After the holiday, ferrous metals opened higher, but subsequent trends diverged—steel products and iron ore fluctuated at highs, while coke surged before pulling back. The strong rally during the week was mainly driven by disturbances outside China. During the holiday, the US-Iran standoff escalated with widening negotiation gaps, pushing raw materials to lead the gains in ferrous metals. Combined with capital inflows after the holiday, this provided a clear upward drive for prices. In the latter half of the week, market rumors suggested that Iran and the US had reached a consensus on easing the US naval blockade in exchange for the gradual reopening of the Strait of Hormuz, and bears increased their positions in coke. Data on the five major steel products were released, showing weakness in both supply and demand, with inventory not accumulating after the holiday. On the spot market side, traders had a strong willingness to hold prices firm, and purchases were made in both futures and spot cargo at low price levels...

Indonesian state-owned steel giant PT Krakatau Steel (Persero) Tbk (IDX: KRAS, hereinafter referred to as "Krakatau") released its 2025 consolidated financial statements on March 31, 2026. On the surface, the company recorded a net profit of 339.6 million USD (approximately 5.68 trillion IDR), its best performance since 2019. However, unpacking the core steel business reveals that the steel segment's operating loss in 2025 actually widened from 40.79 million USD in 2024 to 102.5 million USD.

In March 2026, Turkey's wire rod exports surged by 128.3% month-on-month to 151,970 metric tons (mt), generating $88.53 million in revenue, though this remained 18.1% lower year-on-year. For the first quarter of 2026, total wire rod export volume dropped 11.3% year-on-year to 255,947 mt, while export value fell by 10.7% to $149.49 million, indicating that the strong March recovery could not fully offset the persistent three-month decline. Romania remained the top destination, receiving 133,280 mt (+6.8% year-on-year), followed by a notable 152.7% surge in shipments to Australia at 32,334 mt, but significant declines in markets like Italy and Kosovo weighed heavily on the overall export performance and shifted global supply flows.

Yongsteel 2026 Period 5-1 construction steel price adjustment: rebar and wire rod both remained stable; current rebar at 3,450 yuan/mt, plain wire rod at 3,650 yuan/mt, coiled rebar at 3,650 yuan/mt; compared with Period 4-3, rebar received a supplement of 160 yuan/mt, wire rod received a supplement of 185 yuan/mt; the electronic bank acceptance monthly discount rates for this period were 0.85‰ for Category I and II banks, 0.95‰ for provincial city commercial banks, and 1.15‰ for Category III and IV banks. [SMM Steel]

[Shagang Construction Steel Price Policy] On May 1, Shagang released its ex-factory prices for early May. Rebar and wire rod prices remained stable for the time being, with rebar at 3,350 and coiled rebar at 3,480. All prices above are tax-inclusive, effective from May 1, 2026. [SMM Steel]

This week, ferrous metals moved sideways and upward. During the week, as US-Iran negotiations made no progress and the Strait of Hormuz remained closed, combined with declining US crude oil inventories, Brent crude oil surged sharply, driving coking coal higher. Although BHP port spot cargoes were available for purchase, which was bearish for market sentiment, futures had already priced in related expectations earlier, so iron ore pullback was limited and cost support was relatively neutral. The Politburo meeting held mid-week had low direct correlation with ferrous metals, and ferrous metals fluctuated at highs during the week. Spot market side, end-users restocked at low prices before the holiday, and as futures rose in the latter half of the week, speculative demand was also released...

The core logic of the South American steel market is that end-user demand drives everything. Consumption demand is the starting point, filled jointly by local production and imports; imports act as a regulating valve rather than a driving force.

The European Commission has officially released the updated steel import quota volumes for the upcoming period starting July 1, 2026. The new regulations maintain the restrictive 15% cap per country for several hot-rolled and cold-rolled categories to prevent market flooding by specific exporters. Total quota volumes remain relatively stable, but adjustments have been made to specific country allocations for wire rods and galvanized sheets. These measures reinforce the EU's protectionist stance, likely keeping domestic steel prices elevated by limiting the availability of cheaper non-EU alternatives amid slow regional demand recovery

During the survey period (April 21–April 27), both the operating rates and capacity utilization rates of rebar and wire rod in the Central China region declined.

SHFE issued a notice on April 27 regarding work arrangements during the 2026 Labor Day holiday. The original text is as follows: Notice on Work Arrangements During the 2026 Labor Day Holiday To all relevant entities: In accordance with the "Announcement of Shanghai Futures Exchange on Market Closure Arrangements for 2026" (SHFE Announcement [2025] No. 157), the work arrangements during the Labor Day holiday are as follows: 1. No night session trading will be conducted on the evening of April 30, 2026 (Thursday). The market will be closed from May 1, 2026 (Friday) to May 5, 2026 (Tuesday). On May 6, 2026 (Wednesday), call auction for all futures and options contracts will be held from 08:55 to 09:00, and night session trading will resume that evening. 2. Effective from the closing settlement on April 29, 2026 (Wednesday), the price limit ranges and trading margin ratios will be adjusted as follows: For copper futures cu2703 and cu2704, aluminum futures al2703 and al2704, zinc futures zn2703 and zn2704, lead futures pb2703 and pb2704, and alumina futures ao2703 and ao2704 contracts: the price limit range is 10%, the hedging open interest trading margin ratio is 11%, and the general open interest trading margin ratio is 12%. For cast aluminum alloy futures ad2703 and ad2704, wire rod futures wr2703 and wr2704, and stainless steel futures ss2703 and ss2704 contracts: the price limit range is 8%, the hedging open interest trading margin ratio is 9%, and the general open interest trading margin ratio is 10%. For rebar futures rb2703 and rb2704, and hot-rolled coil futures hc2703 and hc2704 contracts: the price limit range is 7%, the hedging open interest trading margin ratio is 8%, and the general open interest trading margin ratio is 9%. For nickel futures ni2704 and tin futures sn2704 contracts: the price limit range is 12%, the hedging open interest trading margin ratio is 13%, and the general open interest trading margin ratio is 14%. For natural rubber futures ru2704 contract: the price limit range is 9%, the hedging open interest trading margin ratio is 10%, and the general open interest trading margin ratio is 11%. For pulp futures sp2704 and offset printing paper futures op2704 contracts: the price limit range is 7%, the hedging open interest trading margin ratio is 8%, and the general open interest trading margin ratio is 9%. In the event of circumstances stipulated in Article 13 of the "Risk Management Measures of Shanghai Futures Exchange," adjustments will be made based on the above price limit ranges and trading margin ratios. 3. After trading on May 6, 2026 (Wednesday), effective from the closing settlement on the first trading day without a limit-up or limit-down move, the price limit ranges and trading margin ratios will be adjusted as follows: The price limit ranges and trading margin ratios for the above futures contracts will be restored to their original levels. Other matters concerning price limits and trading margins shall be handled in accordance with the "Risk Management Measures of Shanghai Futures Exchange" and related business rules. All relevant entities are requested to take proper risk prevention measures to ensure market stability and smooth delivery. This notice is hereby given. Attachment: Shanghai Futures Exchange Apr 2026