Data: SHFE, DCE market movement (May 08)

[SMM Steel] Vietnam’s Vnsteel has inaugurated a new warehouse facility in Khanh Hoa province as part of its strategy to strengthen logistics and distribution in the South Central region. The company said the project will improve supply efficiency for distributors, contractors, and infrastructure projects while reducing delivery times and transportation costs. Vnsteel currently operates steel production facilities with combined capacity exceeding 1 million mt per year and a deep-water port system capable of handling vessels up to 50,000 dwt.

[SMM Steel] UK Steel warned that Britain’s steel industry still relies heavily on imports, with domestic producers supplying only around 30% of local demand, far below levels seen in the EU and US. The association expressed concern that tighter EU quotas could hurt British exports, as around 80% of UK steel exports are shipped to the EU market. UK Steel also criticized growing preference for imported “green steel” produced via electric arc furnaces (EAF), warning that this trend could undermine investment in domestic steel decarbonization. The UK government plans to cut steel import quotas by 60% from July 1 and raise over-quota tariffs from 25% to 50%.

[SMM Steel] The American Iron and Steel Institute (AISI) urged the USTR to impose cumulative tariffs under the Section 301 investigation targeting economies linked to global steel overcapacity. AISI highlighted record Chinese steel exports of 131 million mt in 2025 and rising shipments from India, Indonesia, South Korea, Japan, and Mexico. The institute argued that subsidized exports and redirected trade flows are pressuring the US steel market. If approved, additional Section 301 tariffs could be added on top of existing Section 232 duties, potentially lifting total US steel tariffs on some countries to 60-75%.