[SMM Steel] Asian HRC prices remained largely stable despite weaker Chinese macroeconomic data and lower iron ore prices. Market sentiment stayed cautious as weak domestic demand in China pressured spot sales and buyers adopted a wait-and-see approach. Chinese mills were reluctant to release new offers amid uncertain price trends. Meanwhile, Europe has largely suspended imported HRC purchases ahead of new safeguard measures effective July 1 and the upcoming summer holiday season.

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.

Scrap tightening and a major nickel-cobalt producer's output cut pushed SHFE stainless steel to levels not seen since 2023 — yet physical demand remains conspicuously absent heading into the May Day break

The Nickel Pig Iron (NPI) market looks firm on the surface — but dig one layer deeper and two very different realities emerge for high-grade and low-grade material.