[SMM Chrome Weekly Review: Steel Tender Prices Rose, and the Market Remained Temporarily Stable] March 20, 2026 News: Quotes for chrome ore and ferrochrome were unchanged for the time being...

In response to the decision by US President Trump to raise import tariffs on steel and aluminum from 25% to 50%, German steel companies and industry associations have expressed serious concerns and called on the EU to expedite the adoption of effective countermeasures to mitigate the adverse impact on the European steel industry.

[SMM SiMn Weekly Review: Mainstream Steel Mills Enter the Market, with a Cautious Wait-and-See Sentiment] As of Friday this week, the price of SiMn alloy 65/17 (cash) in the northern market was 5,450-5,550 yuan/mt, unchanged from last Friday on a WoW basis; in the southern market, it was 5,450-5,650 yuan/mt, also unchanged from last Friday on a WoW basis. According to SMM, on the raw material side, alloy plants' purchases of manganese ore were sluggish, miners lowered their offers, and the transaction prices of some manganese ores dropped slightly. On the supply side, most northern SiMn plants maintained stable production, while SiMn plants in the southern region showed increased willingness to resume production due to electricity tariff discounts during the rainy season. On the demand side, the first round of inquiries from mainstream steel mills fell short of expectations, and downstream steel mills of SiMn were mostly waiting for the pricing decisions of mainstream steel mills.

[SMM Ferrosilicon-Manganese Futures Review: Mainstream Steel Tenders Enter the Market, Wait-and-See Sentiment Prevails] The SM2509 contract opened at 5,474 yuan/mt, fluctuated downward after the morning session, and eventually closed at 5,426 yuan/mt, down 1.70%. The daily high was 5,492 yuan/mt, and the low was 5,418 yuan/mt. Trading volume was 203,695 lots, and open interest was 460,268. On the raw material side, miners' quotes fluctuated relatively small, and spot prices remained stable. On the spot side, SiMn plants continued to hold back from selling, with mainstream steel tenders entering the market. The market was dominated by wait-and-see sentiment, as participants awaited the inquiry situation of mainstream steel tenders.

Recently, Vallourec, a global leader in premium seamless tubular solutions, announced that its vertical gaseous hydrogen energy storage solution, Delphy, has officially passed DNV verification. As a globally pioneering solution, Delphy can store hydrogen ranging from 1 to 100 mt under the highest safety standards. This vertical system can extend up to 100 meters underground, occupying minimal land area, and is capable of meeting the challenges of complex and demanding industrial environments. Its target customers include green hydrogen producers, as well as industrial enterprises such as synthetic fuel (e-SAF, e-methanol) producers, green ammonia producers, steel companies, and refineries. The Delphy solution stems from Vallourec's long-term professional expertise and technological accumulation. Based on practically verified tubular and connection technologies, it exhibits excellent sealing and corrosion resistance. The project was initiated in 2022, bringing together approximately 30 researchers and experts, with particular emphasis placed on high-precision rebar processing, heat treatment, and non-destructive detection. In December 2023, the demonstration project for this solution was completed. Subsequently, Vallourec conducted a rigorous development, testing, and verification process for its hydrogen storage technology, ultimately leading to the successful verification of Delphy in recent days. This conformity statement issued by authoritative experts fully ensures the safety and reliability of the solution, marking a crucial milestone towards its commercialization. With the endorsement of authoritative verification, Vallourec has signed two Memoranda of Understanding (MoUs) with customers: one with H2V for green hydrogen production and utilization projects, and another with NextChem Tech for advancing green hydrogen and green ammonia projects. Currently, approximately 50 projects are under negotiation in France and globally, with potential revenue reaching around 2 billion euros. This verification result comes at a time when the demand for energy storage infrastructure is expected to grow—driven by the intermittent and flexible nature of green hydrogen production. The market demand for Delphy's energy storage solution will be propelled by both European regulations (requiring energy storage solutions to be paired with renewable electricity production) and France's hydrogen strategy (encouraging green hydrogen producers to operate flexibly to contribute to power grid stability). Philippe Guillemot, Chairman and CEO of Vallourec Group, stated: "The successful verification of Delphy underscores Vallourec's ability to transform industrial and technological expertise into new energy solutions. Thanks to the outstanding performance of our team, we have been able to launch this unique solution to address the challenges of global hydrogen energy development. This crucial milestone also solidifies our position in the hydrogen energy market and our leadership role in supporting the global decarbonization process." Santiago Blanco, Executive Vice President and Regional Director for Southern Europe at DNV Energy Systems, commented, "DNV is honored to provide validation services for Vallourec's Delphy hydrogen storage solution - a significant milestone in the field of safe and scalable hydrogen infrastructure. According to our Energy Transition Outlook model, the global demand for hydrogen is projected to reach 188 million mt per year by 2050. Flexible energy storage solutions like Delphy are crucial for bridging the gap between renewable energy supply and industrial demand. As hydrogen energy enables decarbonization in industries that are difficult to electrify, independent technical testing and validation will be key to accelerating deployment and building market confidence." About Vallourec Vallourec is a global leader in premium seamless tube solutions for the energy market and demanding industrial applications, with products spanning oil and gas wells in harsh environments, next-generation power plants, high-demand construction projects, and high-performance machinery equipment. Its pioneering spirit and cutting-edge R&D capabilities continuously push the boundaries of technology. With nearly 13,000 dedicated and passionate employees in over 20 countries worldwide, Vallourec collaborates with customers to provide not just tubular products, but innovative, safe, and cost-competitive smart tubular solutions that make every project possible. About DNV DNV is an independent certification and risk management services provider with operations in over 100 countries. Leveraging extensive experience and profound expertise, DNV is committed to enhancing safety and sustainable performance, setting industry standards, and inspiring and creating innovative solutions. Whether it's assessing new ship designs, providing certification for floating wind farm technologies, analyzing natural gas pipeline sensor data, or certifying food company supply chains, DNV empowers clients and their stakeholders to confidently navigate technological and regulatory complexities. DNV provides assurance across the entire energy value chain through consulting, monitoring, validation, and certification services. As a leading global independent energy expert and technical advisor resource, it helps industries and governments navigate the numerous complex and interconnected transformations occurring in the global and regional energy sectors. DNV is dedicated to achieving the goals of the Paris Agreement and supporting clients in their transition to a deeply decarbonized energy system at a faster pace.

[SMM Hot Topic: Summary of Q1 Reports from 44 Steel Enterprises: Nearly 70% Achieved YoY Net Profit Growth] In Q1, the supply-demand imbalance in China's domestic steel market remained prominent. According to data from the National Bureau of Statistics (NBS), in Q1 2025, China's crude steel production reached 259 million mt, up 0.6% YoY. The domestic steel price index in Q1 decreased by 9.9% YoY, while the Platts 62% iron ore index increased by 1.0% YoY, and the price of coking coal in Lvliang, Shanxi, decreased by 36.1% YoY. Although the cost of raw materials and fuels for steel enterprises improved somewhat, the profit margins in the steel industry remained limited due to weak demand in the steel market, and operational pressures persisted.

In terms of supply, coke producers' profits were moderate, and production remained stable. However, shipments faced certain obstacles, leading to a looser coke supply. Demand side, south China has entered the rainy season, with frequent high-temperature and rainy weather, resulting in a seasonal decline in steel demand. Pig iron production peaked and then pulled back. Additionally, the coke inventory levels at most steel mills were at medium to high levels, weakening the rigid demand for coke. In summary, steel mills had a strong desire to drive down coke prices. The second round of coke price cuts may be implemented on Wednesday, and the coke market is expected to be in the doldrums this week.

On May 22, Baosteel held the 4th Non-Oriented Electrical Steel Application Technology Conference in Chengdu. At the event, four new high-performance non-oriented electrical steel products were launched globally for the first time, including an ultra-thin, ultra-low core loss, and high magnetic flux density non-oriented electrical steel, which is the world's first product with a core loss value of less than 9 W/kg. This product will significantly enhance the performance and efficiency limits of high-speed motors, and in the future, it can be widely applied in fields such as humanoid robots and low-altitude aircraft. Non-oriented electrical steel is the most widely used soft magnetic alloy and a core material for generators and motors. Its electromagnetic properties play a crucial role in motor efficiency. As a core material for the low-carbon economy and society, Baosteel's non-oriented electrical steel, with its excellent high magnetic flux density, low core loss, and processing performance, demonstrates the best overall advantages in fields such as NEVs, industrial motors, household appliances, power generation equipment, low-altitude aircraft, and robots, gaining popularity both domestically and internationally. The four new products launched this time are B15AHV950M, B10AHV900M, B50AM250, and 65WY600. Among them, B10AHV900M and B15AHV950M have thicknesses of 0.10 mm and 0.15 mm, respectively. In particular, the breakthrough non-oriented electrical steel product B10AHV900M is even thinner than an A4 sheet of paper. Meanwhile, it has an extremely low core loss, meaning the material's energy loss in a high-frequency alternating magnetic field is extremely low, breaking through the long-standing industry barrier of 9 W/kg (under 1.0 Tesla magnetization at 400 Hz). Additionally, it has high magnetic permeability, with a magnetic polarization intensity reaching 1.66 Tesla at a magnetic field strength of 5000 A/m, the highest globally in terms of magnetic properties. It is understood that the inability to achieve both "ultra-thin specifications" and "ultra-high performance" has long been a bottleneck limiting the performance improvement of non-oriented electrical steel and a challenge restricting the development of various motor industries. Although steel companies worldwide can produce non-oriented electrical steel with a thickness of 0.1 mm, no product has previously been able to simultaneously meet the above three indicators. The two products, B10AHV900M and B15AHV950M, have the advantage of "improving driving efficiency and extending the driving range of vehicles," making them the best materials for drive motors in NEVs.

[SMM Daily Review of SiMn: SiMn Market Stabilizes After Halting Decline, Mainstream Steel Tenders Enter the Market] In the northern market, the price of SiMn alloy 65/17 (cash) is 5,600-5,700 yuan/mt, up 50 yuan/mt WoW from last Wednesday; in the southern market, the price of SiMn alloy 65/17 (cash) is 5,550-5,750 yuan/mt, up 50 yuan/mt WoW from last Wednesday. According to SMM, on the raw material side, driven by the continuous strong oscillation in the SiMn futures market, there is a strong sentiment for ore prices to follow suit. Miners are offering firm quotes, and the spot price of manganese ore has risen slightly. On the supply side, SiMn plants have a weak willingness to offer quotes actively, with many adopting a wait-and-see sentiment. Some SiMn holders have slightly raised their quotes. On the demand side, downstream buyers are cautious about purchasing SiMn. Mainstream steel tenders have entered the market, and the market is awaiting the pricing from these tenders.

[SMM Steel Morning Meeting Summary] From a fundamental perspective, on the supply side, blast furnace steel mills still have profit margins in producing construction materials, and their willingness to produce remains moderate, maintaining normal production levels. EAF steel mills are facing greater difficulties in collecting scrap, with some electric furnace plants halting operations. Overall, the supply pressure for construction materials is not significant. On the demand side, during the Labour Day holiday, cargo transportation was hindered, and construction activities in some regions were temporarily suspended. This was followed by rain and flood conditions in south China, further impeding construction progress at construction sites. Overall demand performance has been average. During the holiday, the pace of downstream purchases slowed down, and inventory levels in some regions increased slightly. Overall, the fundamentals indicate a situation of weak supply and demand, with slightly insufficient market confidence and cautious operations. It is expected that steel prices will remain in the doldrums in the short term. Going forward, it is necessary to closely monitor changes in the macroeconomic environment and downstream demand.