The Kametstal steel mill in Ukraine has successfully completed the first major phase of its 2026 production equipment overhaul program by restoring Converter No. 2 in the converter shop. The critical maintenance involved replacing 860 tons of worn refractory lining and restoring the steel structures responsible for stabilizing the converter body. This comprehensive upgrade, which included repairs to the gas exhaust system and boiler drum separator, aims to ensure the uninterrupted and stable operation of the steelmaking process.

Drinda, the parent company of solar cell manufacturer Jietai Solar (JTPV), reported Q1 2026 revenue of RMB 1.69 billion and a net profit of RMB 14.16 million, successfully recovering from a net loss of RMB 105.89 million in the same period last year. Adjusted net losses narrowed by nearly 80% year-on-year. The company attributed the financial turnaround to improving supply-demand dynamics within the PV industry and a recovery in solar cell selling prices.

Under the guidance of MIIT, the China Photovoltaic Industry Association (CPIA) has begun drafting the 'General Rules for PV Product Manufacturing Cost Assessment Models.' This standard will cover the entire value chain—polysilicon, wafers, cells, and modules—to establish a unified benchmark for industry-wide cost comparisons. Separately, MIIT is seeking public comment on a mandatory national safety standard for terrestrial PV modules with system voltages up to 1,500 V, ensuring stricter reliability for utility-scale projects.

Dalian iron ore futures were strong in today's afternoon session. The most-traded contract I2609 ultimately closed at 763 yuan/mt, up 1.26% from the previous trading session. Spot prices rose 5-8 yuan/mt from the previous trading day. Traders quoted actively, while steel mills purchased cautiously; overall spot cargo transactions were mediocre. In terms of fundamental data, SMM survey data showed that China's iron ore port arrivals increased by 2.71 million mt WoW last week, reaching 27.13 million mt, up 10.1%; global total shipments rose 15.8% WoW to 33.71 million mt. As Australian ports recovered from cyclone impacts to normal operations, their shipments grew significantly, laying the foundation for the continuation of a loose supply-side pattern in the short term. Looking ahead, as domestic blast furnace utilization rates reached their peak, iron ore demand is expected to be secured. Meanwhile, the collapse of US-Iran negotiations and the US order to blockade the Strait of Hormuz added uncertainty to the Middle East situation, and market expectations for energy prices further provided cost support for iron ore prices. Therefore, on a comprehensive basis, iron ore prices are expected to hold up well in a fluctuating trend this week.

【SMM Steel】7 Steel Nordic prepared its inaugural ~1,200 t shipment of rebar and coils for the Czech Republic, produced at the Mo i Rana mill. The delivery follows a successful product homologation program in Q4 2025. The company aims to introduce low-emission steel to the Czech construction sector. It remains committed to Nordic customers. The export link will grow gradually with rising Norwegian capacity.

[SMM Steel] The US Department of Commerce upheld anti-dumping duties on prestressed concrete steel wire strand imports from Brazil, India, Mexico, South Korea and Thailand following a sunset review. Final dumping margins were set at 118.75% (Brazil), 102.07% (India), 77.20% (Mexico), 54.19% (South Korea) and 12.91% (Thailand). With no substantive responses from exporters, duties will remain in place, continuing to restrict imports and support US domestic producers in the short term.

According to SMM data, China’s average operating rate of zinc oxide stood at 38.88% in Q1 2026, down 3.98 percentage points year-on-year.What are the reasons behind this?

To enable local government special bonds (hereinafter referred to as "special bonds") to take effect ahead of schedule, in Q1 this year, local governments cumulatively issued over 1.1 trillion yuan in new special bonds, nearly 200 billion yuan more compared to the same period last year, with the issuance pace significantly accelerated. According to statistics from Enterprise Early Warning System, the newly issued special bond funds since the beginning of this year will be invested in over 10,000 projects, continuing to support key areas such as industrial park infrastructure and transportation infrastructure, and actively expanding effective investment.

SMM April 13 News: Data Brief: As of Monday, April 13, SMM copper inventories across major regions nationwide decreased 12.52% WoW from last Monday, marking five consecutive weeks of destocking. Specifically, in Shanghai, imported copper arrivals remained stable while domestic arrivals decreased somewhat; downstream buyers mainly made just-in-time procurement, and inventory destocked steadily. In Jiangsu, domestic arrivals declined, but the pace of warehouse withdrawals also slowed down simultaneously, with regional inventory basically stable. In Guangdong, the prior destocking trend continued, mainly supported by reduced arrivals and robust end-use consumption, with inventory continuing to pull back. Outlook: On the supply side, imported copper arrivals were intermittent, the pace of domestic arrivals slowed down, and an overall tight supply pattern is emerging. On the demand side, downstream buyers still mainly made just-in-time procurement, with overall consumption slowing down slightly compared to the previous period. According to survey data, the weekly operating rate of copper cathode rod is expected to decline to 75.58% this week, down 4.39 percentage points WoW. Considering both supply and demand sides, the market has formed a pattern of "tightening supply and phased stabilization of consumption," and social inventory is expected to continue destocking this week.

[SMM Tin Midday Review: Macro Expectations Shifted Again, SHFE Tin Contract Declined in a Stepwise Pattern During the Morning Session]