【SMM Steel】Switzerland seeks EU steel import measure exemption

[SMM Stainless Steel Daily Review] SS Futures Prices Pull Back on Macro Headwinds, Stainless Steel Spot Transactions Weaken According to SMM on July 1, SS futures moved in a downward, consolidating trend. Pressured by rising expectations for US Fed interest rate hikes and the continued decline in SHFE nickel, SS futures fell in tandem. By the midday close, the most-traded SS contract had settled at 14,590 yuan/mt. In the spot market, the generally cautious market sentiment was driven by both the weakness in SS futures and the disturbance from Indonesian policies. Although traders showed a strong willingness to sell, the sluggish transaction scenario remained unchanged. The most-traded SS futures contract: At 10:15 AM, SS2608 was quoted at 14,550 yuan/mt, up 10 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi stood in the range of 470-970 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was flat; the average prices for cold-rolled unedged 304/2B coil were flat in both Wuxi and Foshan; the price for cold-rolled 316L/2B coil in Wuxi was flat; quotations for hot-rolled 316L/NO.1 coil in Wuxi were also flat; and the average prices for cold-rolled 430/2B coil in both Wuxi and Foshan were flat. This week, stainless steel futures and spot prices were in the doldrums. Macro headwinds outside China, coupled with industrial sentiment disturbance, intensified market pessimism, fully highlighting the off-season fundamentals. The overall picture showed that macro factors suppressed the futures, off-season demand weakened, traders cut prices to reduce inventory, supply contraction provided some support to inventory levels, and steel mill profits shrank. Futures were dragged lower by monetary policies and raw material rumors. Spots maintained resilience relying on steel mills holding prices firm, but terminal transactions were sluggish, and the overall market …

Indian rebar producer VMS TMT has approved a merger with Aditya Ultra Steel to build a more integrated manufacturing base and improve operational efficiency. The deal remains subject to statutory approval. The merged entity will consolidate its Gujarat operations and “Kamdhenu”-branded rebar ecosystem, with combined annual capacity of around 300,000 tonnes and a dealer network of about 300, supporting procurement, production, logistics and distribution synergies.

[SEA] Vietnam’s import scrap market softened this week, with Japanese H2 scrap falling to around 375 USD/tonne CFR Vietnam, down about 7 USD/tonne week on week. US-origin HMS 80:20 bulk scrap stood near 383 USD/tonne CFR Vietnam, also down around 7 USD/tonne. Weak Vietnamese finished steel demand kept mills cautious, with buyers delaying bookings and waiting for further price corrections. Although Japanese suppliers remained firm due to limited scrap generation, Vietnamese buying ideas stayed lower, leaving a clear bid-offer gap.