Construction steel stocks growth accelerated last week amid muted demand

As of March 30, the closing price of the most-traded HRC futures contract was 3,307. In March, the SMM national average spot price for HRC was 3,265.93 yuan/mt, with the monthly average price up 0.72% MoM.

On March 27, 2026, the WTO Committee on Safeguards released a safeguard notification submitted by the EU delegation. On March 27, 2026, the European Commission issued a notice initiating a safeguard investigation into imported grain-oriented electrical steel products (Grain-oriented Electrical Steel). This case involved products under EU CN (Combined Nomenclature) codes 72251100, 72261100, and 85049013. Unless otherwise extended (by up to two months), the final determination will be made within nine months from the date of initiation. Interested parties shall register to respond within 15 days from the date of publication of this notice and submit questionnaire responses within 21 days.

On 30 March, India is scheduled to participate in consultations with Argentina, Indonesia, and Oman at an upcoming steel industry conference to discuss raw materials including iron ore and coking coal, with a focus on fostering technical cooperation. Oman and Brazil remain India's primary sources of iron ore imports. For the fiscal year 2025/26, India’s iron ore imports are projected to reach between 12 and 14 million tones—its highest level in seven years—with approximately 70% sourced from Brazil and Oman.