In summary, in H2 2026, China's prebaked anode export market will present the operating characteristics of "volume increase with stable prices, continued regional divergence, and overall mild growth."

According to the latest data released by the General Administration of Customs and compiled by SMM, China's silicon-manganese alloy exports reached 8,370.87 tons​ in July 2026, surging 132.05% month-on-month (MoM)​ and 252.24% year-on-year (YoY). For the first seven months of 2026, cumulative exports totaled 33,227.15 tons, up 102.05% YoY.The monthly figure appears impressive at first glance, but a rational assessment is warranted.

[Flat products]Today HRC and other flat-product export prices were mostly steady day on day, with some prices up by 1 USD/tonne and HRC transactions concentrated in the 486-489 USD/tonne range. Market enquiries were reasonable today and some traders take an optimistic view of the outlook, keeping offers relatively firm, though actual deals were limited. [Billet]Today billet export FOB prices edged up by 2 USD/tonne, with Jiangyin port offers at 450-455 USD/tonne. According to market feedback, the futures market pushed basis-priced offers slightly higher today; prices are currently inverted, exporters show little willingness to sell at low levels, and the market has largely stayed on the sidelines, leaving deals unremarkable. [Rebar]Today rebar export offers at Tianjin port edged up by 2 USD/tonne, with overall transactions at 474-479 USD/tonne. According to exporters, the rally on the futures board lifted spot offers in step, but overseas end-users are largely on the sidelines with limited willingness to accept higher prices, leaving overall deals weak.

[Steel Billet] Today, FOB export prices for steel billet edged up by $2/mt, with Jiangyin Port quoting $450–455/mt. According to market feedback, futures-driven spot-futures price spreads edged up today. Prices are currently inverted, exporters have low willingness to sell at low prices, the market mostly maintained a wait-and-see sentiment, and transaction performance was average.

[Weekly Review and Outlook of China Export Prices] This week, ferrous metals drifted higher overall, with slight differences among products. Coking coal and coke performed the strongest, while iron ore and finished steel saw relatively limited gains. During the week, safety supervision remained stringent, the pace of coal mine production resumptions fell short of expectations, and the structural shortage of framework coal varieties further deepened, driving coking coal futures to keep rising. Coke plants suffered heavy losses, with production enthusiasm dampened and the scope of production cuts expanding continuously, leading to simultaneous strength in both coke futures and spot prices. Rising cost support drove finished steel futures to drift higher. On the iron ore side, the ongoing Port Hedland strike boosted market sentiment to some extent, but inventory at high levels at the ports capped upside room, showing an overall consolidation pattern. Data-wise, as spot cargo remained weak and the tendency to follow the uptrend was not strong, the US dollar-denominated HRC spot price rose $5/mt MoM, sheets & plates export prices increased $2-3/mt, and long product prices rose $2-3/mt MoM, narrowing export margins. Going forward, the supply-demand imbalance in coke is expected to ease further, with expectations of a new round of increases. Iron ore fundamentals lack sufficient support and are likely to consolidate on a subdued note, while cost support remains. For finished steel, as September approaches, the market is gradually transitioning from off-season to peak season, with end-use demand possibly seeing marginal improvement. Overall, steel prices are expected to gradually stabilize amid rising costs next week. For foreign trade prices, short-term consolidation is expected, and attention should be paid to the acceptance of buyers outside China.

[Sheets & Plates] Today, HRC and other sheets & plates export prices were mainly stable day-on-day, with some prices rising by $1/mt. HRC transaction prices were concentrated in the range of $486‑489/mt. Market inquiries were moderate today, and some traders were optimistic about the outlook, leading to relatively firm quotes, but actual transactions were limited.

[SMM Silver Express] SMM August 21, this week's SMM silver ingot Hong Kong spot premium (vs. LBMA) closed at a discount of $0.20-0.10/oz, with export transaction prices edging higher and market sentiment showing modest improvement.

[Flat products]Today HRC and other flat-product export prices were steady day on day, with HRC transactions concentrated in the 485-488 USD/tonne range. Overseas enquiries and deals were much the same as yesterday, with no marked change. [Billet]Today billet export FOB prices were steady, with Jiangyin port offers at 448-454 USD/tonne. According to market feedback, overseas demand showed no clear increase and large-volume enquiries were scarce, leaving export deals unremarkable. [Rebar]Today rebar export offers at Tianjin port were steady, with overall transactions at 472-477 USD/tonne. According to exporters, some mills raised offers today on exchange rate movements, but with the yuan appreciating the market showed limited willingness to accept higher prices; higher-priced material moved slowly and overall deals changed little.

[Sheets & Plates] Today, export prices for hot-rolled coil and other sheets & plates remained stable on a day-on-day basis, with hot-rolled coil transaction prices concentrated in the $485-488/mt range. Inquiries and transaction performance from outside China were similar to yesterday, with no significant changes.

Mumbai: ADC 12 producers expect demand to firm up next month following the seasonal monsoon lull. Delhi: Producers reported adequate demand for secondary aluminium alloys from downstream manufacturers. ADC 12 India-CIF Japan: Exporters heard offers at $3,030–3,060/mt CIF Japan and expect prices to strengthen as Japanese buyers return following the Obon holiday break, which ended on August 16.