China's mechanical and electrical product exports increased by 8.7% YoY in Q1, with faster growth in exports of household appliances and other products [SMM Special Report]

[Domestic Iron Ore Brief Review] This week, the mine-mouth price of 64-grade alkaline powder (dry basis, pre-tax, acceptance payment) in Shandong remained stable at 894. Miners mostly maintained normal production, with the majority of long-term contract shipments stable and essentially operating with no inventory. A few steel enterprises saw inventory increase slightly, with purchases mainly made as needed, and overall market transactions were moderate. Steel mills currently mainly purchase as needed, with both buyers and sellers being relatively cautious.

Hot-rolled coil inventory at Zhangjiagang Port was 375,000 mt this week, up 30,000 mt WoW, an increase of 8.70%; the YoY decline was 12.79% on a solar calendar basis and 12.38% on a lunar calendar basis.

[SMM Steel] ArcelorMittal Kryvyi Rih lost around 300,000 mt of steel exports in Q1 2026 after the Carbon Border Adjustment Mechanism added $60–90/mt in extra costs, prompting EU customers to cancel orders. The company had planned to ship 1.2–1.25 million mt to Europe in 2026, nearly half of its production, but access to the EU market has been significantly disrupted.