[SMM Daily Brief Review of Coking Coal and Coke] In terms of supply, after the Two Sessions concluded, operating rates at coke producers increased somewhat, and shipments improved. Inventory pressure eased for most coke producers, with supply remaining stable while increasing slightly. Demand side, blast furnaces in Hebei resumed operations and production, and hot metal production is expected to increase. In addition, steel mill profits improved somewhat, and finished steel shipments picked up, boosting steel mills' production enthusiasm and strengthening their purchase willingness for coke. Overall, coke fundamentals improved, but the market remains in a wait-and-see mode, and the coke market may remain stable in the short term.

As of March 17, the operating rate of 50 electric-furnace steel mills nationwide mainly producing construction materials was 38.64%, up 3.26% WoW; the capacity utilization rate was 39.87%, up 10.53% WoW; and daily average production of construction materials was 88,800 mt, up 23,500 mt WoW.

Dalian iron ore futures were generally stronger today. The most-traded contract, I2605, eventually closed at 816.5 yuan/mt, up 1.81% from the previous trading session. Meanwhile, the spot price rose by about 5 yuan from the previous trading day. Traders were moderately active in offering quotes, while steel mills made relatively few inquiries. Overall spot market transactions were limited. The latest SMM survey showed that the impact of blast furnace maintenance on hot metal production was 1.751 million mt, down 250,000 mt WoW. This impact is expected to further decline by 229,800 mt next week to 1.522 million mt. As blast furnace maintenance intensity gradually eases, iron ore demand is expected to show signs of rebounding in the short term. Looking ahead, although current port iron ore inventory has reached 155 million mt, the overhang is mainly concentrated in certain varieties. Overall, market demand for some high-demand varieties has seen a structural shift. In particular, varieties represented by IOCJ fines and PB lumps continued to destock rapidly, while MAC fines and Indian fines saw an inventory buildup. The structural contraction on the supply side is expected to lend favorable support to iron ore fundamentals in the short term. Therefore, iron ore prices are expected to fluctuate at highs or remain relatively strong this week.

[SMM Daily Chrome Commentary: Production Cuts and Maintenance Tightened Supply, While Elevated Costs May Have Led to Losses] March 19, 2026: Chrome ore prices continued to rise, while ferrochrome quotations remained unchanged...

[SMM Daily Brief Review of Coking Coal and Coke] In terms of supply, coking costs at coke producers increased, profit per mt of coke narrowed somewhat, and coke producer inventories still needed to be drawn down, weighing on their production enthusiasm. However, downstream demand improved somewhat, and coke producers were actively making shipments. Demand side, the country's important meetings have concluded, and blast furnaces previously subject to production restrictions resumed production one after another, increasing rigid demand for coke. However, uncertainty still remained in finished steel consumption, and most steel mills remained cautious in their coke procurement. In summary, the supply-demand imbalance in the coke market eased somewhat, and cost support strengthened. In the short term, the coke market may temporarily remain stable.

During the survey period (March 10–March 16), the capacity utilization rate of rebar and wire rod rolling lines in the Central China region increased to varying degrees.

Iron ore futures fell first and then rebounded today. The most-traded I2605 contract finally closed at 809 yuan/mt, down 0.74% from the previous trading session. Meanwhile, the spot price fell by about 5 yuan from the previous trading day. Traders were only moderately active in offering quotes, while steel mills made fewer inquiries, with purchases mainly driven by rigid demand. Overall, transactions in the spot market were relatively subdued. Last week, SMM's global iron ore shipments increased by 4.13 million mt WoW to 31.97 million mt, up 14.85%. Meanwhile, total port arrivals in China reached 28.13 million mt, up 5.06 million mt WoW, or 21.93%. The sharp surge in port arrivals further highlighted resistance on the fundamentals side. At the same time, the release of certain iron ore products from ports to some extent weighed on today's spot procurement demand. Together, these two factors curbed bullish sentiment in the iron ore market to a certain extent. Looking ahead, although the supply side was relatively loose this week, blast furnaces that had previously undergone maintenance are expected to resume production in a concentrated manner this week. Therefore, the market is expected to shift into a pattern of both strong supply and strong demand this week. Meanwhile, iron ore has again entered a structurally tight market, while the continued rise in freight rates has also provided cost support for iron ore. Overall, iron ore prices are expected to fluctuate at highs or hold up well in the short term.

JSW Steel’s consolidated crude steel production for February 2026 fell by 2% year-on-year to 2.366 million tonnes. The decline is primarily attributed to the ongoing shutdown of Blast Furnace 3 (BF3) at its Vijayanagar facility for capacity upgradation. However, excluding the affected furnace, the company’s Indian operations achieved a high capacity utilization rate of 97%, indicating strong underlying performance despite the planned maintenance.

Secondary Zinc Oxide Production Fell in February, While Secondary Zinc Oxide Payables Remained Relatively Firm. What Trend Will Secondary Zinc Oxide Show in March?

[SMM Steel] India’s JSW Steel reported crude steel production of 2.37 million tonnes in February 2026, down 2% YoY from 2.41 mt, mainly due to the shutdown of Blast Furnace 3 at the Vijayanagar plant for capacity upgrades since September 2025. Excluding this unit, production increased around 8% YoY, supported by operations at JSW Vijayanagar Metallics Limited. India operations produced 2.31 mt, down 1% YoY, with capacity utilization at 97% excluding BF3 (88% including BF3). Meanwhile, US output fell 20% YoY to 60,000 tonnes, impacted by caster upgrades and severe winter weather affecting operations in Ohio.