[SMM Steel] JSW Steel Coated Products has requested federal intervention to secure LNG and propane supplies amid shortages caused by the Iran war. In a letter to the steel secretary, the company warned that any production disruption would cause a supply deficit for its downstream customers.

“Gold’s status as a haven may now be tarnished in the eyes of some as the precious metal is falling in price even as war roils the Middle East and financial markets alike, and some may even be tempted to say that the third major bull run in the commodity since 1971 is now over,” says AJ Bell investment director Russ Mould.

Gold is doing the opposite of what it should. The metal is falling for a reason most investors did not see coming. Wall Street's biggest banks have not changed their outlook. Here is why that matters.

Middle East tensions have sparked a massive steel trade "mismatch." Iran's blocked exports created a 2.3-million-ton billet vacuum in Southeast Asia, while the Red Sea crisis stalled China's flat steel shipments to the Gulf. Consequently, China and India are rapidly absorbing SEA's diverted billet orders. SMM projects that blocked flat steel returning to China's domestic market, combined with surging overseas billet demand, will accelerate the narrowing of the domestic HRC-rebar spread.

On March 5, Premier Li Qiang delivered the government work report. This year’s report set the economic growth target at 4.5-5.0%, slightly lower than last year’s target of around 5. At the same time, the deficit ratio and the scale of special-purpose bonds and special treasury bonds remained unchanged from last year. However, considering the recovery in inflation this year, as well as the expected strengthening of the actual support to the economy from special-purpose bonds and policy-based financial instruments, the overall policy stance is expected to remain prudent yet proactive.

[SMM Lead Morning Meeting Minutes: Mixed Macro News, Lead Prices Continued to Consolidate] Premier Li Qiang delivered the Government Work Report: China’s 2026 economic growth target was 4.5%–5%, with the deficit ratio at around 4%. At present, the impact of the Chinese New Year holiday on the domestic market has largely dissipated, except that maintenance at some lead smelters has yet to resume…