Data: SHFE, DCE market movement (May 21)

[SMM Steel] Tata Steel UK received an exemption from US steel tariff rules, allowing steel processed at its Port Talbot plant in Wales to qualify for the lower 25% US tariff rate applied to UK steel exports. The exemption permits products manufactured at Port Talbot to be treated as UK-origin steel even if raw materials are sourced outside Britain. Under current US trade measures, most steel imports face a 50% tariff, while UK-origin steel meeting “smelting and casting” requirements qualifies for the reduced tariff rate.

[SMM Steel] Brazil’s Finance Ministry proposed a phased roadmap to expand the country’s regulated carbon market, beginning with emissions reporting requirements from 2027. The first phase will cover sectors including iron and steel, cement, paper and pulp, aluminum, oil and gas, refining, and aviation. Additional industries such as mining, electricity, chemicals, and transport will be gradually included between 2029 and 2031. Authorities said each sector will receive a four-year preparation period without immediate carbon costs or emission reduction obligations. A public consultation is scheduled for July, with final rules expected later this year.

[SMM Steel] South Africa increased import tariffs on selected steel products to 10-30%, up from previous levels of 0-15%, covering flat steel, non-alloy steel, bars, wire rod, pipes, and tubes. The government said the measures aim to support local steelmakers facing weak demand and rising import pressure, following operational challenges and plant closures at ArcelorMittal South Africa. Authorities added that the tariff hikes are intended to give domestic mills time to restructure and improve competitiveness, while certain preferential trade arrangements and downstream rebate policies will remain in place.