News

SMM Steel News on March 3: According to SMM statistics, this week total resource shipments to major mainstream markets were estimated at 242,700 mt, down 19.82% WoW from last week’s shipment level. By market:

[SMM HRC Daily Trading] On March 3, the total daily HRC trading volume of sampled enterprises in four SMM cities (Shanghai, Lecong, Tianjin, and Ningbo) was 9,640 mt, up 130 mt (+1.4%) MoM. On a YoY basis, it was down 34.56% on the Gregorian calendar and down 9.40% on the lunar calendar.

[SMM Chromium Daily Review: Expectations Were Bullish on a Recovery in Trading Activity; the Chromium Market Ran Strong and Stable] March 3, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was flat MoM from the previous trading day…

[SMM Daily Brief Review on Coking Coal and Coke] On the news front, some steel mills were expected to initiate the first round of coke price cuts this Friday, with a reduction of 50-55 yuan/mt. In terms of supply, coke producers hovered near the break-even line and barely maintained normal production; due to a slight inventory buildup, they were relatively proactive in shipments. Demand side, steel mills currently had limited profit margins and kept procurement cautious. In addition, with the Two Sessions about to convene, some steel mills had already prepared to implement blast furnace maintenance plans, reducing rigid demand for coke. Overall, steel mills’ willingness to seek profits from the raw material end continued to strengthen, and cost support might weaken. The coke market was likely to remain in the doldrums this week, with expectations of price cuts.

This week, hot-rolled coil inventory in Zhangjiagang was 313,000 mt, up 9,000 mt WoW from pre-holiday levels, an increase of 2.96%; the YoY decline was 29.98% on a calendar-year basis and 29.82% on a lunar-calendar basis.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 03 Mar , 2026

On March 3, 2026, Rio Tinto announced the lifting of the suspension on the Zulti South project at Richards Bay Minerals (RBM). The $473 million investment aims to sustain RBM's production capacity and extend the mine's life to 2050. Construction is scheduled to begin in Q1 2026, with initial commercial production expected by Q4 2028

Crude steel production across 69 reporting nations totaled 147.3 million tonnes in January 2026, a 6.5% decrease year-on-year. While Asia-Pacific saw a sharp drop (8.6%), the Middle East recorded the strongest regional growth at 12.6% due to lower energy costs, and India saw a 10.5% increase.

Australia’s iron ore output is forecast to increase by 2.6% in 2026. Growth is primarily supported by the ramp-up of the Onslow project and the Western Range mine (25 Mtpa capacity). This growth will be partially offset by the depletion of BHP’s Yandi mine, which is scheduled for closure in 2026.

During the survey period (February 24 to March 2), the operating rate and capacity utilization rate for rebar rolling lines in the Central China region remained unchanged WoW, with steel mills largely maintaining their previous production pace. In terms of factory inventory, most downstream construction sites resumed work after the Lantern Festival, and currently, the ability to absorb rebar demand is limited, leading to a continuous accumulation of inventory.

Today, DCE iron ore futures trended stronger today, with the most-traded I2605 contract closing at 754.5 RMB/ton, an increase of 0.87% from the previous trading session.

[Domestic Iron Ore Brief: Shandong Region Iron Ore Concentrates Prices May Have Some Upside Potential] In the west Liaoning region, domestic iron ore prices remained relatively stable, with 66 grade iron ore concentrates wet basis ex-factory prices at 745-755 yuan/mt; feedback from local mines and beneficiation plants indicated that during the Two Sessions next week, there may be some restrictions on explosives, further exacerbating the overall tightness of iron ore concentrates resources. Demand side, local steel mills are currently operating according to plan