In today's [SMM Analysis] India's Vraj Iron & Steel Ltd has approved the first phase of a 450 crore rupees ($52 million) greenfield integrated steel project in the eastern state of Chhattisgarh, adding 201,000 tonnes per year (tpy) each of sponge iron and mild steel billets. The company expects the first phase to be commissioned within 30 months of the groundbreaking ceremony.

[India] Raipur’s billet index stood at 396 USD/tonne EXW. Rainfall and weak finished steel demand limited enquiries and transactions, prompting sellers to adjust offers to attract bookings. Rebar and sponge iron prices remained stable, while the wire rod market stayed soft. The sponge iron-to-billet conversion spread was around 147 USD/tonne, with sentiment remaining cautious.

[India] Raipur billet index fell by around 1 USD/tonne to about 451 USD/tonne EXW, as buyers slowed fresh procurement after sufficient bookings in the previous session. Weak enquiries and softer sentiment in neighbouring markets kept spot trading limited. Rebar and wire rod prices stayed stable, while sponge iron eased by around 1 USD/tonne. The PDRI-to-billet conversion spread stood at about 171 USD/tonne."

Indonesian state-owned steel giant PT Krakatau Steel (Persero) Tbk (IDX: KRAS, hereinafter referred to as "Krakatau") released its 2025 consolidated financial statements on March 31, 2026. On the surface, the company recorded a net profit of 339.6 million USD (approximately 5.68 trillion IDR), its best performance since 2019. However, unpacking the core steel business reveals that the steel segment's operating loss in 2025 actually widened from 40.79 million USD in 2024 to 102.5 million USD.

Solidus Techno Power announced on April 23, 2026, the successful commissioning of a 60 MWp captive solar project for Aarti Steel International in Punjab, India. This project is expected to reduce CO2 emissions by 80,000 tons annually and produce 85 million units of clean energy. The initiative marks a significant step toward industrial decarbonization for Aarti Steel, which operates integrated facilities including blast furnaces and sponge iron plants, aiming to future-proof its operations against rising carbon taxes and energy costs.

【SMM Steel】Egypt's Ezz Steel plans a $780m investment to establish a DRI plant in Algeria. The company submitted project details to AAPI, intending to utilize local iron ore and benefits like reduced taxes/energy costs. The project has a financing structure of $155m equity and $625m debt, targeting 2.5 Mt/y of sponge iron. By accessing Algeria's iron ore, Ezz Steel intends to expand the facility into an integrated industrial complex covering various stages of iron and steel production.