India’s finished steel exports reached 6.02 million tonnes during the April-February 2026 period, marking a significant 36.6% year-on-year increase. This surge is supported by an 11.2% rise in domestic crude steel production, which reached 153.61 million tonnes during the same timeframe. As domestic consumption grew by a more modest 7.2%, Indian steelmakers are increasingly utilizing international markets to balance supply, despite global overcapacity and margin pressures.

[SMM Daily Brief Review of Coking Coal and Coke] In terms of supply, coke producers' profits were weak, coupled with the relatively small room for coal mines to offer concessions, which did not fully restore coke producers' profits. As a result, their willingness to increase output was low, and they maintained normal production. On the demand side, the Two Sessions are about to conclude, and steel mills that had previously imposed voluntary production restrictions are expected to resume production, which may increase demand for coke. However, due to the slow destocking speed of finished steel products, steel mills remained cautious toward coke and adopted a purchase-as-needed strategy. In summary, with steel mills purchasing cautiously and coke producers' cost downside room limited, the coke market may remain temporarily stable in the short term.

Today, the most-traded hot-rolled coil contract closed at 3,269, up 0.28%. In the spot market, spot hot-rolled prices in China were mostly stable with some gains, while spot cold-rolled prices were largely stable. Overall trading sentiment was moderate, and transactions at lower prices were moderate. Short term, hot-rolled coil inventory was expected to continue building up this week, though at a slower pace. Before the inflection point of inventory destocking emerges, finished steel products will likely struggle to break out of the broader market trend independently. In the short term, prices were expected to fluctuate rangebound in line with cost movements, with the HRC May contract facing pressure around 3,285.

Total rebar inventory stood at 8.2948 million mt this week, up 277,000 mt WoW, or 3.46% (previous: +11.33%), and up 363,200 mt from the same period of the previous lunar year, or 4.58% (previous: +4.6%).

SMM News, March 12: Total inventory across the two major stainless steel markets of Wuxi and Foshan stopped rising and pulled back this week, falling from 1.0164 million mt on March 5 to 998,100 mt on March 12, down 1.8% WoW. Stainless steel social inventory posted slight destocking this week. The market has now officially entered the traditional peak consumption season of “Golden March and Silver April,” and downstream end-users gradually resumed production and operations, with stainless steel demand steadily recovering. Market inquiries and purchase activity rebounded significantly from the previous period, providing important support for the inventory pullback. Supply side, planned stainless steel production for the month is expected to remain high, and arrivals to the market stayed stable. Although recovering demand, together with the gradual pick-up of goods against previous orders, drove a slight inventory pullback, further inventory declines still face clear resistance due to pressure from the supply side. In both futures and the spot market, SS futures have continued to fluctuate since March, while guidance prices from major stainless steel mills remained flat consecutively. Although stainless steel prices were still supported on the cost side by rising nickel ore prices, upward momentum for further gains was insufficient. Wait-and-see sentiment remained strong in the market, with downstream purchases mainly driven by rigid demand and stockpiling kept cautious. No large-scale restocking emerged, which to some extent limited the extent of inventory destocking. Overall, this week’s inventory stop-rising and destocking was mainly driven by factors such as recovering downstream demand as production resumed and goods pick-up for previous orders, while also being constrained by high supply, choppy futures, and wait-and-see market sentiment. Although slight destocking was achieved in the short term, further inventory declines still face considerable resistance. Whether destocking can continue will still hinge on the strength of the sustained recovery in downstream demand and the actual release on the supply side.

[SMM Steel] According to provisional data from the Ministry of Steel, India became a net exporter of finished steel during the first 11 months of FY 2025-26 (April–February). Total exports reached 6.02 million mt (up 36% YoY), while imports fell to 5.6 million mt (down 37% YoY). Crude steel production rose 11% to 153.61 million mt, outpacing a 7.2% growth in consumption, which totaled 147.7 million mt.

[Market Sentiment Remained Primarily Cautious, Grain-Oriented Silicon Steel Prices Might Continue to Hold Steady Next Week] This week, grain-oriented silicon steel quotations were temporarily stable, with only limited recovery in transactions. HRC futures strengthened and then fluctuated this week, but Baowu's base prices for grain-oriented silicon steel in April remained stable, overall market sentiment stayed cautious, and procurement demand was unlikely to be released.

[SMM Stainless Steel Daily Review] SS Futures Held Up Well, Spot Prices Remained Stable with Just-in-Time Procurement Dominating SMM News, March 12: SS futures showed a firm sideways movement. As geopolitical tensions in Iran continued to escalate and the US restarted the tariff war, macro news still had a notable disruptive effect on futures, and SS futures had yet to show a clear direction, closing at 14,245 yuan/mt by the midday break. In the spot market, affected by the sideways movement in futures, spot quotations continued to hold steady. Although the market has entered the traditional peak consumption season and downstream demand has recovered somewhat, expectations of high supply capped sentiment, limiting market acceptance of high-priced cargoes. Downstream players mainly made just-in-time procurement, while traders actively shipped goods for destocking. The most-traded SS futures contract fluctuated higher. At 10:15 a.m., SS2605 was quoted at 14,290 yuan/mt, up 170 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi stood at 230-430 yuan/mt. In the spot market, cold-rolled 201/2B coils in Wuxi were generally stable; for cold-rolled trimmed-edge 304/2B coils, average prices in Wuxi and Foshan both held steady; cold-rolled 316L/2B coils in Wuxi remained stable; for hot-rolled 316L/NO.1 coils, Wuxi quotations held steady; and cold-rolled 430/2B coils in both Wuxi and Foshan were also stable. As the market entered the traditional peak consumption season of "Golden March and Silver April," the stainless steel market saw a window for demand recovery. The downstream side gradually resumed work and production after the Chinese New Year holiday, and demand showed a trend of gradual recovery. However, although transactions improved from the previous period, the market still did not show the briskness typical of the peak season, and end-user procurement was mainly...

[China Iron Ore Brief: Iron Ore Concentrates Prices in Tangshan Had Some Room to Move Higher] Iron ore concentrates prices in Tangshan were relatively stable this week, with the ex-factory prices of 66-grade dry-basis, tax-included iron ore concentrates at 970-980 yuan/mt. As the important meeting was about to close, the impact of environmental protection and safety inspections gradually weakened, and some mines and beneficiation plants showed stronger willingness to produce, though overall iron ore concentrates resources remained relatively tight. According to SMM tracking, after the meeting ended, some mines and beneficiation plants that had suspended production earlier

Supported by a relatively large volume of orders taken last week and a full production schedule, the operating rate of the enamelled wire industry increased WoW this week (March 6–March 12).....