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 the latest data from China Customs, China imported a total of 5,561 mt in metal content of nickel sulphate in February 2026, down 20% MoM and up 54% YoY. China exported 33 mt in metal content of nickel sulphate, down 74% MoM and down 75% YoY. China's net imports of nickel sulphate were 5,528 mt in metal content in February 2026, down 19% MoM and up 59% YoY. By country, exports to Japan pulled back this month, dragging down total exports; on the import side, imports from Indonesia and other countries also pulled back this month. Although imports from Finland increased, total imports still declined. Net imports of nickel salts also pulled back this month, broadly in line with last month's expectations.

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.

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).

[SMM Chrome Daily Review: Price Gains Slowed, and the Chrome Market Operated Steadily] March 23, 2026 News: Quotations for chrome ore and ferrochrome remained unchanged for the time being...

[SMM Tungsten Daily Review: Slight Price Collapse in the Scrap Tungsten Market, Ore and Upstream Smelting Products Consolidated Sideways] SMM News, March 23 In the short term, prices across the tungsten industry chain still showed divergence between primary and recycled materials. China was currently in a transition period marked by tightening supply on the raw ore side and a rising utilization rate of recycled materials. Smelters still needed some time to adjust their restocking practices and complete the adaptation and transition from a long-term contract pricing model led by the ore side to a scrap tungsten market procurement model featuring higher-frequency transactions and greater sensitivity to sentiment.