On April 2, 2026, the White House ushered US steel trade policy into "Version 2.0." This strategic shift goes beyond simple tariff hikes. It uses full-value taxation and melt-and-pour traceability to block low-end imported raw materials, while applying structural tariff reductions to finished products to ease manufacturing inflation. Ultimately, this two-pronged approach aims to forcibly bring the global supply chain back to domestic US steel production.

According to reports, on the 26th, the Executive Management Committee of Brazil’s Foreign Trade Chamber (Gecex) decided to implement a four-month zero-tariff policy on 191 electronic and information technology products for which import duties had previously been increased, in order to reduce industrial costs and ensure supply in China. According to Brazil’s Ministry of Development, Industry, Trade and Services, the tariff reduction covered products including smartphones, computer equipment, and electronic components. In early February this year, the Brazilian government raised import tariffs on more than 1,200 electronic products, significantly affecting the mobile phone industry, household appliances, and medical equipment; in late February, it adjusted its tariff policy and applied zero tariffs to 105 of those items.

Dalian iron ore was stronger in the morning session today, but pulled back in the afternoon. The most-traded contract, I2605, finally closed at 805 yuan/mt, down 1.29% from the previous trading session. Spot prices fell by about 3-7 yuan from the previous trading day. Traders were moderately active in offering quotes, while steel mills made fewer inquiries; as of now, spot market transactions were average. Fundamentals, inventory at the 10-port sample showed clear structural divergence this week. Among them, mainstream mid-grade ores such as PB fines and blended fines saw a notable inventory buildup, with PB fines surging 1.24 million WoW to nearly 9 million. In contrast, IOCJ fines, super special fines, and high-silicon Brazilian coarse ore bucked the trend and posted destocking. This divergence indicated that, against the backdrop of steel mill profits coming under pressure, the consumption side was accelerating toward extreme cost reduction. Steel mills generally adopted a barbell-style ore blending strategy of pairing high- and low-grade materials, significantly squeezing demand for mainstream mid-grade ore and putting further pressure on iron ore's upward momentum. On the macro front, driven by persistently high inflation outside China and fading expectations for US Fed interest rate cuts, tighter US dollar liquidity further weighed on bullish sentiment in commodities. Combined with pressure from elevated inventory on the micro side and weak demand for mid-grade ore, iron ore prices lacked drivers for an upward breakout in the short term and are expected to remain in the doldrums within a narrow range.

[Automotive Market Updates] It was reported that on the highly automated production line jointly developed by Changan Automobile and its partner, the CAOA Group, the first batch of locally manufactured Changan vehicles in Brazil slowly rolled off the line. Recently, Changan Automobile's Brazil plant, located in Anápolis, Goiás, officially commenced production, marking a new milestone in China-Brazil industrial cooperation. In addition, Changan Automobile's products have entered 118 countries and regions worldwide, and the company has 76 factories outside China.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,402.6/mt. In early trading, it fluctuated downward to a low of $12,334.5/mt. Subsequently, the center of copper prices gradually moved higher, rising to $12,482.5/mt near the close, and finally closed at $12,472.6/mt, up 0.73%. Trading volume reached 24,900 lots, and open interest stood at 291,200 lots, down 7,698 lots from the previous trading day, mainly due to bears reducing positions. Overnight, the most-traded SHFE copper 2605 contract opened at 96,300 yuan/mt. In early trading, it fluctuated downward to 96,210 yuan/mt. Subsequently, the center of copper prices fluctuated upward, touching a high of 96,970 yuan/mt near the close, with a gain of 0.45%. Trading volume reached 40,900 lots, and open interest stood at 183,400 lots, down 2,869 lots from the previous trading day, mainly due to bears reducing positions.

Appia Rare Earths & Uranium Corp. (CSE: API) is advancing its diversified portfolio of rare earth element (REE) and uranium projects in Canada and Brazil, providing materials critical to electrification and clean energy technologies. The company is particularly focused on magnetic rare earths such as neodymium and praseodymium, which are key raw materials for EVs, wind turbines, advanced electronics, as well as uranium. Its flagship Alces Lake project, located in Saskatchewan, hosts high-grade monazite mineralization, with reported total rare earth oxide (TREO) grades of up to 50%. The mineralization occurs at or near surface, enhancing potential economic feasibility and benefiting from proximity to the Saskatchewan Research Council's processing facilities.

Melbourne-based RayGen has fully commissioned a 1 MW concentrated solar and long-duration thermal energy storage system in Petrolina, Brazil, in partnership with Axia Energia. The facility utilizes RayGen's 'PV Ultra' technology, which uses mirrors to concentrate sunlight onto modules while capturing heat in a water-based storage system. This design achieves a 70% round-trip efficiency. Axia is testing the technology for potential large-scale deployment to help power 'AI factories.' RayGen already operates a commercial facility in Australia and is currently advancing a 200 MW/1,200 MWh utility-scale project in South Australia.

Vale (NYSE: VALE) has announced a strategic goal to expand its copper and nickel reserves and resources in Canada and Brazil by 20% between 2024 and 2027. Following a strong 2025 performance, Vale reported that its total nickel reserves and resources rose 13% to 14 million tonnes, while copper increased 6% to 53 million tonnes.

Appia Rare Earths & Uranium Corp. announced that assay results from the first 13 drill holes at its ionic adsorption clay/carbonatite rare earth project in Goiás State, Brazil, showed broad high-grade mineralization, with hole UNA-DDH-015 intersecting 300 meters grading 2.55 TREO from surface, including a high-grade interval of 97 meters grading 4.52 and 6 meters grading 13.30. The company’s flagship Alces Lake project in Saskatchewan, Canada, hosts near-surface high-grade monazite mineralization with grades of up to 50 TREO, close to the Saskatchewan Research Council’s processing facility.

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.