In March 2026, the global steel market experienced a fierce geopolitical "sudden chill." According to the latest data from WSA, global crude steel production in March fell by 4.2% year-on-year to 159.9 million tons. The US-Iran conflict that erupted on Feb 28, and the subsequent blockade of the Strait of Hormuz, have completely disrupted the spring recovery rhythm of the global steel supply chain, with the shadow of energy crises and logistical interruptions rapidly spreading worldwide.

Nickel Ore " RKAB Approval Delays and Policy Shifts Expected to Drive Nickel Ore Prices Higher" Indonesian domestic nickel ore prices have risen significantly increase this week. For the first half of March, the Indonesian Nickel Ore Benchmark Price (HPM) was set at $17.329/dmt, an increase of 1.32%. However, according to SMM data, average premiums has increased for 1.4%, 1.5%, and 1.6% grade laterite nickel ore were reported at $36, $40, and $40.5/wmt, respectively, with 1.6% grade reaching a delivered price of $67.6–$74.6/wmt. This strengthening of premiums reflects both the release of restocking demand from smelters and pessimistic expectations regarding RKAB quota reductions. Simultaneously, the delivery price for 1.2% grade limonite has edged up to $25–$27/wmt. Pyrometallurgical Ore: From a supply and demand perspective, Sulawesi is transitioning into the dry season; Konawe has reached optimal production levels, while Morowali is slightly experiencing thunderstorms in this week. However, Halmahera's region is slightly stable. Currently, The market is facing a clear trend of declining ore grades. While some NPI smelters have begun accepting grades of 1.45% or lower, the supply of high-grade saprolite remains tight. As of mid-March, the ESDM has approved approximately 100 million tons of RKAB quotas. The remaining 160 to 170 million tons are expected to be processed by the end of March. However, due to the Eid al-Fitr (Lebaran) holidays (March 18–24), approval progress is expected to lag, exacerbating short-term supply tightness. Faced with resource uncertainty, some smelters have increased trade bonuses to secure raw materials. Transactions for low-grade saprolite are emerging at fixed prices lower than high-grade ores. Conversely, Limonite prices remain low due to a tailings dam landslide at a major MHP project, which has forced production lines to operate at low loads, hindering demand recovery. However, Limonite prices are expected to eventually follow Saprolite upward due to new project stockpiling and external island demand. Hydrometallurgical Ore Hydrometallurgical ore is relatively sufficient, a tailings dam landslide at an MHP project in a certain industrial park has forced related production lines to operate at low loads, leading to a temporary weakness in demand. Because miners currently secure higher profit margins from saprolite, they are less inclined to produce and sell limonite. To counter this reluctance, and to navigate ongoing RKAB approval uncertainties, fulfill the stockpiling needs of newly commissioned projects, and meet rising demand from outer islands, smelters have been compelled to raise limonite bids to incentivize miners to release their lower-grade ore. Consequently, hydrometallurgical ore prices are projected to follow the upward trajectory of pyrometallurgical ore and remain at elevated levels." On the policy front, although rumors regarding the implementation and delayed release of the new tax policy persist, the specific execution details remain under internal review by relevant ministries. While operational details for specific products like NPI and MHP still await final inter-ministerial confirmation, current policy winds suggest that the era of duty-free exports for Indonesian intermediate nickel products may soon be coming to an end. Looking ahead, the continuous tightening of Indonesian policies is expected to open up further upside potential for nickel ore prices and exert a profound impact on the cost structure of the global nickel supply chain. Market Outlook: Due to the overall delay in RKAB approvals, upcoming nickel export tax/windfall tax policy, probable nickel benchmark price changes, as well as miners are unable to produce with their "old quota" in April, nickel ore prices in next month are expected to remain resilient with a strong "easy to rise, hard to fall" trend. Nickel Pig Iron "High-Grade NPI Under Short-Term Pressure Amid Upstream-Downstream Tug-of-War " The average price of SMM 10-12% NPI average price dropped by RMB 6.7 per nickel unit week-on-week to RMB 1083.5 per nickel unit (ex-works, tax included), while the Indonesia NPI FOB index decreased by USD 1.38 USD per nickel unit to an average of USD 136.9 per nickel unit. Overall, the high-grade NPI market operated steadily. After transaction centers stabilized, the market entered a tug-of-war between upstream and downstream participants, leaving prices under short-term pressure. On the supply side, domestic nickel ore news has seen continuous disruptions. Upstream quotes were initially firm due to cost support; however, the market supply of scrap steel has increased significantly. Under the dual suppression of sluggish end-user demand and the economic advantage of scrap steel, upstream quotes for high-grade NPI have gradually weakened. In the stainless steel spot market, absolute social inventory levels remain high. Steel mills are maintaining high production schedules, leading to significant shipping pressure. Although there is some support on the cost side, the mills face considerable cost pressure themselves, and the economic advantage of stainless steel scrap has become prominent. Consequently, their acceptance of high-priced ferronickel is low, and their procurement attitude remains cautious. Stainless steel prices are expected to maintain a weak but stable trend. In summary, NPI prices will remain in an upstream-downstream tug-of-war in the short term, with upside price pressure driven by competition from scrap steel and the limited purchasing willingness of stainless steel mills.

This week, stainless steel spot production costs pulled back in sync, narrowing steel mills' profit margins. Taking 304 cold-rolled products as an example, based on raw material prices on the day, the full cost profit margin fell to -0.51% this week; if calculated using raw material inventory costs, it reached 3.16%. On the nickel-based raw material cost side, SHFE nickel futures pulled back this week. Driven by arbitrage operations between futures and spot, low-priced spot cargoes were sold off intensively, causing high-grade NPI spot prices to pull back quickly at the start of the week. Subsequently, SHFE nickel stopped falling and rebounded, and high-grade NPI prices recovered accordingly. However, as the Chinese New Year holiday approached, actual market transactions remained sluggish. As of Friday this week, high-grade NPI with 10-12% grade fell 14 yuan per mtu, closing at 1,040 yuan/mtu. In the stainless steel scrap market, stainless steel scrap prices weakened with the market this week. Approaching the Spring Festival, traders gradually began holidays, and pre-holiday stockpiling was largely completed; futures fluctuations transmitted to the spot market, with stainless steel finished products and high-grade NPI prices pulling back, driving down stainless steel scrap prices. Wait-and-see sentiment was strong, and transactions were sluggish. Looking ahead, the decline in stainless steel production schedules in February will suppress demand, but scrap steel's economic efficiency still provides support. Additionally, with the post-holiday "Golden March, Silver April" peak consumption season approaching, the market maintains bullish expectations for the future. As of Friday this week, Shanghai 304 off-cuts prices fell 100, with the latest offer around 9,650 yuan/mt. On the chrome-based raw material cost side, high-carbon ferrochrome prices continued to hold steady this week. Most stainless steel mills had completed pre-holiday stockpiling, and transactions in the high-carbon ferrochrome market were relatively sluggish. Stainless steel production fell significantly in February, leading to a pullback in demand for high-carbon ferrochrome; however, supported by high steel tender prices and chrome ore prices holding up well, ferrochrome prices remained stable for the time being. As of Friday this week, high-carbon ferrochrome prices in Inner Mongolia held steady WoW, closing at 8,550 yuan/mt (50% metal content).

Since the global consensus on green and low-carbon development was reached, the strategic position of the secondary metal industry has become increasingly prominent. With the accelerated advancement of industrialization, the demand for metal resources continues to grow. As a green, environmentally friendly, and economically viable alternative resource, secondary metals have become a global focus. In recent years, Southeast Asia has emerged as a significant global hub for the distribution and processing of secondary resources. Meanwhile, with the deepening internationalization of industries such as NEVs, processing enterprises in the secondary copper, secondary aluminum, and battery sectors at the material end have chosen to establish factories in Southeast Asian countries like Thailand to expand overseas resources and enhance global competitiveness. Thailand, as an important economy in Southeast Asia, boasts a relatively mature resource recycling system and a favorable geographical location, providing convenient conditions for regional collaboration and international trade in the secondary metal industry. It has now developed into a global industrial base for the recycling, sorting, and reprocessing of secondary metals such as secondary aluminum and secondary copper, annually exporting substantial amounts of secondary metal resources to China and other countries. Additionally, Thailand's manufacturing sector is thriving, with annual expansions in areas such as automotive manufacturing and electronics and appliances, offering robust demand support for the secondary metal resource industry. From June 24-25, 2024, the 1st SMM Global Secondary Metal Industry Forum was held in Malaysia. The event gathered recycling associations, government officials, and renowned enterprises from various regions to discuss the current state and future development of the secondary industry. From 2024 to 2025, with the continuous updating of secondary metal policies and the rapid development of the industry, SMM Information & Technology Co., Ltd. plans to hold the 2nd SMM Global Secondary Metal Industry Chain Summit Forum in Thailand from June 12-13, 2025, to assist enterprises in navigating the changes in the secondary industry, comply with industry standardization requirements, and provide a platform for business exchanges. The summit aims to bring together associations, leading enterprises, research institutions, industry experts, and policymakers in the global secondary metal field to jointly explore new trends, technologies, and policies in the development of the secondary metal industry. It will establish an international platform for exchange, cooperation, resource sharing, and collaborative innovation, contributing to the construction and improvement of the global resource recycling system and the realization of a global green economic transition. At this conference, Liaoning Pino Environmental Protection Technology Co., Ltd. will make a grand appearance. Along with upstream and downstream colleagues in the secondary metal industry, they will engage in in-depth discussions on the pain points and challenges of industry development, jointly explore business opportunities for win-win cooperation, and discuss ways to promote high-quality development in the industry. Click the registration form to register immediately. The voice of low-carbon resonates globally. See you in Bangkok. Liaoning Pino Environmental Protection Technology Co., Ltd., founded in 2018, is located in the Pacific Industrial Zone, Shenfu New District, Liaoning Province. The company is a high-tech enterprise centered on product R&D, oriented towards sales and services, integrating process design, manufacturing, installation, and commissioning. The company's products primarily include environmental protection equipment such as non-ferrous metal eddy current separators, intelligent sorting equipment, drum magnetic separators, iron removers, and vibrating dewatering screens. It is also dedicated to the design and integration of complete sorting system solutions for municipal solid waste incineration slag sorting, secondary aluminum crushing and sorting, steel scrap crushing tailings sorting, waste household appliances and automotive dismantling and sorting, waste battery dismantling and sorting, and waste glass cleaning and sorting. Currently, it holds over 30 national technology patents and has become a well-known, widely applied, and highly recognized technology-based high-tech enterprise in the domestic and international environmental protection industries. Meanwhile, the company has always adhered to the service philosophy of "Quality Casting, Trustworthy Commitment" and is committed to the field of resource recycling and reuse. With outstanding product quality, strong technical strength, and excellent service, it safeguards the interests of a wide range of users. Liaoning Pino Environmental Protection Technology Co., Ltd. was founded in 2018, located in the Pacific Industrial Zone, Shenfu New District, Liaoning Province. As a high-tech enterprise, we focus on product R&D, sales, and services. The company integrates manufacturing, process design, onsite installation, and commissioning. Our production includes non-ferrous metal eddy current separators, magnetic drum separators, overbelt magnets, scrap steel sorting machines, high-frequency dewatering feeders, linear grading screens, etc. We are also dedicated to the designing and integration services for incinerated slag disposal, municipal solid waste sorting, automatic sorting of recycled aluminum, scrap steel crushing and tailings sorting, waste glass cleaning and sorting, and waste household appliance dismantling and sorting. The company has gained recognition in the domestic and international environmental protection industry for its famous brand, wide application, and strong reputation among customers. We always adhere to the company philosophy of "Quality Casting, Trustworthy Commitment" and are dedicated to resource recycling and intelligent mineral sorting systems. We will benefit our customers with our outstanding product quality, strong technical team, and excellent service. Contact Information Mr. Wang: 158 4000 7916 Long press to scan the QR code and register immediately 2025 SMM (2nd) Global Secondary Metal Industry Summit Forum

The world focus on sustainability is growing across the board, and the ferrous metals sector, a cornerstone of modern infrastructure and industry, is not exempt. From production at the raw material level of extraction through end product manufacturing in steel, environmental factors and the demand for a greener economy are precipitating radical changes.

Used in the production of iron and steel, coking coal — also known as metallurgical coal — is a key raw material. It differs from thermal coal, which is primarily utilized for electricity generation. Coking coal has special characteristics that allow it to be heated at high temperatures in the absence of oxygen, whereby it is transformed into a porous carbon-rich material briquetting which are integral for steelmaking. The creation of this material is enhanced by coking, a process that allows the properties of metallurgical coke to reach their full potential and serves as a reducing agent in the blast furnace where iron ore can be transformed into crude iron.