Data: SHFE, DCE market movement (May 28)

[SMM Steel] India’s JSW Steel has commenced construction of a 13.2 million mt per year greenfield steel plant in Paradip, Odisha, with total investment estimated at 6.8 billion USD. The project, spread across 2,950 acres, is JSW Steel’s largest capital expenditure project to date and will be implemented in phases. Market participants noted the coastal location is expected to strengthen raw material access, logistics efficiency, and export competitiveness through improved port connectivity.

[SMM Steel] German plant maker SMS Group completed the modernization of CELSA Barcelona’s medium section mill at its Castellbisbal site in Spain. The upgrade included replacing one of the 25-year-old CCS® mill stands and installing advanced electrical and automation systems to improve rolling force and operational efficiency. SMS said hot commissioning finished two days ahead of schedule, with regular production resuming immediately after a successful 700 mt rolling campaign. The mill’s annual capacity has increased from 500,000 mt initially to around 1 million mt following multiple upgrades, supporting higher-quality long steel production for the construction sector.

The iron ore futures market on the Dalian Exchange showed weak and volatile trading today. The main contract I2609 finally closed at 780.5 yuan/ton, down 0.06% from the previous trading session.