HRC futures first dipped then rallied today. The most-traded contract closed at 3,282, up 0.06% WoW. Spot market side, market quotations showed mixed performance, with overall trading activity being relatively lackluster, though transactions at lower prices were moderate. In terms of supply, the impact from maintenance on hot-rolled production was 106,400 mt this week, down 88,800 mt WoW. Next week, the impact from maintenance on hot-rolled production is expected to be 11.7 mt, up 10,600 mt WoW, with overall supply still on an increasing trend. Demand side, end-user purchasing enthusiasm was unlikely to exceed expectations, with most purchases being need-based at lower prices. Inventory side, mainstream city inventory data was released today. Performance varied across markets, but overall destocking outpaced inventory buildup, and the overall destocking trend is likely to continue. Looking ahead, the US-Iran conflict reportedly entered the final stage of detail finalisation today. Attention should be paid to the impact of subsequent international disruptions on the raw material side. Meanwhile, the conclusion of the US-Iran conflict may boost market confidence in exports. In the short term, the most-traded HRC futures contract is expected to maintain a fluctuating trend of moving sideways.

Panama’s government expects to issue a resolution by Tuesday allowing First Quantum Minerals to remove stockpiled ore from the closed Cobre Panama copper mine, Trade Minister Julio Molto said Monday.The mine holds about 38 million metric tons of stockpiled ore, which could yield roughly 70,000 tons of copper. First Quantum has said processing could begin about three months after formal approval and take around a year to complete.

Rio Tinto expects its major U.S. copper project to begin production in the mid-2030s, highlighting long lead times for new supply.

LG Energy Solution announced on April 3 that it has joined the automotive software open marketplace platform SDVerse, becoming the first battery manufacturer to participate. SDVerse is a B2B vehicle software platform founded by General Motors, Magna International, and Wipro. The platform provides an open ecosystem where automakers, global suppliers, and software developers can trade software solutions, supporting the transition toward software-defined vehicles (SDVs).

On April 2 local time, Velayati, foreign affairs adviser to Iran's Supreme Leader and former foreign minister, said on his personal social media account that the Strait of Hormuz is open to the world, but will forever be closed to the enemies of the Iranian people and their bases in the region. Velayati said that the end of the conflict depends on Iran's decisions and strength, not on the delusions and arrogance of the aggressors.

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

To prevent and defuse local debt risks, local governments have accelerated this year’s hidden debt swap program. According to Enterprise Early Warning data, as of March 30 this year, local governments had issued about 96 billion yuan of special refinancing bonds for swapping hidden debt, accounting for nearly half of this year’s planned issuance scale (200 billion yuan).

Rio Tinto plans to begin operations at its Resolution Copper project in Arizona by the mid-2030s, but may export part of the concentrate due to challenging smelting economics in the US, a senior executive said. The company recently secured the necessary land after a long legal battle with the San Carlos Apache tribe. Resolution is expected to produce over 18 million tonnes of copper over its lifetime. Separately, Rio Tinto’s Diavik diamond mine in Canada has closed after 23 years of operation, with closure activities continuing through 2029.

Precious metals staged their first coordinated rally in nearly two weeks on Tuesday as the prospect of a diplomatic resolution to the U.S.-Iran conflict continued to lift market sentiment and weaken the dollar.

A Rio Tinto executive said the company expected the Resolution Copper mine in Arizona, US, to come online in the mid-2030s.After years of litigation, this Anglo-Australian mining giant secured control of the land required to build one of the world's largest copper mines this month.The company had now launched a $500 million drilling program to explore the previously inaccessible 30% of the deposit. This exploration would help the company determine the commissioning timetable, but the first batch of copper ore was expected to be produced within a decade.