Terramin has begun site preparation for the Tala Hamza zinc and lead project in Algeria, following lengthy delays caused by land access issues that have now been resolved by the government. The project, one of the world’s largest undeveloped zinc deposits, will require an estimated $471 million in total investment and is expected to produce approximately 170,000 tonnes of zinc and 30,000 tonnes of lead annually. This initiative supports Algeria’s efforts to diversify its economy and enhance its position in the global base metals market.

Critical Metals (CRML.O) has approved a $30 million acceleration program to develop its Tanbreez heavy rare earth project in Greenland. The initiative will advance drilling, infrastructure, engineering, and metallurgical work, aiming for first ore production in late 2028 or early 2029, with concentrate exports expected by mid-2029. The move aligns with U.S. efforts to strengthen domestic rare earth and critical minerals supply chains amid reliance concerns on China.

【SMM Steel】ArcelorMittal announced a partnership with Renault to supply low-carbon steel for EV production, advancing supply chain decarbonization. The new Usibor® 1500 XCarb® steel is used on structural parts, cutting carbon while maintaining strength and safety. The move supports Renault's emission targets and improves EV performance.

【SMM Steel】Vietnam imposed a 27.83% temporary anti-circumvention duty on certain wide-width HRC (1,880-2,300mm) from China, effective Apr 17 for 120 days. Preliminary findings showed some exporters slightly adjusted specs to avoid existing trade remedies. The sharp import surge has caused significant harm to local producers. The investigation continues before a final conclusion.

【SMM Steel】Taiwan's CSC filed an AD petition on cold-rolled steel imports with the Ministry of Finance before the Qingming Festival. If no supplements are needed, a case could be launched by mid-May, with a preliminary decision due by mid-July. The move follows actions against HR and electrical steel. CSC's chairman confirmed plans to counter unreasonable pricing. The ministry typically announces its decision within 40 days.

SMM Express: Most China steel export prices held steady today, while prices outside China saw significant increases. In terms of China's export transactions, steel billet inquiries were moderate during the day, while flat product trading was lackluster. Markets outside China, most steel mills still expected further price raises, thus offering high ex-factory prices, with some clients remaining on the sidelines.

[SMM Titanium Spot Daily: Cost Support Strengthens, Rutile Titanium Dioxide Prices Rise Slightly] On April 7, titanium dioxide market prices rose slightly. High sulphuric acid prices coupled with expectations of supply tightening supported titanium dioxide prices. Enterprises operated at high rates, but demand was mediocre. Domestic trade was driven mainly by rigid demand, while export trade was divergent. In the short term, prices are expected to hold up well, but further rises depend on demand improvement.

The United States has maintained a restructured trade regime as of March 2026 that places an effective tariff rate of 41.1% on imported steel and aluminum products. This high rate reflects the combination of Section 122 global tariffs and existing Section 232 duties, which have significantly tightened domestic supply and allowed major US mills like Nucor and Cleveland-Cliffs to command significant premiums. While Canada and Mexico maintain exemptions under USMCA, the broader policy has raised costs for manufacturers relying on specialized alloys not produced locally.

The United States government announced a major restructuring of Section 232 metal tariffs effective April 3, 2026, aimed at protecting domestic industry from global overcapacity. While the core 50% duty remains on primary steel imports, a new 25% duty is now levied on the full value of derivative products, closing previous loopholes used to bypass trade barriers. This policy shift directly affects European and Asian exporters who previously exported finished steel components, incentivizing the use of U.S.-melted and poured steel for domestic manufacturing.

DCE iron ore futures rose first then fell today. The most-traded contract I2605 ultimately closed at 797.5 yuan/mt, down 0.44% from the previous trading session. Spot prices fell 2-5 yuan/mt from the previous trading day. Traders had a strong willingness to hold prices firm, while steel mills showed heavy wait-and-see sentiment with few inquiries; as of now, spot market transactions remained limited. Fundamentals, total arrivals at Chinese ports last week declined 8.7% WoW to 24.42 million mt. The supply side narrowed in the short term, and the overall loose supply pattern improved. However, according to the latest SMM survey data, blast furnaces at steel mills nationwide remained in a state of production resumptions after entering April, but both new maintenance and production resumption volumes decreased notably, providing stable support for the downside of ore prices. Nevertheless, relatively high port inventory levels and spot prices also dampened transaction activity while capping upside potential for prices. News side, sporadic rumors about negotiation progress emerged in the market, but given the risks ahead, most participants maintained strong wait-and-see sentiment. Therefore, ore prices are expected to continue moving sideways in the short term, with unilateral trends unlikely before new developments enter the market.