[SMM Analysis]: Copper-related Policy Shifts Across the Americas: Copper is no longer merely an industrial metal — it is rapidly emerging as a strategic resource. From mining policy reforms in Chile and Peru, to the U.S. Section 232 investigation and the strengthening of North American critical minerals strategies, copper policies across the Americas in 2025–2026 are set to exert profound influence over global copper supply-demand balances, smelting dynamics, and copper price volatility.

[Top-Tier Players Drove Prices Up; GO Silicon Steel Prices Held Up Well This Week] This week, spot cold-rolled grain-oriented silicon steel prices were raised by 100 yuan/mt overall, with market transactions performing moderately. According to market feedback, ferrous metals futures fluctuated and pulled back this week, weakening raw material cost support and putting some pressure on spot market sentiment. However, Baowu's June pricing policy raised the base price of GO silicon steel by 200 yuan/mt, with grades 75 and above raised by an additional 100 yuan/mt, boosting market sentiment and driving up quotes for state-owned resources.

China's steel billet exports performed strongly in Q1 2026, showing a continuous growth trend. According to data from the General Administration of Customs, China's steel billet exports in March 2026 reached 1.53 million mt, up 66.0% MoM and up 47.9% YoY, hitting a record high for a single month in the same period in recent years.

[SMM Steel] Ternium reported Mexican steel shipments rose 4% y/y to 2 million tonnes in Q1 2026. Q2 shipments are expected to continue improving driven by commercial markets. Several infrastructure projects will drive demand. Higher steel prices partly offset lower shipments. Mexico has strengthened tariff/trade enforcement to mitigate US tariffs and resist low-priced Asian imports. The govt signed a deal with Mexican steelmakers including Ternium to purchase 200,000 tonnes of steel for infrastructure. Ternium expects its Pesqueria cold mill/galvanizing line to near full capacity by October. Slab facilities are progressing as expected.

[SMM Steel] Vietnam’s Vnsteel has inaugurated a new warehouse facility in Khanh Hoa province as part of its strategy to strengthen logistics and distribution in the South Central region. The company said the project will improve supply efficiency for distributors, contractors, and infrastructure projects while reducing delivery times and transportation costs. Vnsteel currently operates steel production facilities with combined capacity exceeding 1 million mt per year and a deep-water port system capable of handling vessels up to 50,000 dwt.

During the Labour Day holiday, China Southern Power Grid had 1,802 domestic infrastructure projects under normal construction, with nearly 37,000 builders remaining at their posts. DC interconnection, offshore wind power, pumped-storage hydropower, and key power grid projects in the southwest were simultaneously accelerated, with multiple major energy projects achieving new progress, supporting energy security and the implementation of "dual carbon" goals.