June 11 Shagang Industrial Wire Rod Price Adjustment

India's state-run steelmaker RINL has suspended operations at its Steel Melt Shop 1 (SMS-1) following an explosion on June 11 that killed nine workers and critically injured several others. During the incident, casting machines 1–4 were in operation. A second explosion at machine 2 occurred just 20 minutes later, disabling a crane and damaging equipment. Preliminary investigations point to a sudden release of trapped gases (oxygen, hydrogen, nitrogen) in molten steel as the likely cause. A separate molten metal spill at SMS-2 was reported 15–20 minutes prior. Operations remain halted.

Semi-Annual Review and Outlook: Capacity Expansion Continues to Suppress Prices, Non-oriented Struggles to Shake Off Downturn Shadow

This week, social HRC inventory stood at 2.7111 million mt, down 46,300 mt from the previous week, down 1.68% WoW, up 40.52% YoY, and up 36.71% YoY based on the lunar calendar. This week, HRC mill inventory stood at 974,800 mt, up 17,000 mt from the previous week, up 1.85% WoW, down 6.15% YoY, and down 5.42% YoY based on the lunar calendar. This week, total HRC inventory stood at 3.6859 million mt, down 28,600 mt from the previous week, down 0.77% WoW, up 24.19% YoY, and up 22.30% YoY based on the lunar calendar.