[SMM Steel] India’s JSW Steel reported consolidated crude steel production of 2.12 million mt in April 2026, down 1% YoY, mainly due to the planned shutdown of blast furnace No.3 at its Vijayanagar plant for capacity upgrades. Capacity utilization at Indian operations reached around 94% excluding BF3, but fell to 83% including the furnace. JSW Steel currently has installed crude steel capacity of 35.7 million mt/year and plans to expand it to 48.9 million mt/year over the next four years.

[SMM Steel] Asian steelmakers are stepping up CBAM compliance efforts as the EU published its first CBAM certificate price at €75.36/mtCO2e for Q1 2026 and tightened steel safeguard quotas. Mills are increasing emissions reporting, third-party verification, and carbon cost optimization to remain competitive in the EU market. India’s HRC quota under EU safeguard category 1A was exhausted within days after April 1. JSW Steel said its HRC emissions intensity is 1.8-2 tCO2/mt, well below India’s default CBAM value of 4.7 tCO2/mt. Market participants expect steel pricing to increasingly diverge based on verified emissions intensity and carbon compliance.

[Tata Motors and JSW Plan to Invest $1 Billion to Boost EV R&D in India] India's Tata Group and JSW Group plan to jointly invest nearly $1 billion in independent EV and battery R&D operations, as Indian domestic automakers seek to reduce their dependence on Chinese supply chains. According to sources, Tata Group's battery subsidiary Agratas plans to invest over $400 million to build a battery R&D center in Bangalore, Karnataka, India.

JSW Steel delivered record production and sales in FY2024-25, but weaker steel realizations dragged down revenue and margins, creating a clear growth paradox: higher volumes but lower earnings quality. As India’s largest steelmaker, JSW’s next challenge is to turn its scale into more resilient earnings through higher VASP contribution, stronger raw material security, selective overseas improvement, technology partnerships, and decarbonization readiness.

[SMM Steel] JSW Steel and JFE Steel Corporation have officially formed JSW JFE Steel Limited, a 50:50 joint venture focused on an integrated steel plant in Odisha. The project, finalized on March 30, 2026, has an annual crude steel capacity of 4.5 mln mt and will produce both flat and long products for automotive and construction sectors. Backed by JFE’s investment of ~JPY 270 bn, the JV aims to capitalize on India’s strong demand growth, leveraging proximity to iron ore resources and established logistics to enhance cost efficiency and secure raw material supply.

In March 2026, the global steel market experienced a fierce geopolitical "sudden chill." According to the latest data from WSA, global crude steel production in March fell by 4.2% year-on-year to 159.9 million tons. The US-Iran conflict that erupted on Feb 28, and the subsequent blockade of the Strait of Hormuz, have completely disrupted the spring recovery rhythm of the global steel supply chain, with the shadow of energy crises and logistical interruptions rapidly spreading worldwide.