[SMM Steel] Thyssenkrupp Steel Europe urged the European Commission to strengthen safeguards for grain-oriented electrical steel as low-cost Asian imports disrupt the market. Producers warn that current measures are insufficient, with cheaper imports already forcing production cuts in parts of Europe, particularly in France. The industry cautions that without stronger protections, domestic capacity and technical expertise may further decline.

[SMM Steel] Vietnam's domestic coated steel and pipe market is entering a sharp upward price cycle in early April 2026. Major players including Vnsteel Thang Long and Nam Kim Steel have announced significant price hikes ranging from 300,000 to 600,000 VND/mt. This trend is primarily driven by Hoa Phat increasing its Hot Rolled Coil (HRC) prices by 900,000 VND/mt, alongside rising logistics and operational costs. The Ministry of Construction has since intervened, requesting local authorities to monitor prices and prevent speculation to stabilize the construction sector.

Australia and the European Union officially signed a new trade agreement on March 24, 2026, focused on securing supply chains for critical minerals and high-grade iron ore. This deal follows eight years of negotiations and is intended to diversify the EU's raw material sourcing away from China. The agreement provides European steelmakers with preferential access to Australian magnetite and high-purity hematite, while fostering joint investment in processing facilities that meet strict environmental and social governance standards required for the upcoming EU "green steel" mandates.

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.

[China Iron Ore Brief Review: Iron Ore Concentrate Prices in the Tangshan Region May Hold Up Well] In Shandong, the pre-tax dry-basis price of 64-grade alkaline fines at mines and beneficiation plants fell by 5 yuan to 894 yuan, and steelmakers lowered prices in tandem. Most miners maintained normal production, with no significant inventory buildup and basically no inventory at most operations. Steelmakers continued to purchase under long-term contracts, mainly purchasing as needed while maintaining low inventory operations. On the news front, external market disruptions remained unabated, and imported ore prices stayed at a relatively high level, which may provide some support for domestic iron ore

India’s steel market in 2026 is expected to remain balanced, with demand slightly outpacing supply. Domestic consumption will absorb most output, while imports decline overall and exports increase modestly as a balancing mechanism. Supported by strong growth and infrastructure investment, India is transitioning toward a demand-led steel market with solid long-term potential.

[SMM Steel] India’s Steel Ministry has flagged LPG supply shortages impacting steel plants and conveyed industry concerns to the Petroleum Ministry. Supply disruptions linked to the Iran conflict and prioritization of household consumption have reduced industrial LPG availability. Steelmakers are seeking alternative propane supplies, including from Russia, to maintain operations, while shortages may also affect key inputs such as nitric acid, lime, and ammonia used in stainless steel production.

India is projected to increase its iron ore imports to a seven-year high of 14 million tonnes in the 2025/2026 financial year to support its rapidly expanding steel production capacity. This trend reflects a strategic shift by Indian steelmakers toward sourcing high-grade international ores to optimize blast furnace efficiency as domestic crude steel production targets continue to rise. Despite being a major producer and exporter of iron ore, India's growing appetite for premium-grade feedstock is expected to make it a more prominent player in the global seaborne iron ore trade.

The European Commission will update Emissions Trading System (ETS) free allocation benchmarks and utilize the Market Stability Reserve to curb carbon price volatility "within days". President von der Leyen announced a medium-term ETS review to establish a "realistic trajectory" for free allowances beyond 2034. The EU is also proposing a $35 billion "ETS Investment Booster" fund to finance decarbonization projects, prioritizing lower-income states. To address soaring energy costs, the Commission plans to allow member states to reduce grid charges for energy-intensive industries and mandate lower taxes on electricity compared to fossil fuels. This follows intense pressure from steelmakers and EU nations demanding an urgent ETS overhaul by July.

【SMM Steel】A major HS2 contractor warned UK's steel import tariff doubling will worsen cost pressures for the strained construction sector. The government aims to protect domestic steelmakers. But the move is expected to drive up steel costs amid an energy shock that already lifted steel and concrete prices. Rising material costs threaten the £100bn HS2 project. Mace's chair called the tariffs ill-timed and counterproductive.