[China Iron Ore Brief Review: Iron Ore in Shandong May Continue to Edge Higher] This week, at mines and beneficiation plants in Shandong, the ex-mine quote for 64 grade alkaline fines on a dry basis, before tax and settled by bank acceptance, was 899, up 17 yuan/mt. Steelmakers raised prices in tandem, most miners maintained normal production, and some mines slightly increased output. Steel mills showed moderate willingness to purchase, mainly under long-term contracts, while shipments from small plants and traders were also relatively good, with overall transactions improving; after a large mine in Zaozhuang resumed production

As supply and demand for construction steel were not fully matched across different markets, regional supply-demand mismatches created price differentiation, which in turn drove the cross-regional circulation of steel resources. When the regional price spread gradient was appropriate, regions with surplus construction steel capacity and production often shipped excess resources out, thereby rebalancing construction steel resources across regions.

[SMM Stainless Steel Daily Review] News-Driven Disturbances Pushed SS Futures Higher to Test the Upside, Confidence in the Stainless Steel Spot Market Gradually Recovered SMM News, March 24: SS futures rose strongly. Affected by market fluctuations triggered by news of geopolitical conflict yesterday, SS futures rose sharply in the night session, and the daytime session maintained a fluctuating but relatively strong trend, closing at 14,290 yuan/mt by midday. In the spot market, boosted by the sharp rise in SS futures, market confidence somewhat recovered; although the increase in traders' spot quotations was limited, both inquiries and transactions showed signs of recovery during the week. The current market is heavily disturbed by news factors, and changes in the geopolitical conflict still need close attention. The most-traded SS futures contract strengthened and moved higher. At 10:15 a.m., SS2605 was quoted at 14,305 yuan/mt, up 125 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 115-315 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi rose by 50 yuan/mt; for cold-rolled trim-edge 304/2B coils, the average price in Wuxi rose by 50 yuan/mt, while the average price in Foshan was unchanged; cold-rolled 316L/2B coils in Wuxi were unchanged; for hot-rolled 316L/NO.1 coils, Wuxi quotations were unchanged; cold-rolled 430/2B coils in both Wuxi and Foshan were also unchanged. As the market entered the traditional peak consumption season of "Golden March and Silver April," although the stainless steel market ushered in a seasonal recovery window, end-use demand fell short of expectations, downstream wait-and-see sentiment gradually intensified, and the procurement side only maintained a restocking pace for rigid demand, with none of the transaction momentum typically seen in the peak season emerging. The market's view on stainless steel prices...

Indian steelmakers, led by JSW Steel, are increasingly sourcing high-grade Pilbara ores from Australia as China imposes selective import restrictions on certain BHP Group products. Industry reports indicate that Indian mills are leveraging these supply diversions to secure premium ores at competitive spot-market rates, stabilizing feedstock availability for their expanding integrated plants. This trend supports India's aggressive capacity growth targets while allowing Australian exporters to diversify their demand base away from a single dominant market.

[SMM Nickel Flash] News on March 23: Supply side, supply issues on the ore side continued to support the production cost of high-grade NPI, while nickel prices recovered and the market's low-price sell-off ended. Demand side, steel mills still showed a stronger preference for purchasing steel scrap, and their current willingness to purchase high-grade NPI remained low. Overall, the transaction center of high-grade NPI stabilized, and the market expects a rebound in stainless steel prices to boost the ceiling for raw material prices.

Italy’s crude steel production increased by 8.1% month-on-month in February 2026, signaling a recovery in Southern European industrial activity. This rebound follows a period of stabilization and reflects improved demand from domestic manufacturing and construction sectors as energy price volatility subsides. The increase in output from Italian mills contributes to a moderately positive outlook for non-Chinese steel demand in 2026, which is projected to grow as interest rates decline and borrowing costs for major infrastructure projects soften globally.