Tesla Chief Financial Officer Vaibhav Taneja said on April 22 local time that the company's investment this year is expected to exceed $25 billion, an increase of $5 billion from the previous estimate. Tesla said that its "automotive demand continued to grow" in parts of Asia and South America, while North America and Europe-Middle East also began to recover.

On April 23, 2026, Chinese Taiwan’s stainless steel wire rod exports surged 66% MoM to 10,230 tons, hitting a 15-month high. In India, a top producer launched a retail pilot for stainless steel rebars targeting infrastructure. Prices remain stable but firm; Indonesian 304 CRC FOB held at $2,112.5/mt, supported by tight nickel ore supply under the new HPM formula. While Asian buyers remain cautious, European mills are pushing for HRC price hikes of EUR 50-70/mt to offset rising procurement expenses, signaling a robust cost-driven floor for global stainless steel prices.

Highlights of LME Future price: LME lead traded weaker during the Asian session, with 3M contract slipping to $1954/t, down $9.5 (-0.48%). The market opened at $1964.5/t and briefly tested a high of $1968/t before selling pressure, pushing down to $1945/t. Overall sentiment remained soft. Trading activity was relatively moderate; the market attempted a rebound from the day’s lows. Highlights of China lead market: Chinese smelters, particularly secondary producers, running below full capacity. Spot refined lead trading at discounts of 50–0 yuan/ton to SMM 1# lead average price. Activity remains focused on long-term contracts, with limited spot liquidity. Following the decline in lead prices, the willingness of some inventory holders to sell has also been very weak as of 23 April.

The Asian billet market is facing sustained supply constraints as major regional producers prioritize domestic requirements, leading to a further reduction in export allocations. Current offers for 3SP grade induction furnace billet have reached approximately $510-$520/mt CFR Southeast Asia. With Vietnam’s major mills maintaining high capacity utilization for internal consumption and Indonesian supply limited by scheduled maintenance, the regional supply-demand balance remains tilted toward a deficit. This trend is expected to push transaction prices higher in the coming weeks, impacting the global supply volume and reinforcing a bullish trend for regional semi-finished steel.

[SMM Lead Morning Brief: Under High Inventory Pressure, LME Lead Nearly Lost the 60-Day Moving Average] On April 23, SMM reported: Overnight, LME lead opened at $1,959/mt. During the Asian session, LME lead was in the doldrums, testing the $1,950/mt level several times and finding support at the 60-day moving average...

[SMM Lead Morning Meeting Minutes: Macro Tensions Eased Slightly, but Lead Market Trading Remained Affected by Slack Supply and Demand] US President Trump announced an extension of the ceasefire, easing geopolitical tensions slightly. On the fundamentals side, lead ingot destocking outside China continued, but the LME lead backwardation structure was short-lived...