[SMM HRC Daily Trading Volume] Spot transactions improve somewhat.

The European Commission plans to overhaul its Emissions Trading System on July 17 to balance climate targets with economic interests. The draft proposal extends carbon allowances into the 2040s and grants an extra €6 billion in free permits to heat producers, fuel users, and CBAM-covered businesses beyond 2034. It also recommends slowing the mandatory annual 4.3% emissions cut by lowering the linear reduction factor. In return, member states must use carbon revenues to fund local green technologies, international offset projects, and cleaner energy transitions.

The government of Trinidad and Tobago is in talks with US-based Pinnacle Steel and Canada's Vanadium Corp over a concession to operate the former Point Lisas steel plant. The project will be developed under an MoU with plant landowner PLIPDECO, providing a framework for negotiations, feasibility studies, and upgrades. The government said the project could make Trinidad and Tobago a vanadium producer, meeting up to 50% of US demand. The Steel Workers Union supports the restart but is concerned about being excluded from talks.

Tokyo Steel plans to modify its hot-dip galvanized coil line at Okayama Works into a dual-purpose line that also produces cold-rolled coils. The ~10 billion yen ($70m) investment will enable annual output of 250,000 tonnes for both coil types. The galvanizing line will shut down for three months from Dec 2026 to Feb 2027. Trial runs begin March 2027, with commercial production scheduled for April 2027.