【SMM Steel】EU CBAM Deadline Spurs Wave of Green-Hydrogen DRI Steel Projects Ahead of 2026 Launch

India's domestic steel market remained under pressure during Oct 30-Nov 6, with prices across most product categories declined week-on-week. Steel and scrap prices decreased up to by 2-8 USD/tonne (200-800 INR/tonne) across the cities. Market activity remained subdued ahead of the Diwali holidays, as buyers focused mainly on immediate requirements rather than fresh bulk purchases. With festive closures approaching, trading activity is likely to remain limited in the near term. Jalna rebar down 5 USD/tonne (500 INR/tonne) to 526 USD/tonne (49,500 INR/tonne) EXW Jalna. Mumbai rebar declined 2 USD/tonne (200 INR/tonne) to 551 USD/tonne (51,900 INR/tonne) EXW Mumbai. Raipur billet dropped 2 USD/tonne (200 INR/tonne) to 451 USD/tonne (42,500 INR/tonne) EXW Raipur. PDRI sponge iron down 1 USD/tonne (100 INR/tonne) to 305 USD/tonne (28,700 INR/tonne) EXW Bellary. HMS 1&2 (80:20) down 8 USD/tonne (800 INR/tonne) to 386 USD/tonne (36,300 INR/tonne) delivered Mandi. Melting down 8 USD/tonne (800 INR/tonne) to 395 USD/tonne (37,200 INR/tonne) ex-yard Alang.

[SMM Stainless Steel Daily Review] SS Resilience Stands Out Against Nonferrous Metals Pullback; Stainless Steel Spot Prices Follow Gains, Downstream Trading Cautious According to SMM on November 6, SS futures consolidated on a strong note today. Although nonferrous metals futures stopped rising and fell sharply today, SHFE nickel and SS did not follow the decline significantly, firmly holding yesterday's gains. As of the close, the most-traded SS contract settled at 14,135 yuan/mt. In the spot market, driven by the consecutive rise in SS futures, stainless steel spot prices moved higher in tandem. However, after the rapid price increase, cautious wait-and-see sentiment among downstream end-users continued to build, with market inquiry and trading activity pulling back, further intensifying the tug-of-war between longs and shorts. SS futures most-traded contract. At 10:15 a.m., SS2612 was quoted at 14,180 yuan/mt, up 135 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 190-590 yuan/mt. In the spot market, the average price of Wuxi cold-rolled 201/2B coil remained flat; for cold-rolled 304/2B coil with mill edges, the average price in Wuxi rose by 100 yuan/mt, and the average price in Foshan rose by 75 yuan/mt; the price of cold-rolled 316L/2B coil in Wuxi rose by 25 yuan/mt; for hot-rolled 316L/NO.1 coil, the quoted price in Wuxi rose by 50 yuan/mt; cold-rolled 430/2B coil in both Wuxi and Foshan remained flat. This week, the stainless steel market showed an independent strengthening trend driven by capital flows. SS futures rose against the backdrop of overall weakness in the nonferrous metals sector, climbing back above 14,100 yuan/mt during the week. At the start of the week, SHFE nickel and nonferrous metals...

[SMM Stainless Steel Scrap Market Weekly Review] Futures Boost Stainless Steel Scrap Uptrend, Invoice Constraints Limit Gains This week, 304 stainless steel scrap off-cuts prices in east China halted losses and strengthened, with a quotation range of 9,550-9,650 yuan/mt; in Foshan, 304 stainless steel scrap off-cuts prices rose, with a price range of 9,700-10,000 yuan/mt. From a raw material cost analysis, the current cost of producing stainless steel entirely from stainless steel scrap is approximately 13,555.26 yuan/mt, while the cost using only high-grade NPI reaches 13,794.61 yuan/mt. Cost support remains in place, but the price spread has narrowed. This week, stainless steel scrap prices halted losses and strengthened. During the week, SS futures climbed repeatedly, lifting spot prices of finished products in tandem. High-grade NPI followed the uptrend, and steel mills raised their purchase prices for stainless steel scrap, collectively driving scrap quotations higher. However, this round of gains was driven more by futures-based expectations, and cautious sentiment in the spot market has not fully dissipated. Coupled with constraints from the reverse invoicing policy, actual purchase volumes by steel mills were limited, and overall market transactions remained sluggish. Even though the substitution advantage of stainless steel scrap persists, the constraints posed by invoice issues have created significant resistance to further gains in scrap prices. Overall, stronger futures and higher prices for finished products and high-grade NPI drove a rebound in the stainless steel scrap market, with substitution advantages providing support. However, invoice issues and weak transactions capped the upside. Looking ahead, the cost advantage of stainless steel scrap over high-grade NPI remains intact, providing bottom support for prices. However, end-use demand has not improved materially, wait-and-see sentiment in the market remains heavy, and invoice issues persist...