Global crude steel production declined by 2.2% year-on-year in February 2026, dropping to 141.8 million metric tons, according to data from the World Steel Association. However, production outside of the largest Asian markets showed strong localized growth, driven by robust domestic demand and infrastructure spending. India surged ahead with a 7.7% year-on-year increase to reach 13.6 million tons, while the United States recorded a 5.8% jump to 6.5 million tons. Germany also demonstrated a noticeable recovery, pushing its national steel output up by 4.8% to 2.8 million tons for the month

India is projected to increase its iron ore imports to a seven-year high of 14 million tonnes in the 2025/2026 financial year to support its rapidly expanding steel production capacity. This trend reflects a strategic shift by Indian steelmakers toward sourcing high-grade international ores to optimize blast furnace efficiency as domestic crude steel production targets continue to rise. Despite being a major producer and exporter of iron ore, India's growing appetite for premium-grade feedstock is expected to make it a more prominent player in the global seaborne iron ore trade.

[SMM Steel] According to World Steel Association (worldsteel) data released on March 25, 2026, global crude steel production in February totaled 141.8 million tons, a 2.2% decrease year-on-year. For the first two months of 2026, total global output reached approximately 298 million tons, down 1.5% compared to the same period last year.

SMM Flash: Overall, steel export quotations saw relatively small increases today, with most order shipment schedules concentrated in May and June. Recently, as international crude oil prices continued to rise, ocean freight rates increased sharply, and most traders' CIF quotations were too high to secure deals. Meanwhile, according to an SMM survey, taking the Vietnamese market as an example, the CIF prices of supplies from India, Russia, and other sources also rose significantly, and their advantage over local supplies was no longer prominent, resulting in low market acceptance.

SMM, March 23: According to market sources, Nandan County Jilang Indium Co., Ltd. is expected to offer crude indium ingots for external sale on the 23rd of this month, with indium purity ≥99.00%, approximately 1,000 kg, subject to YS/T 1163-2016 Crude Indium. Delivery location: the warehouse of Nandan County Jilang Indium Co., Ltd. (Industrial Park, Chehe Town, Nandan County, Hechi City). The seller is responsible for loading and weighbridge measurement, and the freight shall be borne by the buyer. The bidding deadline is before 16:00 on March 23, 2026, after which it will be invalid.

Precious metals staged their first coordinated rally in nearly two weeks on Tuesday as the prospect of a diplomatic resolution to the U.S.-Iran conflict continued to lift market sentiment and weaken the dollar.