[China Iron Ore Brief Review: Prices in West Liaoning May Continue to Fluctuate] Local iron ore concentrates prices in west Liaoning were relatively stable, with the ex-factory prices of 66-grade iron ore concentrates, wet basis and excluding tax, at 740-750 yuan/mt; recently, multiple departments, including environmental protection, emergency response, and forestry, jointly conducted inspections in Liaoning Province. According to SMM tracking, some small and medium-sized ore dressing plants with incomplete documentation suspended production again, exacerbating the overall tight supply of iron ore concentrates.

Inter-product price spreads are a segment of the rebar spread system characterized by complex logic and abundant trading opportunities. Unlike the spot-futures price spread, which reflects the spot-futures structure, and calendar spreads, which reflect near- and far-term expectations, the core of inter-product price spreads lies in macroeconomic structural adjustment and profit distribution across the industry chain. From the perspective of the industry chain, inter-product price spreads for long steel products are mainly concentrated in the following four areas:

Dalian iron ore futures held up well in morning trading today before pulling back in the afternoon. The most-traded contract, I2605, finally closed at 812 yuan/mt, up 0.12% from the previous trading session. Spot prices rose by about 2 yuan from the previous trading day. Traders were moderately active in offering quotes, while steel mills mainly purchased to restock for immediate needs, with inquiries remaining cautious; as of now, transactions in the spot market were relatively sluggish. As for this week’s fundamental data, according to SMM monitoring data on daily average hot metal production, the blast furnace operating rate recently rose 1.05% WoW to 89.71%; daily average hot metal production reached 2.436 million mt, an increase of 25,700 mt WoW. The continued stable resumption of blast furnace production over the past three weeks effectively boosted rigid demand for iron ore raw material, providing solid bottom support for ore prices. Overall, iron ore fundamentals showed a pattern of strong downside support and upside pressure from inventory. In the short term, ore prices were expected to move sideways in a narrow range, until new information or changes emerged in the market, which could trigger corresponding fluctuations.

[SMM Daily Brief Review of Coking Coal and Coke] In terms of supply, most coke producers maintained relatively stable operating rates, and downstream buyers showed moderate enthusiasm for coke procurement, with smooth shipments from coke producers and no obvious inventory pressure for the time being. On the demand side, steel mills were currently in the stage of blast furnace production resumptions, increasing rigid demand for coke, but no significant improvement was seen in end-use demand for finished steel products, market sentiment weakened, and steel mills' purchase willingness declined somewhat. In summary, the first round of coke price increases was officially implemented, but market sentiment pulled back recently, most steel mills had moderate coke inventories, the coke supply-demand structure gradually shifted toward balance, and the coke market may remain generally stable with slight rise in the short term.

[SMM Daily Chrome Commentary: Weak Trading Sentiment, Market Remained Temporarily Stable] April 1, 2026: The ferrochrome and chrome ore markets saw limited fluctuations...

Based on current production conditions and in light of prevailing market demand, Yukun, Chenggang, Xianfu, Yunnan Desheng, Qujing Hengte, and others will adjust the price spreads among size groups for construction steel products starting April 1.

[SMM Stainless Steel Daily Review] SS Futures Moved Sideways, with Cost Support Keeping Spot Stainless Steel Largely Stable SMM News on April 1: SS futures fluctuated. Stainless steel futures rose first and then fell, with a relatively small intraday change, closing at 14,180 yuan/mt by the midday close. In the spot market, SS futures fluctuated, while prices of various furnace charge materials remained relatively firm, supporting stainless steel prices. Market quotations were largely stable, with limited room to rise or fall. Although downstream end-users mainly made just-in-time procurement, current market inventory pressure was not high, and prices were still expected to remain relatively stable in the short term. The most-traded SS futures contract fluctuated. At 10:15 a.m., SS2605 was quoted at 14,275 yuan/mt, up 75 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 195-395 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi was unchanged; for cold-rolled burr-edge 304/2B coils, the average prices in both Wuxi and Foshan were stable; cold-rolled 316L/2B coils in Wuxi were unchanged; hot-rolled 316L/NO.1 coils in Wuxi were quoted flat; and cold-rolled 430/2B coils in both Wuxi and Foshan remained stable. The stainless steel market has now entered the traditional peak consumption season. Transactions from downstream end-users remained steady, but market sentiment turned cautious. End-user enterprises lacked willingness to stockpile, with procurement mainly driven by restocking based on demand, and the brisk trading pattern typically seen in the peak season had yet to emerge. Overall demand remained steady and neutral. Futures side, repeated disruptions from the Iran geopolitical conflict made it difficult for the short-term impact on SS futures to be fully eliminated; however, recently...

New Delhi quietly renewed BIS certification waivers through September 2026, even as it talks tough on Chinese overcapacity. The contradiction reveals more about India's industrial gaps than its trade policy convictions

[SMM Nickel Flash] April 1 News, Supply side, under pressure from both upstream and downstream, quotations from smelters and traders were basically flat. Demand side, buying interest from downstream steel mills remained weak, and market demand was limited. Overall, with high upstream costs and end-use product prices struggling to match, high-grade NPI prices remained in stalemate.

The Indian government officially eased procurement rules on March 27, 2026, allowing state-owned enterprises including the Steel Authority of India (SAIL) and Bharat Heavy Electricals (BHEL) to purchase critical industrial equipment from China. This policy shift is intended to accelerate domestic infrastructure projects and modernize aging steel mill facilities that have struggled with technical bottlenecks. While trade tensions remain between the two nations, the decision addresses immediate logistical and technical needs for Indian primary steelmakers aiming for a 295 million tonne annual iron ore production target in 2026.