The market largely adopted a wait-and-see attitude, and the EMM market continued to hold up well. [SMM EMM Daily Review]

[SMM Steel] The Indian rupee closed nearly unchanged at 93.06 per US dollar, supported by dollar sales from position unwinding but capped by importer hedging demand amid uncertainty linked to the Iran conflict. The currency had rebounded earlier after intervention signals from the Reserve Bank of India, recovering from a record low of 95.21.

[SMM Steel] European Steel Association urged the EU to refine the Carbon Border Adjustment Mechanism before the first CO₂ price publication on April 7, 2026. The association called for expanding product coverage, closing loopholes, strengthening traceability, and accelerating decarbonization funding. EUROFER warned that without adjustments, CBAM may shift emissions outside Europe rather than reduce them, while failing to ensure fair competition for EU steelmakers.

[SMM Steel] EU imports of semi-finished steel rose 34.6% YoY to 8.91 million mt in 2025, with slabs up 28.6% and square billets surging 51%. Russia remained the largest supplier (41.8%), while China recorded the fastest growth, with shipments increasing 134.5% YoY to 1.5 million mt. Brazil and Vietnam also expanded exports, highlighting stronger reliance on external supply amid cost-driven procurement by European rolling mills.