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.

According to the Brazil Steel Institute (Aço Brasil), Brazil's finished steel trade deficit compressed sharply by 59.2% year-on-year during the first five months of 2026, dropping to 503,000 metric tons (mt) from 1.23 million mt in the same period of 2025. Cumulative finished steel imports for January-May 2026 fell by 21.6% year-on-year to 1.41 million mt, while domestic sales by Brazilian mills advanced by 6.7% year-on-year to 8.08 million mt, elevating total apparent domestic consumption to 9.07 million mt. Crude steel production for the period registered a 4.7% increase to 14.15 million mt, whereas total exports contracted slightly by 1.8% to 906,000 mt. The market impact highlights the immediate protective efficiency of Brazil’s newly deployed 25% tariff-rate quota (TRQ) system and anti-dumping measures. By successfully turning back low-priced import volumes, these trade blocks have redirected bulk procurement back to domestic mills, allowing local steelmakers to secure their home market share and stabilize regional pricing baselines despite challenging global demand headwinds.

According to the Brazil Steel Institute (Aço Brasil), the country's finished steel trade deficit narrowed significantly in the first four months of 2026, dropping to 425,000 metric tons (mt)—a sharp contraction compared to the 1.1 million mt deficit recorded in the same period of 2025. Cumulative finished steel imports for January-April 2026 fell by 25.1% year-on-year to 1.1 million mt, while domestic sales by Brazilian mills rose by 6.3% year-on-year to 6.3 million mt, pushing total apparent domestic consumption to 7.1 million mt. Despite the narrowing deficit, Brazil remained a net importer as exports decreased by 4.7% year-on-year to 715,000 mt, while crude steel production for the period registered a 4.2% increase to 11.2 million mt.

SMM Analysis: According to data from the General Administration of Customs, China's copper foil (HS codes: 74101100, 74102190) exports in April 2026 were 7,359.85 mt, up 98.96% YoY and up 10.45% MoM...

[Copper Foil Customs Data] According to data from the General Administration of Customs, China's copper foil import value in April 2026 was $165.2827 million, up 39.93% YoY and down 8.48% MoM; China's cumulative copper foil import value from January to April 2026 was $613.3360 million, up 35.89% YoY. China's copper foil export value in April 2026 was $118.5483 million, up 147.67% YoY and up 2.09% MoM; China's cumulative copper foil export value from January to April 2026 was $398.9716 million, up 121.74% YoY. China's copper foil import-export trade deficit in April was approximately $46.73 million, down approximately $17.76 million MoM from $64.49 million in March 2026.

[SMM Precious Metals Market News] Indian Prime Minister Modi made a rare appeal to citizens to stop buying gold for at least one year. This move directly impacted domestic jewelry stocks, reflecting the deep-seated challenges facing India's foreign exchange reserves and trade deficit amid the Middle East war. On Sunday (May 10), Modi delivered a speech urging the public to avoid purchasing gold jewelry on any occasion, while also calling for reduced fuel consumption and fewer unnecessary trips outside China. He noted that India spent a significant amount of foreign exchange on gold imports and that citizens should eliminate non-essential consumption.

【SMM Steel】The US Court of International Trade ruled Trump's 10% global tariff under Section 122 of the Trade Act of 1974 is illegal. The court rejected the administration's argument that "balance-of-payments deficits" equals a trade deficit. The injunction applies only to the plaintiffs (two small businesses and Washington state). The DOJ filed an appeal on May 8. The ruling does not affect Section 232 steel and aluminum tariffs on national security grounds.

Malaysia is aiming to pivot towards higher-value flat product production in its latest industrial policy (NIMP 2030) update, intending to decrease its dependence on commodity-grade imports. This strategic shift includes various incentives designed to encourage the upgrading of existing facilities to manufacture automotive and special industrial grade steel, such as a Special Tax Rate (STR), Investment Tax Allowance (ITA) reductions, and potential exemptions from any capacity freeze orders. Given Malaysia's previous role as a substantial importer of flat products from neighbouring regional hubs, this policy is anticipated to significantly impact regional trade dynamics as the nation strives to balance its trade deficit and bolster domestic manufacturing capabilities.

Commerzbank noted that due to the sharp rise in memory chip prices in recent months, European currencies could be affected to some extent. This could deliver another terms-of-trade shock to the eurozone and Europe as a whole, in addition to the energy price shock caused by the war in Iran. Some of the countries with the largest trade deficits are eurozone members, including Italy, Portugal, and Germany. Poland, Hungary, the Czech Republic, and the UK also have trade deficits.

SMM Analysis: According to data from the General Administration of Customs, China's copper foil (HS codes: 74101100, 74102190) imports in March 2026 were 8,220.04 mt, up 11.88% YoY and up 27.59% MoM...