[SMM Flash News] China’s copper scrap import sources showed clear characteristics of “one dominant player with many strong suppliers, and diversified sources.” Japan, Thailand, and Spain have long ranked among the top three, with their core supplier positions remaining solid. Japan: exports to China were 31,200 mt in January, accounting for 13.43%, up 104.94% YoY; exports were 26,600 mt in February, with the share rising to 15.81%, still up 13.93% YoY. Although both months declined MoM, its core supplier position remained unshaken.

[SMM Flash News] The 2026 Chinese New Year holiday fell in February, significantly shortening effective production time, which was one of the reasons for the sharp decline in brass billet imports in February. In addition, persistently high raw material costs clearly suppressed import demand. In terms of operating conditions, the pace of work resumption in the brass billet industry after Chinese New Year was also noticeably slower than in previous years.

Combined for January and February 2026, China’s cumulative chrome ore imports reached 4.0144 million tons, up 13.2% year-on-year. Breakdown by origin: imports from South Africa were 3.2422 million tons (up 6.2% year-on-year), imports from Turkey were 184,700 tons (up 55.8% year-on-year), and imports from Zimbabwe were 400,000 tons (up 70.3% year-on-year).

The United States reported a 45.9% year-on-year reduction in imports of rolled steel during early 2026, reflecting the impact of newly implemented trade measures and heightened tariffs under Section 122. This sharp decline in foreign supply has significantly tightened the domestic market, allowing major US mills to increase spot market prices for hot-rolled coil to over $1,015 per tonne. Analysts suggest that the new tariff regime, which applies a 10% across-the-board duty on nearly all imports, is forcing a localized supply chain shift for North American manufacturers.

According to data from China Customs: Combined for January–February 2026, China imported 265,100 metric tons of high-carbon ferrochrome in total, a year-on-year decline of 51.6%. Breakdown by origin: imports from South Africa were 40,700 metric tons, down 83.3% year-on-year; imports from Kazakhstan were 158,400 metric tons, down 19.7% year-on-year.

【SMM Steel】Construction began on Australia's first new steel facility in 30 years: the Swanbank Steel Mill in Ipswich. It will transform recycled scrap into low-emissions green steel using SMS group electric tech, aiming to cut emissions >70% and reach net-zero by 2040. First steel is expected in early 2028. Full capacity: 350,000 t/y of rebar, meeting 90% of Queensland's demand. This domestic supply could replace $2bn in imports and support local projects.