News

Dalian iron ore futures experienced an early session increase before gradually retreating throughout the day. The most-traded I2605 contract ultimately closed at 817 RMB per tonne, marking a modest gain of 0.18% from the previous trading session.

[Silicon Metal Market Sees Rising Bargaining Sentiment, Focus on Changes in Supply-Side Operating Rates]: This week, the silicon metal market remained in a bargaining stalemate, with the price center of some specifications edging up slightly. As of March 26, SMM east China oxygen-blown #553 silicon was at 9,100-9,300 yuan/mt, up 100 yuan/mt WoW. #441 silicon was at 9,300-9,500 yuan/mt, flat WoW, and #3303 silicon was at 10,200-10,400 yuan/mt, also flat WoW. In the futures market, affected by sentiment and expectations surrounding supply-side factors such as “self-discipline among silicon enterprises and anti-involution,” the most-traded silicon metal contract continued to hold up well over the past week, closing at 8,735 yuan/mt late on Thursday with a notable gain. In terms of quotations, silicon enterprises mostly kept shipment quotes stable, with some quotes testing slight increases; the quote center of trading firms engaging in both spot and futures market rose markedly, and low-priced cargoes disappeared. As downstream acceptance of high prices was limited, high-priced transactions in the market were difficult to conclude.

[SMM Silicone Weekly Review: Silicone Market Transaction Center Stabilized, Downstream Purchased as Needed on Price Dips] This week, the transaction range in China's silicone DMC market was 13,800-14,300 yuan/mt, stable WoW. By regional quotes, monomer enterprises in Shandong quoted 14,000 yuan/mt, while mainstream monomer enterprises in other regions mostly quoted 14,300 yuan/mt. After the phased price fluctuations last week, the main transaction range gradually stabilized.

[SMM Daily Brief Review of Coking Coal and Coke] Supply side, costs increased further, losses at most coke producers widened, and willingness to push for a coke price hike strengthened, but a coke price hike is expected to be implemented, while coke production remained stable. Demand side, finished steel shipments improved somewhat, steel inventories began to decline, steel mills became more willing to produce, and daily average hot metal production continued to increase, raising acceptance of higher coke prices. In summary, coke fundamentals have turned tighter, and the coke market may remain generally stable with slight rise in the short term, with a coke price hike expected to be implemented.

[SMM Daily Hot-Rolled Coil Trading] On March 26, the total daily trading volume of hot-rolled coil among sample enterprises in four SMM cities (Shanghai, Lecong, Tianjin, and Ningbo) was 14,130 mt, temporarily flat MoM. On a calendar YoY basis, it was down 1.74, and on a lunar YoY basis, it was up 29.40.

【SMM Steel】The USDOC initiated a country-wide circumvention probe into corrosion-resistant steel from Indonesia at the request of Steel Dynamics and Nucor. They allege finished products use Chinese HRC/CRC and Vietnamese CRC to bypass AD/CVD orders. If processing is found minor, AD/CVD on Chinese/Vietnamese goods will apply. A preliminary ruling is due within 150 days.

【SMM Steel】NEOM terminated its structural steel supply contract with Malaysia's Eversendai for the Trojena Ski Village, effective Mar 26, 2026, amid escalating Middle East conflict. The $1.9bn desert resort, set to host the 2029 Asian Winter Games, faces construction delays. Eversendai said it fulfilled obligations and will seek compensation. The termination follows another major contract cancellation weeks ago.

【SMM Steel】The UK published its Steel Strategy on Mar 19, 2026, to revitalize domestic production, prioritize recycled scrap, and shift to EAFs. The plan aims to raise output from ~30% of demand to 40-50% and includes up to £2.5bn in support. A Scrap Working Group will be set up by May 2026. New trade measures, including up to 50% tariffs on excess imports, take effect from July 2026.

【SMM Steel】A cyclone that earlier hit Australia's northeast is now threatening LNG and mining ops in the west. System Narelle is expected to intensify as it moves parallel to the Pilbara coast. It threatens key LNG facilities and iron ore mines. Ports are clearing vessels. Australia, the top iron ore exporter, remains vulnerable. Narelle earlier forced closures of bauxite and manganese mines.

[SMM Steel] According to a Reuters report on March 26, 2026, the Indian Steel Ministry has formally requested assistance from the Ministry of Petroleum and Natural Gas to mitigate severe LPG shortages affecting the industry. The crisis, driven by maritime disruptions in the Middle East due to the ongoing Iran war, has primarily impacted smaller steel producers. The ministry is currently in discussions to find solutions within existing supply constraints to prevent production halts and protect long-term investment confidence.

[SMM Steel] ArcelorMittal Nippon Steel India (AM/NS India) officially commenced construction of a new integrated steel plant in Andhra Pradesh on March 23, 2026. With an investment exceeding ₹70,000 crore (approx. $7.5–$8 billion), the facility is designed for an annual capacity of 8.2 million tons. Production is targeted to begin in the first quarter of 2029, focusing on a diverse product range to enhance India's self-sufficiency and reduce import reliance.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 26 Mar , 2026