[SMM Analysis]: Copper-related Policy Shifts Across the Americas: Copper is no longer merely an industrial metal — it is rapidly emerging as a strategic resource. From mining policy reforms in Chile and Peru, to the U.S. Section 232 investigation and the strengthening of North American critical minerals strategies, copper policies across the Americas in 2025–2026 are set to exert profound influence over global copper supply-demand balances, smelting dynamics, and copper price volatility.

[Top-Tier Players Drove Prices Up; GO Silicon Steel Prices Held Up Well This Week] This week, spot cold-rolled grain-oriented silicon steel prices were raised by 100 yuan/mt overall, with market transactions performing moderately. According to market feedback, ferrous metals futures fluctuated and pulled back this week, weakening raw material cost support and putting some pressure on spot market sentiment. However, Baowu's June pricing policy raised the base price of GO silicon steel by 200 yuan/mt, with grades 75 and above raised by an additional 100 yuan/mt, boosting market sentiment and driving up quotes for state-owned resources.

China's steel billet exports performed strongly in Q1 2026, showing a continuous growth trend. According to data from the General Administration of Customs, China's steel billet exports in March 2026 reached 1.53 million mt, up 66.0% MoM and up 47.9% YoY, hitting a record high for a single month in the same period in recent years.

[SMM Steel] Ternium reported Mexican steel shipments rose 4% y/y to 2 million tonnes in Q1 2026. Q2 shipments are expected to continue improving driven by commercial markets. Several infrastructure projects will drive demand. Higher steel prices partly offset lower shipments. Mexico has strengthened tariff/trade enforcement to mitigate US tariffs and resist low-priced Asian imports. The govt signed a deal with Mexican steelmakers including Ternium to purchase 200,000 tonnes of steel for infrastructure. Ternium expects its Pesqueria cold mill/galvanizing line to near full capacity by October. Slab facilities are progressing as expected.

[SMM Steel] Vietnam’s Vnsteel has inaugurated a new warehouse facility in Khanh Hoa province as part of its strategy to strengthen logistics and distribution in the South Central region. The company said the project will improve supply efficiency for distributors, contractors, and infrastructure projects while reducing delivery times and transportation costs. Vnsteel currently operates steel production facilities with combined capacity exceeding 1 million mt per year and a deep-water port system capable of handling vessels up to 50,000 dwt.

During the Labour Day holiday, China Southern Power Grid had 1,802 domestic infrastructure projects under normal construction, with nearly 37,000 builders remaining at their posts. DC interconnection, offshore wind power, pumped-storage hydropower, and key power grid projects in the southwest were simultaneously accelerated, with multiple major energy projects achieving new progress, supporting energy security and the implementation of "dual carbon" goals.

Leading US steel producers, including Nucor, Gerdau, and Optimus Steel, have announced a general price increase for rebar by $20 per short ton ($1.00 per cwt), effective immediately in May 2026. This move follows a period of price consolidation and is largely driven by rising raw material costs, particularly ferrous scrap, and sustained demand from domestic infrastructure projects. The hike brings the market price floor higher, signaling a shift toward a more hawkish pricing environment in the North American long products sector. If successfully absorbed by the market, this increase may prompt other regional mini-mills to follow suit, potentially raising construction costs across the US in the second quarter of 2026.

【SMM Steel】To boost employment, economic development, and industrialization, Mexico's President signed an agreement prioritizing domestically produced steel in public infrastructure projects. Domestic steel companies must ensure quality, guarantee supply and delivery, and offer competitive prices. Mexico's public infrastructure spending is projected to rise 10.9% y/y in 2026, further driving steel demand, especially long products.

According to the National Development and Reform Commission (NDRC), the project list and fund arrangement for the second batch of RMB 91.5 billion ultra-long-term special treasury bonds for advanced manufacturing and new infrastructure equipment renewal in 2026 have been officially issued. The new round of funds supports more than 6,700 projects across 16 fields, including industry, energy and power, electronic information, transportation, logistics, education, cultural tourism, medical care, facility agriculture, grain and oil processing, old residential building elevator renovation, work safety, fire rescue, inspection and testing, energy conservation and carbon emission reduction, environmental protection, as well as resource recycling and utilization. It is expected to drive a total i

Kazakhstan recorded a significant increase in coal transshipment volumes through Russian Baltic and Black Sea ports during the first quarter of 2026. This surge is driven by rising demand for metallurgical grades in Southeast Asian markets and the rerouting of flows following changes in regional rail logistics. While global coal prices have seen a general decline in Europe and Australia, the strengthening demand in developing Asia for Kazakh coal is providing crucial support for Central Asian mining infrastructure projects.