[Iran] Iranian steel billet export offers remain stable at 410-420 USD/tonne FOB or FCA border, primarily shipped from Bandar Abbas to Oman (with freight rates around 40-45 USD/tonne). However, impacted by surging sea freight costs and heightened security risks in the Middle East Gulf region, buyers have lowered their counterbids to 400-405 USD/tonne FOB. Market participants report that at least three vessels are currently waiting to berth, and overall port activity remains subdued. The hindered seaborne trade has prompted export activities to shift toward road transport; recently, approximately 20000 tonnes of billets were traded at 385 USD/tonne EXW for July delivery, with 130x130 mm billets seeing the strongest demand. SMM anticipates that as long as shipping disruptions in the Strait of Hormuz persist, seaborne exports will remain constrained, and short-term regional trade flows will continue to lean heavily on land transport to neighboring countries.

[SMM Analysis] Can Indonesia import sulfuric acid as a substitute after the sulfur restriction?

To date, the continuous decline of chrome ore prices has halted. Driven by a higher-than-expected increase in steel bidding prices, chrome ore prices have rebounded moderately.

As of April 24, the mainstream price in the south China market — SMM A00 aluminum (Foshan) was at a discount of 345 yuan/mt against the 2605 contract, while the mainstream price in the east China market — SMM A00 aluminum was at a discount of 130 yuan/mt against the 2605 contract. The price spread between the two regions had exceeded 200 yuan/mt, covering sea freight, short-haul transfer, and logistics costs, officially opening up the transshipment window between Guangdong and Shanghai...

According to China Customs statistics, China's total chrome ore imports reached 2.4402 million tons in March 2026, rising 36.42% month-on-month and surging 83.58% year-on-year.Of the total, imports from South Africa stood at 1.966 million tons, up 36.79% month-on-month and 97.05% year-on-year; imports from Turkey were 101,600 tons, down 5.15% month-on-month but up 77.67% year-on-year; imports from Zimbabwe amounted to 169,100 tons, down 3.6% month-on-month and 10.14% year-on-year.

Kazakhstan, Kyrgyzstan, and Mongolia, with their abundant reserves of rare earth resources, are emerging as key players in the diversification of the global rare earth supply chain. In this article, we will examine the development of the rare earth industry in these three countries.