Trade data for the first quarter of 2026 shows a 31% year-on-year decline in Russian coal exports to Turkey. This reduction is attributed to increased domestic Turkish production and a shift in trade defense policies that favor imports from other European and Australian suppliers. The decline in this critical corridor highlights the shifting trade routes for metallurgical coal as international markets react to geopolitical tensions and the ongoing war, which continues to keep commodity price volatility high.

War damage to Iran’s key steel mills threatens ~14 Mt of capacity, sharply reducing crude steel output and exportable supply. While domestic demand remains relatively stable, energy shortages and logistics disruptions amplify losses, tightening regional supply, supporting semi-finished steel prices, and reshaping trade flows.

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.

[SMM Cast Aluminum Alloy Morning Comment: Aluminum Prices Correct Sharply, Alloy Enterprises' Sentiment to Hold Prices Firm Weakens] Spot market, aluminum prices corrected significantly last Friday, with A00 aluminum down 200 yuan/mt to 24,660 yuan/mt and SMM ADC12 also down 200 yuan/mt to 24,350 yuan/mt. Some producers attempted to hold prices firm in the morning, limiting the decline in offers; however, as futures continued to fall, the sentiment to hold prices firm dissipated, and the market entered a broad decline. On transactions, downstream restocking willingness remained weak, with only just-in-time procurement maintained, while the widening spot-futures price spread spurred some improvement in trader activity. Approaching Chinese New Year, downstream demand is contracting, and fundamental support is limited, but with high aluminum scrap costs and phased supply tightening, downside room for prices is constrained. Secondary aluminum alloy prices are expected to hover at highs in the near term.

On April 24, 2025, the World Bank (hereinafter referred to as the Bank) held the 111th meeting of the Development Committee in Washington, US, during which the report "Jobs: The Path to Prosperity" was reviewed and approved. The meeting was chaired by the Chair of the Development Committee, Swedish Minister of Finance Elisabeth Svantesson, and attended by representatives of the 25 constituencies of the Bank, World Bank President Ajay Banga, International Monetary Fund Managing Director Kristalina Georgieva, and World Trade Organization Director-General Ngozi Okonjo-Iweala. China's Minister of Finance and World Bank Governor Lan Fo'an attended and delivered a speech, accompanied by Vice Minister of Finance and World Bank Alternate Governor Liao Min. All parties broadly supported the Bank in leveraging its financial and knowledge resources to stimulate private sector development, focusing on key areas such as infrastructure, energy, and manufacturing to create more jobs for developing countries. All parties expected the Bank to accelerate the implementation of its reform roadmap, enhance operational efficiency, and provide more development financing. All parties supported the Bank in advancing the 2025 equity review in accordance with the Lima Principles. Lan Fo'an stated that China appreciates the Bank's efforts to promote employment as a goal, laying a solid foundation for developing countries to eradicate poverty and achieve shared prosperity. President Xi Jinping has emphasized the need to increase resource investment in trade, investment, and development cooperation, strengthen development institutions, build more bridges of cooperation, and reduce "small yards with high walls," enabling more developing countries to enjoy better lives and achieve modernization. Currently, trade protection policies pose significant risks to global poverty reduction and development efforts. China calls on the Bank and other international organizations to advocate for principles of non-discrimination and free trade, jointly safeguarding an open and cooperative international environment. Lan Fo'an pointed out that China is both a beneficiary and a contributor to global economic integration. In recent years, China's contribution to global economic growth has remained around 30%. Amid the current complex external environment, China will adopt more proactive and effective macro policies to achieve its annual growth targets and continue to bring stability and momentum to the global economy. China adheres to the basic national policy of reform and opening up, has granted zero-tariff treatment to products from all least-developed countries with which it has diplomatic relations, and is willing to further open its doors to share its vast market with the world, achieving mutual benefit and win-win outcomes. During the meeting, Lan Fo'an also attended the Ministerial Meeting of the Global Sovereign Debt Roundtable, exchanging views with various parties on addressing issues such as the sovereign debt vulnerabilities and liquidity challenges of developing countries.

The EU is considering relaxing methane emission rules for US natural gas imports. On April 21, three informed sources revealed to Reuters that the EU is studying how to ease methane emission regulations for US natural gas exports in an attempt to avoid a trade war with US President Donald Trump. Trump has repeatedly stated that the EU should purchase more US oil and natural gas to reduce its trade surplus with the US. Ursula von der Leyen, President of the European Commission, indicated that the EU might increase its procurement of US liquefied natural gas as the EU aims to cease using Russian natural gas by 2027. Sources said that, as part of exploring energy options to assist in trade negotiations with the US, the European Commission is considering flexibility in applying EU methane rules, which could benefit US liquefied natural gas exporters.