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  Supported by Multiple Factors, Aluminum Fluoride Prices Rose Sharply in April [SMM Analysis]

  Overall, cost support remained strong, supply tightened while demand stayed stable. As tender prices became clear, aluminum fluoride prices were generally raised by around 800 yuan/mt in line with the guidance. Going forward, close attention should be paid to dynamic changes in raw material costs and adjustments in downstream procurement pace.

• [SMM Analysis] China's Stainless Steel Futures Slip as "Silver April" Season Opens on Weak Footing

  Supply glut, cautious demand, and fading cost support drag the benchmark contract down RMB 205/mt in the week of March 30 – April

• Risks in the Ferrous Metals Sector Began to Accumulate [SMM Steel Industry Chain Weekly Report]

  This week, ferrous metals were in the doldrums. The main logic during the week remained weakening cost support. On Tuesday, Iran proposed charging transit fees for the Strait of Hormuz, while Trump made conciliatory remarks, saying that “even if the Strait of Hormuz remained largely closed, he would still be willing to end military action against Iran.” Market expectations for tighter crude oil supply weakened, and declines in the energy sector dragged down the coal sector, weakening the cost-side logic. During the week, inventories of the five major steel products continued to decline, but apparent demand remained at a low level for the same period in previous years, providing limited fundamental-driven momentum to futures. In the spot market, purchasing interest was average, mainly focused on restocking at low prices. Spot prices were relatively firm, and the spot-futures price spread widened somewhat......

• MMi Daily Iron Ore Report (April 3)

  Today, the DCE iron ore fluctuated in the doldrums, with the most-traded contract I2605 eventually closing at 799.5 yuan/mt, down 0.50% from the previous trading session. Spot prices fell by about 2-5 yuan from the previous trading day. Traders were moderately active in offering quotes, while steel mills mainly restocked to meet rigid demand; as of now, spot market transactions were mediocre.

• 【SMM Analysis】U.S. Section 232 Steel Tariff Adjustments: Strategic Recalibration of Import Structures & Domestic Supply

  On April 2, 2026, the White House ushered US steel trade policy into "Version 2.0." This strategic shift goes beyond simple tariff hikes. It uses full-value taxation and melt-and-pour traceability to block low-end imported raw materials, while applying structural tariff reductions to finished products to ease manufacturing inflation. Ultimately, this two-pronged approach aims to forcibly bring the global supply chain back to domestic US steel production.