiled, disseminated, or disclosed to third parties or licensed for use by third parties in any form. Otherwise, once discovered, Shanghai Metals Market will pursue legal liability for infringement, including but not limited to requiring the assumption of contractual breach liability, return of unjust enrichment, and compensation for direct and indirect economic losses.

This week, the aluminum processing industry was broadly under pressure from three factors: a deepening off-season, continuously weakening aluminum prices that fueled widespread price-drop sentiment, and shrinking exports. Only a few subsectors such as energy storage provided marginal support. The operating rate is expected to continue its downward trend in the short term.

[SMM Analysis] Anti-Dumping Investigation Arrived China's Grain-Oriented Silicon Steel Exports Encountered Major Changes

June 30 (Reuters) - According to five sources familiar with the matter, the Trump administration was drafting a ban on imports of foreign inverters, which are used to connect solar projects and cells to the power grid, over concerns that China could use them to disrupt electricity supply. According to the sources who requested anonymity, the restrictions drafted by the Federal Communications Commission (FCC) would apply to new-type foreign inverter models and could be announced as early as this year. The sources asked not to be named because the matter was not yet public.

Anti-dumping Investigation Details On June 22, 2026, India’s Ministry of Commerce and Industry issued a notice announcing the initiation of an anti-dumping investigation concerning imports of Cold Rolled Grain Oriented Electrical Steel (CRGO) and Amorphous Metal (AM) originating in or imported from China, Japan, South Korea, and Russia, in response to an application filed by domestic producer JSW JFE Electrical Steel Nashik Private Limited. This case primarily covers products under HS codes 72251100, 72261100, and 72269930, as well as certain products under HS codes 72251920, 72251990, 72261920, 72269910, 72261990, 72269910, 72269920, and 72269990. The dumping investigation period runs from April 1, 2025 to March 31, 2026 (12 months), and the injury investigation period covers April 1, 2022 to March 31, 2023, April 1, 2023 to March 31, 2024, April 1, 2024 to March 31, 2025, and April 1, 2025 to March 31, 2026. China’s Grain-Oriented Silicon Steel Exports Source: General Administration of Customs Comparing January-May exports of grain-oriented silicon steel, monthly exports in the first five months of 2025 fluctuated more sharply, with a notable pullback in February and a peak for the period in April. In the first five months of 2026, monthly exports rose steadily month by month, showing a smoother trend; overall exports for January-May 2026 were similar to those of January-May 2025, and demand outside China remained relatively stable. Source: General Administration of Customs Among the top 10 destinations for grain-oriented silicon steel exports in the first five months of 2025 and 2026, India ranked as the largest market for the second consecutive year, with outstanding growth—exports to India were about 54,400 mt in the first five months of 2025, rising to 67,600 mt in the same period of 2026, a notable increase. Turkey moved significantly up the ranking, and Mexico dropped; Slovenia and Saudi Arabia entered the top 10, while Thailand and Spain fell out of the list. Exports to traditional markets—Italy, Mexico, South Korea, Brazil, the UAE, and Vietnam—generally pulled back YoY, with only India and Turkey recording a YoY increase; India became the sole core overseas demand driver experiencing substantial volume expansion. China’s large-scale exports of grain-oriented silicon steel to India, combined with the inability of local Indian producers to compete effectively, prompted India to initiate the anti-dumping case. Estimated Timeline for Implementation of India’s Anti-Dumping Duties India’s anti-dumping investigation follows a defined timetable: a preliminary determination and provisional duties are expected within 5 to 6 months of initiation; for complex cases involving multiple countries, such as this one on grain-oriented silicon steel, the final determination can take up to 18 months. After the final recommendation is submitted to the Ministry of Finance, a further 3-month review is required, so the entire process leading to the formal imposition of duties is expected to take approximately one and a half to two years. The fixed tariffs determined by the final ruling are valid for 5 years. Before expiry, local enterprises may initiate a sunset review, with the review period also lasting 12-18 months, during which the original tariffs remain in effect. Relevant grain-oriented silicon steel export enterprises may negotiate price undertakings within a 3- to 8-month window after case initiation to avoid provisional and definitive duties. Possible impact of India's anti-dumping on China From case initiation to preliminary determination: Once the case is filed, Indian importers will proactively adopt a wait-and-see approach, suspend new long-term contracts, and turn to supply sources from Japan and South Korea, leading to a contraction in orders from China to India. In addition, relevant Chinese enterprises will incur high litigation costs and increase various document compliance expenditures; small and medium-sized mills without the capability to respond to lawsuits will directly exit the Indian market, while top-tier players will bear substantial additional costs in defending the case. When the preliminary ruling is announced after 5-6 months, a provisional anti-dumping duty (for up to 6 months) will be directly imposed, significantly raising export costs, reducing shipments to India, and causing diverted goods to flow back and impact spot prices of grain-oriented silicon steel in China, hurting steel producers' profits. This will increase the willingness to conduct maintenance and control production, put sector sentiment under pressure, and weaken the valuations of listed grain-oriented silicon steel enterprises. Downstream power equipment, such as domestic transformers and reactors exported to India, will also face obstacles. Bidding costs for complete equipment will rise, and orders from India for power grids, PV inverters, etc., will be lost. Involution in the domestic market will intensify, as low-end transformer manufacturers cut prices to compete for orders, and profits will contract concurrently. 1-2 year long-term cycle: After the 18-month final determination and Ministry of Finance approval, a high fixed tariff for 5 years will be imposed, constituting a medium- and long-term structural shock. China will be forced to adjust its grain-oriented capacity structure, explore alternative overseas markets, promote building factories abroad, comprehensively reduce its dependence on the single Indian market, focus on developing incremental grid markets in the Middle East, Southeast Asia, and Latin America, and diversify its export structure. Top-tier steel producers will go global, setting up silicon steel slitting bases and joint-venture steel mills in Southeast Asia, while transformer enterprises will simultaneously build factories overseas to circumvent finished-product tariff barriers. Overseas aspects: Indian market In the short term, Indian importers will shift to supply sources from Japan, South Korea, and Russia, leading to higher procurement costs. With insufficient domestic capacity for low-grade silicon steel, transformer manufacturers will face raw material shortages. Downstream power manufacturing associations will protest against rising costs, infrastructure project bids will rise, and the pace of grid expansion will slow down. High tariffs will raise costs across India's entire industry chain, undermining the competitiveness of its new energy and grid infrastructure compared with Southeast Asia. In the long term, policies will continue to support domestic grain-oriented silicon steel projects such as JSW-JFE. Within 5 years, domestic capacity will expand significantly, and low-end silicon steel will achieve self-sufficiency. Global Trade Market Enterprises from Japan and South Korea and Russia are seizing China’s original share in India, creating a supply substitution, while China shifts to the Middle East, Southeast Asia, and Latin America to form differentiated competition tracks. The processing of transformers and silicon steel is relocating to Vietnam, Indonesia, and Malaysia, forming a Southeast Asian power equipment manufacturing cluster. Third-country deep processing and origin-based tariff circumvention will become a long-term conventional trade model. Data Source Statement: The other data in this report, beyond publicly available information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, NBS data, customs import and export data, and various data published by major associations and institutions), market communication, and reliance on SMM’s internal database models, have been comprehensively analyzed and reasonably inferred by the research team. They are for reference only and do not constitute decision-making advice. Shanghai Metals Market reserves the final right to interpret the terms of this statement and the right to adjust and modify its content based on actual circumstances.

The third meeting of the Jiangsu Provincial Energy Committee, also a meeting on ensuring energy and power supply during the summer peak, was held on June 29. The meeting stressed the need to strengthen power security and supply capacity, ensure the timely commissioning of supporting power sources, accelerate the construction of new energy such as distributed PV and offshore wind power, and build a new-type power grid system in conjunction with the "Six Networks"; deepen energy reform and innovation, accelerate energy technology innovation, coordinated development of computing and electricity, and AI empowerment; and establish a power market system with diverse players, orderly competition, and standardized operation.

Exelon, a leading US nuclear power company, recently warned that the US could face blackouts as early as 2027 due to growing electricity demand putting pressure on the power grid, and that higher electricity rates will be needed to fund new infrastructure. The operator of AI hyperscale data centers caught everyone "off guard" and "underestimated" the headwinds their data centers would face.

According to SMM statistics, as of June 26, days of in-factory inventory at China’s aluminum rod plants were recorded at 1.43 days, down 0.39 days WoW from 1.82 days on June 18, with the inventory ratio further declining from 6.87% to 5.67%, a drop of 1.2 percentage points. The inventory destocking trend continued, but the decline narrowed significantly

Du Zhongming, Director General of the Department of Electricity of the National Energy Administration, stated that grid fixed-asset investment across the country will surpass 5 trillion yuan in the 15th Five-Year Plan period. The next step will focus on three “new” areas. First, improving the new architecture of the power grid by building a new-type grid platform that coordinates the development of backbone grids, distribution grids, and microgrids, strengthening grid security resilience, promoting vehicle-grid interaction, and accelerating the construction of large-power charging facilities and charging and battery swapping infrastructure for heavy-duty electric trucks, thereby supporting the charging demand of over 110 million EVs. Second, making breakthroughs in key new technologies. This includes speeding up the innovative application of grid-forming technology, long duration energy storage (LDES) technology, and power transmission technology for large-scale 100% green electricity bases, and implementing AI + power grid projects to equip the grid with a smart brain. Third, rolling out more and better new services by continuously optimizing grid connection and transmission services for new energy and significantly enhancing the system’s regulation capacity.

SNEC ES+ The 13th (2027) International Energy Storage and Battery (Shanghai) Conference and Exhibition 2027 June 2-4 China · National Exhibition and Convention Center (Shanghai) No. 333 , Songze Avenue, Qingpu District, Shanghai Integrate the Ecosystem, Empower the Future of the Energy Chain Pre face: Co-organized by 25 international institutions and organizations including the Asian Photovoltaic Industry Association (APVIA), the Chinese Renewable Energy Society (CRES), the Renewable Energy Professional Committee of the China Association of Circular Economy (CREIA), the Shanghai Federation of Economic Organizations (SFEO), the Shanghai Science and Technology Exchange Center (SSTEC), and the Shanghai New Energy Industry Association (SNEIA), the “SNEC ES+ The 13th (2027) International Energy Storage and Battery (Shanghai) Conference and Exhibition” will be grandly held in Shanghai, China, from June 2 to 4, 2027. From 15,000 m² at its first edition in 2007, the “SNEC ES+ The 13th (2027) International Energy Storage and Battery (Shanghai) Conference and Exhibition” grew to 360,000+ m² in 2026, attracting more than 2,800 enterprises from 95 countries and regions worldwide, with international exhibitors accounting for 30%, and has become the most influential international, professional, and large-scale energy storage event in China, Asia, and the world. SNEC ES+ The 13th (2027) International Energy Storage and Battery (Shanghai) Conference and Exhibition is the world’s most professional energy storage exhibition. Its exhibits include: international energy storage technologies and smart grids, energy storage technologies, equipment and materials, ESS power stations and EPC projects, grid connection of new energy power generation and intelligent transmission and distribution, power grid dispatching and automated control, smart metering and power consumption management, smart grid information and communications, international NEVs and charging piles, NEVs, power drive systems, key parts for NEVs, automotive design, charging facilities, etc., covering every link of the energy storage industry chain. The SNEC Energy Storage Forum also features a particularly rich variety of formats, covering analysis of future market trends in the energy storage industry, cooperative development strategies, policy orientations of various countries, cutting-edge industry technologies, energy storage finance, etc., and is the best opportunity to showcase achievements to the industry. We look forward to global stakeholders gathering in Shanghai, China, taking an industry-wide perspective and a problem-oriented approach, to jointly assess the energy storage markets in China, Asia, and the world, and to lead the path of innovative industry development together. May we meet in Shanghai in June 2026! Schedule: Move-in: May 30, 2027 13:30-18:00 May 31, 2027 & June 1 9:00-20:00 Exhibition: June 2-3, 2027 09:00-17:00 June 4 09:00-14:00 Move-out: June 4, 2027 14:00-24:00 Organizing Institutions: Approving Authority Shanghai Municipal Commission of Commerce Lead Organizers Asian Photovoltaic Industry Association (APVIA) Chinese Renewable Energy Society (CRES) Renewable Energy Professional Committee of the China Energy Research Society Shanghai Federation of Industrial Economics (SFIE) Shanghai Science and Technology Exchange Center (SSTEC) Shanghai New Energy Industry Association (SNEIA) Co-organizers Global Green Energy Industry Council (GGEIC) New Energy Industry Association Asia Pacific (NEIAAP) China Electric Power Construction Enterprise Association (CEPCA) Photovoltaic Professional Committee of the Chinese Renewable Energy Society (CPVS) Renewable Energy Professional Committee of the China Association of Circular Economy (CREIA) Supporter Solar Photovoltaic Products Sub-Council of China Chamber of Commerce for Import & Export of Machinery & Electronic Products (CCCME) Exhibition Contractors Shanghai Follow Me Technology Co., Ltd. Shanghai Solar Cloud Exhibition Services Co., Ltd. Follow Me Int'l Exhibition USA Inc. Follow me International Exhibition Co., Ltd. Exhibit Scope (Categories): International Energy Storage Technologies and Smart Grids A. Energy storage technologies, equipment and materials: Compressed air energy storage, pumped storage, superconducting electromagnetic energy storage, flywheel energy storage, thermal/cold energy storage, hydrogen storage and other energy storage technologies, equipment and materials applicable to plug-in EVs; various batteries (nickel–metal hydride battery, lithium-ion battery, lithium polymer battery, lead-acid battery, smart battery, sodium-sulfur battery), energy storage power supply, supercapacitors, renewable fuel cell, flow battery and other technologies, equipment and materials B. ESS power stations and EPC projects: BMS battery management system, PCS energy storage inverter, microgrid, EV battery swapping/charging stations and related supporting facilities C. Grid connection of new energy power generation and intelligent transmission and distribution: Grid-tie inverter, light-duty DC equipment, operation monitoring devices, grid connection control systems, flexible transmission equipment, UHV transmission equipment, high-temperature superconducting equipment, high-temperature superconducting cables, distribution automation systems and protection devices, smart switching equipment, transformers, instrument transformers, smart components, digital substations, integrated substation automation, distribution network automation devices, online monitoring for transmission and distribution, fault diagnosis and self-healing devices, power quality monitoring, harmonic mitigation and reactive power compensation, superconducting electrical engineering technology, various new-type wires and cables, composite materials, safety protection D. Power grid dispatching and automated control: Smart power grid dispatching systems, dispatching integrated data platform systems, power grid security and control, intelligent inspection systems, integrated measurement/control/protection and arc suppression and line selection systems, safety and stability control system solutions, power monitoring systems and microcomputer-based relay protection, wide-area dynamic monitoring systems, online monitoring systems for power grid stability, distribution network intelligent reactive power compensation devices, control software, remote control and telemetry devices, large-screen display systems, power system simulation E. Smart metering and power consumption management: Smart meters and chips, remote/centralized meter reading systems, power consumption information acquisition systems, power consumption management information systems, load management terminals, monitoring systems, inspection devices, metering cabinets and components, measuring instruments, sensors, semiconductors F. Smart grid information and communications: Internet of Things technologies, cloud computing technologies, multi-network convergence technologies, transmission technologies and equipment, access equipment, optical fiber and optical cables, industrial Ethernet, data communications and network technologies and related products, in-plant communications equipment, power line carrier equipment, supporting equipment and meters, digital microwave communications equipment, test equipment and instruments, online network monitoring equipment G. Others International NEVs and Charging Piles A. NEVs (passenger vehicles / commercial vehicles): Electric buses and trucks, electric sedans, electric sightseeing vehicles, electric golf carts, electric cleaning vehicles, hybrid buses and sedans, solar EVs, light-duty EVs, hybrid vehicles (micro hybrid, mild hybrid, medium hybrid, full hybrid, and plug-in hybrid), battery EVs, fuel cell vehicles, hydrogen energy, natural gas and other new energy clean fuels, hybrid vehicles and various low-emission, environmentally friendly, energy-saving vehicles; B. Power drive systems: Power battery, battery management system, fuel cell, hybrid systems, drive motors, electric control systems, engines, detection and repair equipment, related testing, monitoring and protection instruments, related technologies; C. Key parts for NEVs: Power capacitors, supercapacitors, flywheels, inverter, electric heat pumps, electric power steering, electric air conditioning, tires, wire connections, electromagnetic technologies, related materials; coatings, transmissions, filters, carburetors, exhaust systems; axles, steering, braking, suspension systems; accessories for auto body; motors and electrical appliances, electronic components, electrical systems, circuits, wheel hub, tires, etc.; D. Automotive design: Complete vehicle design, system control design, etc. E. Charging facilities: Charging stations, charging piles; planning and achievements display of intelligent network projects for charging stations, expansion of gas stations into charging (battery swapping) stations, display of integrated refueling and charging service stations, technology products for solar- and wind-complementary NEV charging stations, power distribution equipment for charging stations, chargers, power monitoring systems, active filter devices, transformers, power distribution cabinets, cables, direct charging equipment, management auxiliary equipment, charging and swapping batteries and battery management systems, parking lot charging facilities, intelligent monitoring, power supply solutions for charging stations F. Others Exhibition Fees: Standard booth (deluxe standard, 3m x 3m ): China enterprises: RMB 23,800/booth Foreign-funded enterprises: US$4,900/booth Basic configuration: one consultation table, two folding chairs, one wastebasket, one 220V/500W power socket, two spotlights, Chinese and English header board, and carpet in the booth. Indoor bare space (minimum rental: 36 m²): China enterprises: RMB 2,380 /m 2 Foreign-funded enterprises: US$490 /m 2 Exhibitor Notes: 1. After confirming participation, the enterprise shall complete the exhibition application form, affix the official seal, and fax or mail it to the Organizing Committee; 2. Upon receipt of the booth reservation fee, the Organizing Committee will allocate booths to exhibitors in accordance with the principle of “first application, first payment, first arrangement”; 3. Payment details for exhibition fees: (1) The above exhibition fees do not include “construction deposit,” “construction management fee,” “facility rental fee,” and other fees; (2) Exhibitors that sign contract are requested to remit the deposit to the Organizing Committee’s account within ten working days from the date of contract signing, and fax the remittance voucher to the Organizing Committee for verification; (3) The remaining exhibition fees shall be remitted to the account designated by the Organizing Committee by December 31, 2026; 4. The placement order of advertisements in the conference booklet shall be based on the order in which advertising fees are received; the deadline for inclusion is March 31, 2027; 5. The Organizing Committee will send the Exhibitor Manual to participating enterprises in April 2027. For inquiries, please contact: Shanghai Follow Me Technology Co., Ltd. SNEC ES+ The 13th (2027) International Energy Storage and Battery (Shanghai) Conference and Exhibition Contact: Manager Wei Tel: +86-13817218765 (WeChat same number) E-mail: weiwei@snec.org.cn