Brazil’s iron ore exports reached 31.43 million metric tons (mt) in April 2026, a 23% increase compared to the 25.55 million mt exported in April 2025. Revenue from these exports rose to $2.32 billion. China remained the dominant destination, accounting for approximately 65% of the total volume as Chinese mills replenished port inventories. The significant year-on-year growth in shipments from major miners like Vale indicates a recovery in production stability. This surge in global supply, if sustained, may cap potential upside for iron ore prices, particularly as global steel demand outside of India remains fragmented.

Copper prices have remained range-bound for two weeks as stalled US-Iran talks cap upside, while stronger Chinese demand and a weaker US dollar provide support.

The World Steel Association (Worldsteel) projected that global steel demand will rebound by 1.3% in 2026 to 1.77 billion tonnes. While Chinese demand is expected to decline by 1%, India’s consumption is forecast to grow by 9%, adding roughly 75 million tonnes of demand compared to 2020 levels.

The Indonesian aluminum market remained stable during the 2026 Chinese New Year, with production unaffected and bauxite prices holding at USD 28–32 FOB amid RKAB uncertainty. Alumina prices also stayed steady at USD 308 FOB due to feedstock stability and a seasonal lull in Chinese buying activity.