Supply glut, cautious demand, and fading cost support drag the benchmark contract down RMB 205/mt in the week of March 30 – April

【SMM Steel】UMB Steel chose SARRALLE to develop a modern meltshop at the Oțelu Roșu plant, restarting after 12 years. Annual target: ~700,000 t of rebar, wire rod, and compact coils. SARRALLE will integrate KR-MELT® with vertical scrap preheating. The airtight design captures fumes/dust, improving environmental standards. The setup reduces energy use and boosts productivity. The partnership supports efficient, sustainable production in Romania.

【SMM Steel】Hyundai Steel issued FAC to SMS group after upgrading its Dangjin #1 CGL. The two-phase project integrated X-Pact® automation and upgraded hydraulics to improve strip quality and stability. Stage 1 added a new strip washer/dryer. Stage 2 focused on the skin-pass mill for precise flatness. The upgrades reduce downtime and extend equipment life, building on a partnership since 2005.

[Three Consecutive Monthly Sales Championships, SAIC Sold 973,000 Vehicles from January to March] SAIC released its latest sales data. In March, it achieved vehicle sales of 376,000 units, successfully securing “three consecutive monthly sales championships” since the start of this year; from January to March, cumulative wholesale sales reached 973,000 units, up 3% YoY, maintaining a steady upward trend; retail sales reached 1.008 million units, making it the only automaker in China’s auto industry to surpass 1 million sales in Q1.

[SMM Daily Brief Review of Coking Coal and Coke] In terms of supply, most coke producers maintained relatively stable operating rates, and downstream buyers showed moderate enthusiasm for coke procurement, with smooth shipments from coke producers and no obvious inventory pressure for the time being. On the demand side, steel mills were currently in the stage of blast furnace production resumptions, increasing rigid demand for coke, but no significant improvement was seen in end-use demand for finished steel products, market sentiment weakened, and steel mills' purchase willingness declined somewhat. In summary, the first round of coke price increases was officially implemented, but market sentiment pulled back recently, most steel mills had moderate coke inventories, the coke supply-demand structure gradually shifted toward balance, and the coke market may remain generally stable with slight rise in the short term.

New Delhi quietly renewed BIS certification waivers through September 2026, even as it talks tough on Chinese overcapacity. The contradiction reveals more about India's industrial gaps than its trade policy convictions

PT Indonesia Morowali Industrial Park (IMIP) has reinforced its sustainability framework by integrating advanced Continuous Emission Monitoring Systems (CEMS) and wastewater tracking (Sispek) directly with Indonesia’s Ministry of Environment (KLH) servers. As of early 2026, 37 tenants have completed independent external safety audits (SMK3) to ensure high operational standards. Beyond environmental compliance, IMIP is scaling up human capital investment through vocational partnerships with top universities like ITB and UGM, alongside international training programs in China, positioning the park as a benchmark for responsible and tech-driven nickel downstreaming.

Lodestar Minerals disclosed that mineralogical studies at its Virgin Mountain project in Arizona, US, confirmed the presence of high-grade heavy rare earths with xenotime as the principal mineral, including high proportions of dysprosium, terbium, and lutetium—three high-value elements that are in critically short domestic supply in the US and are vital to national defense systems. China currently accounts for most of the global production of the above heavy rare earths and has imposed export restrictions. Lodestar said the findings highlight the project's strategic value and will help the company secure funding and establish partnerships.

Zhoushan Ningxing Shipway officially delivered the "HX AFFLUENCE," a 13,800 DWT stainless steel oil and chemical tanker, to Hongxi Shipping. This vessel is the first in a "6+3" series and features advanced duplex stainless steel cargo tanks. Known for high strength and superior corrosion resistance, the duplex stainless steel allows for the safe long-distance transport of high-end chemicals and refined oils while reducing long-term maintenance costs. This delivery marks a significant milestone for Zhoushan’s high-tech shipbuilding sector and sets a strong foundation for the remaining eight vessels in the series.

According to SMM data, die-cast zinc alloy operating rates stood at 51.8% as of last week. Looking at March expectations, the industry's operating performance is projected to decline by approximately 7 percentage points year-on-year. The main reasons for the decline in operating rates are as follows