[SMM Steel] Price increases by Hoa Phat Group and Formosa Ha Tinh Steel, alongside Vietnam’s 27.83% anti-circumvention duty on Chinese HRC, have supported regional sentiment. Meanwhile, Section 232 of the Trade Expansion Act tariff adjustment reduced duties on derivative products to 25%, while core tariffs remained 50%. Combined with China’s capacity control policies and higher raw material costs linked to Middle East tensions, supply is tightening, leading market participants to expect a gradually improving steel market outlook.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,398/mt, touching a high of $12,398/mt at the start of the session. Copper prices then fluctuated downward, hitting a low of $12,280/mt, before moving sideways to finally close at $12,328.5/mt, down 0.16%. Trading volume reached 16,000 lots, and open interest stood at 294,000 lots, a decrease of 473 lots from the previous trading day, mainly driven by bulls reducing positions. Overnight, the most-traded SHFE copper 2605 contract opened at 96,040 yuan/mt, touching a high of 96,300 yuan/mt at the start of the session. Copper prices then shifted downward, hitting a low of 95,540 yuan/mt, before moving sideways to finally close at 95,850 yuan/mt, down 0.74%. Trading volume reached 33,000 lots, and open interest stood at 177,000 lots, an increase of 1,074 lots from the previous trading day, mainly driven by bears adding positions.

The United States has maintained a restructured trade regime as of March 2026 that places an effective tariff rate of 41.1% on imported steel and aluminum products. This high rate reflects the combination of Section 122 global tariffs and existing Section 232 duties, which have significantly tightened domestic supply and allowed major US mills like Nucor and Cleveland-Cliffs to command significant premiums. While Canada and Mexico maintain exemptions under USMCA, the broader policy has raised costs for manufacturers relying on specialized alloys not produced locally.

The United States government announced a major restructuring of Section 232 metal tariffs effective April 3, 2026, aimed at protecting domestic industry from global overcapacity. While the core 50% duty remains on primary steel imports, a new 25% duty is now levied on the full value of derivative products, closing previous loopholes used to bypass trade barriers. This policy shift directly affects European and Asian exporters who previously exported finished steel components, incentivizing the use of U.S.-melted and poured steel for domestic manufacturing.

Gold has overtaken US Treasuries as the largest component of global central bank reserves for the first time since the mid-1990s, marking a significant shift in the structure of the international monetary system, Bloomberg reports.

US President Trump adjusted the national security tariffs on imports of steel, aluminum, and copper, lowering the tariff rates on derivative products made from these metals, streamlining compliance procedures, and preventing the declared value of imports from being understated.A senior Trump administration official said that, under a proclamation signed by Trump, the US would continue to maintain a 50% import tariff on imports of metal commodities such as steel, aluminum, and copper pursuant to Section 232 of the Trade Act of 1974, but would apply this rate to the price paid by US consumers. It is currently unclear how the selling price—and the resulting tariffs—would be determined.