Data: SHFE, DCE market movement (May 27)

Following the formal announcement by India’s Minister of Commerce and Industry, the India–Oman Comprehensive Economic Partnership Agreement (CEPA) will take effect on 1 June 2026. Market attention has largely focused on the surface-level benefit that “Oman will exempt an average 5% import tariff on 98% of Indian export goods.”

[SMM Steel] Brazil’s steel import quotas reached an average utilization rate of 60% as of May 20, up from 56% in late April, according to Siscomex data. The quota system, valid from February 24 to June 23, allows 445,469 mt of finished steel imports at regular tariff rates. Utilization rates reached 77% for Galvalume, 72% for zinc-coated steel, and 54% for CRC, while HRC quota usage remained relatively low at 18%. Imports exceeding quota volumes are subject to a 25% tariff. Market participants said Brazilian steelmakers continue pushing for stronger trade protection measures against imported steel.

[SMM Steel] US steelmaker Nucor officially opened its Lexington rebar micro mill in North Carolina, adding 430,000 short tons of annual rebar capacity to support construction and infrastructure demand along the US East Coast. The project, initially announced in 2022 with a 350 million USD budget, was completed at around 440 million USD. The mill produces rebar using nearly 100% recycled scrap and employs around 200 workers. Nucor also plans to establish a nearby rebar fabrication facility to strengthen regional supply capabilities.