As supply and demand for construction steel were not fully matched across different markets, regional supply-demand mismatches created price differentiation, which in turn drove the cross-regional circulation of steel resources. When the regional price spread gradient was appropriate, regions with surplus construction steel capacity and production often shipped excess resources out, thereby rebalancing construction steel resources across regions.

According to the China Construction Machinery Association, in the first two months of this year, China’s export value of construction machinery products reached $10.686 billion, up 33.4% YoY.

European smelters are purchasing less material and turning to export markets to manage inventories. Companies are becoming more cautious amid volatile market conditions.

SMM Flash: Overall, steel export quotations saw relatively small increases today, with most order shipment schedules concentrated in May and June. Recently, as international crude oil prices continued to rise, ocean freight rates increased sharply, and most traders' CIF quotations were too high to secure deals. Meanwhile, according to an SMM survey, taking the Vietnamese market as an example, the CIF prices of supplies from India, Russia, and other sources also rose significantly, and their advantage over local supplies was no longer prominent, resulting in low market acceptance.

[Copper Foil Customs Data] According to data from the General Administration of Customs, the main countries and regions from which China imported copper foil in January and February 2026 were Taiwan, China, Malaysia, and Luxembourg, with imports of 8,347.43 mt, 2,009.42 mt, and 997.76 mt, respectively. In January and February 2026, the main countries and regions to which China exported copper foil were Thailand, South Korea, and Vietnam, with exports of 2,713.31 mt, 1,474.16 mt, and 792.21 mt, respectively.

【SMM Steel】UK-based British Steel secured a £70m contract to supply 120,000 tons of billet (mainly 140 mm rebar-grade) for port redevelopment in Nigeria. The deal was signed with Hitech Construction Africa Ltd, contractor for Tin Can Island and Lagos Apapa ports. Deliveries start in spring 2026 and run over three years. It's one of the company's largest billet export orders.