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EU Steel Body says that imports curb the spare sector from the cliff edge
Eurofer, the European steel association, said that the EU's?measures aimed at halving the volume of tariff-free steel imported into the EU will prevent the industry from a "cliff-edge moment" and should allow idled plants to resume production. The EU institutions have reached an agreement to limit the tariff-free imports of 18.3 million tons. This is a reduction of 47% compared to 2024. They also agreed to double the duty on goods that exceed quota. The measures will replace existing "safeguards" that, under World Trade Organization regulations, must expire eight years after the date of June 30. Eurofer reported that steel imports to the EU had reached a new record of 9.9 million tonnes in the 'final quarter of 2025. Flat steel products accounted for a third on the EU market. This highlights the need for stricter restrictions. The rise in steel prices is largely due to the 50% tariffs imposed by President Donald Trump on U.S. steel and the introduction of the EU border carbon levy, which will take effect in 2026. Eurofer stated that the measures, which are still awaiting final approval, will help to bring back around 15 million tons in EU steel production, and maintain about 30,000 direct jobs in Europe. EU producers are only operating at 65% of their capacity. The association welcomed the fact that the new measures will be reviewed regularly, which could lead to the addition of other steel products or adjustments based upon market developments. "The quotas will be adapted to steel demand." Sara Franzone is the senior manager for international trade at Eurofer. She said, "We have missed this in steel safeguards over the past eight years." She said that the European Commission will also evaluate, based on?market conditions, whether unused import quotas can be rolled over from one quarter to another, which could result in disruptive spikes at the end of the year. (Reporting and editing by Jan Harvey; Philip Blenkinsop)
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Imports of copper concentrate from China in the first quarter are on the rise, as top smelters maintain high output.
China's copper concentrate imports increased in the first quarter of this year, according to official data released by the country on Tuesday. This was despite the fact that processing fees were negative and the top smelter's group had vowed to reduce production. According to the latest data from customs, imports of copper concentrates or ores increased by almost 10% in March to 2,63 million tonnes and by 6.6% in the first three months to 7,56 million tonnes. The China Smelter Purchasing?Team is a group of top copper smelters that agreed to reduce production last year in order to address overcapacity, negative treatment charges and refining costs. This meant smelters paid miners to process the material. There has not been any sign of a reduction in output from major smelters, including Jiangxi Copper Yunnan Copper Daye Nonferrous. They have all said that they plan to increase?or maintain their output in 2026. Analysts and industry insiders say that China's copper producers will likely reconsider their plans to reduce output, as Beijing's export ban on sulphuric acids has tamed a rise in price for the by-product which had compensated for falling processing fees. Data from the General Administration of Customs revealed that China's import of unwrought copper and copper-based products fell 10.9% in March to 416,000 metric tonnes, while falling 14.2% in the first quarter of 2026. The drop was 7.6% in the benchmark copper price for three months at the London Metal Exchange in March, despite the Iran War, which slowed global growth and fueled inflation fears as oil prices surged. The demand for imported cargoes is increasing?since March. The Yangshan copper premium On March 29,, which measures China's appetite to import copper, reached $69 per ton, the highest level since June 2025. On Monday, the premium was $74 per ton. (Reporting and editing by Jamie Freed, Jan Harvey and Colleen Whate)
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China March steel exports drop as the Mideast War bites
Customs data released on Tuesday showed that China's steel exports in March were down 12.6% compared to the previous year. The Middle East conflict and a new export licensing regime, which was implemented in response to a growing global protectionist backlash, are believed to be the main reasons for the decline. Data from the General Administration of Customs shows that the world's largest producer of steel shipped 9.14 million metric tonnes of metal last month. The metal is used in the construction and manufacturing industries. In February, the country shipped 7.84 million metric tons, and in March 2025 it will ship 10.46 million. Analyst Xinli Ch'u at China Futures said that the improved export margins of some steel products contributed to a monthly?rise. Zhuo Guqiu, a Jinrui Futures analyst, stated that the Middle East conflict has caused a disruption in trade through the Strait?Hormuz. This has led to fewer shipments into the Gulf and consequently, lower steel shipments each year in March. Last year, the Gulf accounted for 16% of China's record steel exports. Several Chinese steel exporters stopped offering their products to Middle East customers as the Iran War, which began in late February, slowed down shipments through the main waterway. Chu, of China Futures, explained that the annual decline was due to a high baseline last year and front-run shipments in response to tariff fears. China's shipments were also affected by the export license system that was implemented in January. China's steel imports fell 9.9% on an annual basis to 24,72 million tons in the first quarter of 2026. This was the lowest level since 2023. IRON ORE IMPORTS China’s iron ore exports to Australia in March grew by 11.5% year-on-year, to 104.74 millions tons. This was due to increased shipments and seasonal restocking of steelmakers anticipating better demand. This compares to 97.64 millions tons in February, and 93.97 in March 2025. Steven Yu, senior analyst with consultancy Mysteel, stated that the increase in iron ore imports was due to an increase in volumes coming from Australia where weather-related impacts were not as severe as last year. Last year, cyclones in Australia disrupted iron ore loadings. Imports of iron ore in the first quarter rose 10.5% on an annual basis to 314.76 millions tons. The higher imports led to an increase in portside inventories Steelhome data showed that by the end of March, the total steel production was up 20% compared to the same period last year. Reporting by Amy Lv, Colleen howe and Christian Schmollinger: Editing by Neil Fullick Christian Schmollinger Harikrishnan Nair
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CarMax reports quarterly loss due to weak demand for used cars and goodwill charges
CarMax, a retailer of used cars, reported a?loss for the fourth quarter on Tuesday. This was due to a goodwill impairment charge and declining margins. In premarket trading, shares of the Richmond-based Virginia company fell 6.8%. Used-car dealers have struggled to sell inventory at a profit, as consumer demand has weakened and import tariffs have squeezed margins. CarMax's gross profit on a used vehicle dropped to $2,115 during the third quarter from $2,322 one year ago. Wholesale gross profit per unit dropped to $940, down from $1,045?a year earlier, as the company cut prices to increase demand. The new CEO Keith Barr stated that the largest U.S. Used-Car retailer is moving with "urgency" in order to improve efficiency and regain sales momentum. Gasoline prices are nearing $4 per gallon and have dampened consumer confidence. This has led to a reduction in spending, and a rise in interest in electric and hybrid cars that are more affordable. CarMax reported that it had recorded a non-cash impairment charge of 141.3 million dollars in the third quarter. It cited a decline in its share price and a weaker performance fiscal 2026. The company's quarterly revenue dropped 1% from $5.95 billion a year earlier. CarMax posted a?loss? of $120.7million, or 85c per share. This compares to a profit?of $89.9million, or 58c per share?a year ago. It earned a?quarterly profit of 34 cents, as compared to 64 cents last year. (Reporting from Nathan Gomes, Bengaluru. Editing by Tasim Zaid)
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Due to the Iran War, industry groups have reduced their global steel demand forecasts for 2026.
The World Steel Association cut its forecast on global 'crude steel demand' for this year. This was partly because of the Iran War, which has slashed Middle East consumption. The industry group reduced its forecast of growth in 2026 steel demand to 0.3%, or 1.72 billion tons. This is down from an earlier forecast in October that was 1.3%. "We expect that the conflict in the Middle East will result in a sharp decline in the region's demand for steel in 2026. This was a strong area for growth," said Alfonso Hidalgo Calcerrada. "We're now transitioning to a modest growth path in 2026 with an acceleration more pronounced projected for 2027," said?Alfonso Hidalgo Calcerrada, chair of the group's economics?committee. The group said that the demand for crude steel is expected to increase by 2.2% to reach 1.76 billion tonnes next year. The group added that China, the world's largest steel producer, will see its output drop by 1.5% in this year due to its struggling property and construction sectors and remain flat in 2027. As the realignment of China's property market stabilizes, we expect that Chinese steel demand will transition into a period of cyclical stabilization. The group predicted that demand in India, 'the world's fastest-growing major steel market, will?remain high, rising 7.4% this year, and 9.2% by 2027. Reporting by Eric Onstad, Editing by Alison Williams & Sonia Cheema
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Sources: Sinopec purchases Russian oil to replace Mideast supplies after US waiver
Sinopec, the Chinese state oil company, has purchased Russian crude oil in both March and April after the U.S. lifted sanctions temporarily to ease global supply shortages. Sources have estimated that Sinopec purchased 8-10 cargoes a year of ESPO blend oil from the eastern port Kozmino. Another source estimates it to be about 10 cargoes. Each ESPO shipment is 740,000 barrels. Sinopec purchased the cargoes for a premium of between $8 and $10 per barrel over ICE Brent. Before the Iran conflict, Russian crude was traded at a discount around $10 per barrel. Sources spoke under condition of anonymity. The U.S. Treasury Department permitted purchases of Russian oil 'and products' at sea starting in mid-March, with a waiver of 30 days that expired on 11 April. This was part of the efforts?to maintain global energy prices throughout the U.S./Israeli war against Iran. The waiver led the trading arms of Sinopec and PetroChina, to inquire with suppliers about possible purchases. Previous reports stated that they had stopped seaborne purchases of Russian oil since October because of Western sanctions. Since then, it was not clear if PetroChina had purchased seaborne cargoes. Sinopec didn't immediately respond to an inquiry for comment. Big Middle East Exposure Sinopec is the largest refiner in the world. It gets about half its crude oil from the Middle East. This leaves it vulnerable to the possible closure of the Strait of Hormuz due to the U.S. and Israeli war against Iran. Sinopec said last month at a'results meeting that it was reducing runs in March by 5% because of disruptions, and assessing the potential of purchasing Russian oil on a waiver. Kpler data shows that China's imports of Russian crude oil by sea in March were 1,82 million bpd. This is down from February's record high of 1,92 million bpd. Imports for April are at 1,92 million bpd so far. The waiver from the U.S. boosted demand for?Russian oil by Indian refiners, who bought millions of barrels at sea. The market expects Washington to extend its waiver, even though it has not made an announcement. Reporting by Siyi Liu, Chen Aizhu and Florence Tan in Singapore. Editing by Clarence Fernandez and Florence Tan.
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Copper reaches six-week peak on prospects of more US-Iran Peace Talks
The copper price soared to its highest level in six weeks Tuesday, thanks to optimism?about resuming peace talks between the U.S. and Iran as well as a weaker dollar. The benchmark three-month copper price on the London Metal Exchange increased 0.8% to $13,161 per metric tonne by 0945 GMT. It had previously reached its highest level since 3 March at $13,210.50. Five sources have told us that the U.S. team and Iran's team could be back in Islamabad this week. Ewa 'Manthey, commodities analyst at ING, said that optimism about the US and Iran restarting peace talks has helped to reverse some of recent pressure metals have faced from fears of rising energy costs and a weaker economy. The market is still dominated by headlines. "Any escalation of the conflict, renewed spikes in energy costs or signs that demand is weakening could quickly undermine sentiment." The Shanghai Futures Exchange's most traded copper contract ended the daytime trading up 2.1% to 101,190 Yuan ($14,844.43) a ton. A softer dollar index also supported?prices, which has been trading at its weakest level since March 2. This makes commodities priced using the U.S. dollar cheaper for buyers who use other currencies. Concerns about the Middle East conflict's impact on energy prices, which are a major factor in raising overall costs, have also boosted demand for copper, a material used in manufacturing, construction and power. The Middle East war has already increased costs by 10 cents a pound for the world's largest copper miner?Codelco. Antofagasta also expressed concern over rising fuel and input prices. Sudakshina?Unnikrishnan, an analyst at Standard Chartered Bank, said that mine supply constraints are still present and Chile's output of copper has been underperforming so far in 2026. Concerns about a possible impact on copper and nickel production were sparked by a tight supply of sulphuric acids, which was exacerbated when reports emerged that China would stop exports from?May. LME nickel gained 1.1%, reaching $17.890 per ton after hitting its highest level since February 27, $17.950. This was due to the revision of the formula used to calculate mineral reference prices by top supplier Indonesia. LME aluminium fell 1.1% to $3,567 per ton. Zinc rose 0.3% at $3,326, while lead increased by 0.4% to $1 929. Tin jumped 2.6% from $49 500 to $48,500.
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Kremlin is pleased that Magyars in Hungary are ready to engage in a 'pragmatic dialog' with Russia
The Kremlin stated on Tuesday it was pleased that Peter Magyar, the Hungarian prime minister-elect, seemed "ready for a pragmatic dialogue with Russia" and would base its position on specific actions taken by his government Russian hardliners mourned Viktor Orban's defeat, a close ally of Moscow, who lost an election over the weekend to a centre-right upstart rival Magyar. The Kremlin said that it was "ready" to talk with the new government. Dmitry Peskov, Kremlin spokesperson, told reporters: "For the moment, we can note with satisfaction his (Magyar) willingness to engage in pragmatic dialogue." "In this instance, there is a?mutual?willingness on our part. We will then proceed to follow the specific steps taken the new Hungarian Government." Russia is selling oil and gas in Hungary, and building a new nuclear power station south of Budapest. Orban's support for Moscow was due to his opposition to EU sanctions against Russia because of its war in Ukraine. He also opposed Kyiv joining the EU and blocked a 90 billion euro ($105 billion) EU loan to Ukraine. Magyar's pro-EU, pro-NATO rhetoric has been combined with public acknowledgement that he must hold talks with Russian President Vladimir Putin. He will also need to continue to purchase Russian oil and gas despite the talk of reviewing and diversifying contracts. (Reporting and writing by Dmitry Antonov, editing by Guy Faulconbridge/Andrew Osborn).
Dollar nears pre-war level on hope of US-Iran settlement
On Tuesday, global stocks rose and oil prices fell. The dollar also lost its appeal as a safe haven. Investors bet that the Middle East conflict will end soon despite the U.S. blocking Iran's ports following the collapse of the peace talks over the weekend.
Negotiating teams from the?U.S. Four sources have said that Iran and the United States could return to Islamabad in the coming week. The talks, which were the highest level between the two nations since the Islamic Revolution of 1979, ended without any breakthrough.
U.S. president Donald Trump said Iran wanted to make a deal but added that he would refuse to accept any result which allowed Tehran to possess a nuclear device.
As the first quarter earnings season gets underway, hopes of a diplomatic down-ramp helped drive the S&P back to its pre-war level. This was largely due to gains in large tech stocks. The STOXX Europe 600 index rose 0.6% on Monday, but is still 2% below the pre-conflict levels.
"Markets trade hope, not resolution. "Markets are trading hope, not resolution."
She added, "I would expect a choppy and headline-driven tape, rather than a clear risk-on trend."
Nasdaq and S&P futures both rose by 0.4% as JPMorgan reported earnings. The dollar is heading towards a'seventh consecutive daily decline against a basket major currencies, approaching pre-war levels.
Bank of America's global fund manager survey conducted by the bank from April 2 through April 9, which covered 193 asset managers with $563 billion in assets, revealed that sentiment was at its lowest since last June.
"Expectations of growth (are) the lowest since March 2022. Inflation expectations are the highest since May 2020. All contrarian -positive for risk assets so long as the ceasefire sends oil price below $84 a barrel, but not a 'close-eyes-and-buy'," strategists led by Michael Hartnett said.
Investors expect oil prices to drop from $98 at the moment to $84 by year's end.
The U.S. has blocked Iran's ports. This angered Tehran and added uncertainty to the Strait of Hormuz. However, shipping data shows that a Chinese tanker sanctioned by the U.S. passed through this waterway on February 2.
Trump said that Washington would "block Iranian vessels" and any ships that paid tolls demanded from Tehran. Any Iranian "fast attack" ships that came near the blockade? would be eliminated.
Prices fell as expectations of a further dialogue to end this war overshadowed concerns about supply disruptions. Brent crude futures dropped 0.3% to $99 per barrel while U.S. oil futures dropped 1.6% to $97.5 a barrel.
In China, data on ?Tuesday showed exports slowed in March as demand linked to an artificial-intelligence boom ran up against the effects of the war.
DOLLAR? ON THE BACKFOOT
The euro increased by 0.4% to $1.18 while the sterling rose by 0.5% to $1.357 - a six-week-high, which puts the pound at levels above those of pre-war.
The yields on U.S. Treasury bonds have been drifting lower. The two-year yield was last?down by 1 basis point to 3.77%, and the benchmark 10-year yield was at 4.29%.
The rising energy prices have fueled inflation concerns, and investors are preparing for the possibility of several major central banks moving towards rate increases. This would be a dramatic reversal to pre-war expectations that rates would be cut or paused.
The yields on two-year Treasury bills are now almost 40 basis points higher than the levels of late February.
Gold spot prices rose by 0.8% in other countries to $4,776 per ounce. Rae Wee contributed additional reporting from Singapore. Mark Potter and Jan Harvey edited the article.
(source: Reuters)