[SMM Steel] Vietnam exported 2.94 mln tons of steel in Q1 2026, up nearly 7% YoY, with March shipments reaching 1.03 mln tons (+23% MoM). The United States remained the largest market, with exports rising 32% YoY, while shipments to Russia surged over 830%, albeit from a low base. Strong growth was also seen in India and Southeast Asia. However, exports continue to face mounting pressure from trade protection measures, including US Section 232 tariffs and EU CBAM and quota restrictions, pushing Vietnamese producers to rely more on domestic demand. Supported by infrastructure investment and real estate recovery, Vietnam’s steel consumption is expected to grow 5–8% in 2026, positioning the domestic market as the key growth driver.

[SMM Steel] Nucor Corporation reported record quarterly steel shipments of 7.4 mln short tons in Q1 2026, up 8.7% YoY, marking the highest level in its history. Orders also reached 4.7 mln short tons, the strongest since Q2 2021. The performance reflects solid mill execution and contributions from new capacity, alongside strong demand from data centers and the energy sector. Nucor expects full-year shipments to grow by over 5%, supported by favorable demand conditions and ongoing trade protection measures.

Copper prices have remained range-bound for two weeks as stalled US-Iran talks cap upside, while stronger Chinese demand and a weaker US dollar provide support.

During the 2026 Labour Day holiday, production arrangements among China's secondary copper rod enterprises showed a notable divergence, with some choosing to halt production for the holiday while others maintained normal operations

Amid sustained demand growth, India plans to build a strategic reserve of critical minerals including lithium, cobalt, nickel, copper and rare earths. The stockpile will be sized to cover six months of domestic consumption, aiming to guard against risks of global supply disruptions and sharp raw material price volatility. Led by India’s Ministry of Mines and Ministry of Heavy Industries, the reserve covers key raw materials essential for new energy vehicles, energy storage and the electronics sector, fields where India currently relies heavily on imports. At present, the United States, China, South Korea and other countries have already established strategic reserve systems for critical minerals.

SMM News, April 30: According to SMM statistics, China’s primary aluminum output in April 2026 (30 days) rose by 1.7% year-on-year and fell by 2.9% month-on-month. As the traditional peak consumption season continues, demand from downstream sectors including aluminum sheet, strip & foil and aluminum wires & cables has formed effective support. The domestic liquid aluminum ratio edged up moderately, rising by 1.7 percentage points month-on-month to 75.3% in April. The overall performance was slightly below early-month expectations, mainly dragged by weaker-than-anticipated orders for aluminum profiles. Based on SMM’s liquid aluminum ratio calculation data, domestic primary aluminum ingot output in April dropped by 3.4% year-on-year and 9.0% month-on-month. Capacity Changes: As of late April, China’s commissioned primary aluminum capacity surveyed by SMM stood at approximately 46.209 million tons, showing no month-on-month changes. Output Forecast: In May 2026, the liquid aluminum production ratio among domestic primary aluminum producers will operate in a differentiated pattern. Overall, with the recovery of overseas market demand, export orders for domestic aluminum fabricated products are expected to keep improving, supporting a mild rebound in the liquid aluminum ratio. comprehensively, the liquid aluminum ratio is projected to increase by 0.5 percentage points to 75.8%.