【SMM Steel】Mexico urges US to eliminate steel tariffs to preserve USMCA competitiveness

The DCE iron ore futures trended weaker, with the most-traded contract I2609 finally closing at 766 yuan/mt, down 0.91% from the previous trading session. Port spot prices fell 1-5 yuan/mt from the previous day.

[SMM HRC Daily Trading Volume] On June 5, the combined daily HRC trading volume of sample enterprises from SMM's four cities (Shanghai, Lecong, Tianjin, Ningbo) totaled 13,560 mt, up 650 mt day-on-day (+4.7%), up 29.39% Gregorian YoY and 15.11% lunar YoY.

According to preliminary data from the Turkish Statistical Institute (TUIK), Turkey's hot rolled coil (HRC) imports in April 2026 reached 334,852 metric tons (mt), an increase of 8.2% month-on-month and 46.7% year-on-year, with the import value totaling $181.10 million (+9.2% m-o-m, +38.8% y-o-y). For the January-April 2026 period, total HRC imports amounted to 1,141,364 mt, up 8.1% year-on-year, while the total value rose 3.3% to $620.42 million. In terms of suppliers, Russia became the largest source with 248,889 mt (+9.2% y-o-y), followed by China, which saw a massive 39.6% drop to 229,800 mt, and Malaysia with 223,029 mt. The market impact indicates a clear structural rebalancing of Turkey's HRC supply chain; driven by recent trade defense measures targeting Chinese products, Turkish importers are actively diversifying their supply risks toward Russia, Malaysia, and other origins, demonstrating that while domestic demand remains resilient, procurement has become highly selective regarding price and origin advantages.