This week, ferrous metals were in the doldrums. The main logic during the week remained weakening cost support. On Tuesday, Iran proposed charging transit fees for the Strait of Hormuz, while Trump made conciliatory remarks, saying that “even if the Strait of Hormuz remained largely closed, he would still be willing to end military action against Iran.” Market expectations for tighter crude oil supply weakened, and declines in the energy sector dragged down the coal sector, weakening the cost-side logic. During the week, inventories of the five major steel products continued to decline, but apparent demand remained at a low level for the same period in previous years, providing limited fundamental-driven momentum to futures. In the spot market, purchasing interest was average, mainly focused on restocking at low prices. Spot prices were relatively firm, and the spot-futures price spread widened somewhat......

On April 3, the SMM average price of battery-grade nickel sulphate declined slightly.

As of now, the FOB price of nickel in Indonesian MHP was $15,383/mt Ni, and the FOB price of cobalt in Indonesian MHP was $51,364/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) were 86.5-87.5, and the payable indicator for cobalt element in MHP (against SMM refined cobalt (Rotterdam warehouse)) was 94. The FOB price of Indonesian high-grade nickel matte was $15,666/mt Ni.

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

Cleveland-Cliffs officially confirmed in late March 2026 that it has abandoned plans to replace a traditional coal-based blast furnace at its Middletown Works in Ohio with a hydrogen-ready direct reduced iron (DRI) facility. Despite previously winning a $500 million federal grant for the project, the steelmaker has pivoted back to refurbishing its existing blast furnace infrastructure, citing economic feasibility and shifting energy priorities. This decision maintains the site's reliance on metallurgical coke and coal, highlighting the challenges facing the U.S. steel industry's transition toward "green steel" technologies.

【SMM Steel】Germany approved its Climate Protection Program 2026, allocating ~€2.9bn to support industrial electrification, decarbonization, and circular economy. The German Steel Industry Association welcomed the direction but noted a lack of concrete measures in key areas like rail infrastructure, which could limit progress. It also urged establishing "Made in Europe" criteria to protect competitiveness.

[SMM Steel] On March 31, 2026, the India Green Steel Coalition (IGSC) released a white paper warning that India’s steel industry faces a structural domestic supply shortfall of 40-50 million mt of scrap. While the government aims to increase the scrap usage ratio to 50% by 2047, total demand is expected to exceed 200 million mt. The coalition highlighted that without formalized recycling infrastructure, India's reliance on volatile imports will increase, potentially jeopardizing national decarbonization goals.

[SMM Steel] On March 31, 2026, the German government approved its Climate Protection Program 2026, allocating €2.9 billion to accelerate industrial electrification and carbon neutrality by 2045. While the German Steel Industry Association (WV Stahl) welcomed the plan’s focus on low-carbon lead markets, it warned of a lack of concrete support for rail infrastructure, which is vital for green logistics. The association also urged the inclusion of "Made in Europe" criteria to protect local industrial competitiveness and ensure public subsidies benefit domestic manufacturing.

[SMM Steel] On March 31, 2026, analysts projected a mixed corporate earnings outlook for Vietnam in the first quarter of 2026. While sectors like construction, retail, and industrial real estate are expected to show strength, the steel, banking, and securities sectors face slower momentum. In the steel industry, a widening gap is emerging between integrated upstream producers and downstream manufacturers, with the latter increasingly vulnerable to global trade volatility and tightening environmental mandates.

On 30 March, India is scheduled to participate in consultations with Argentina, Indonesia, and Oman at an upcoming steel industry conference to discuss raw materials including iron ore and coking coal, with a focus on fostering technical cooperation. Oman and Brazil remain India's primary sources of iron ore imports. For the fiscal year 2025/26, India’s iron ore imports are projected to reach between 12 and 14 million tones—its highest level in seven years—with approximately 70% sourced from Brazil and Oman.