[SMM Steel] American Iron and Steel Institute reported that US crude steel production reached 1.848 million net tons in the week ending April 18, 2026, up 0.3% week-on-week, with capacity utilization at 80.0%. Output increased 9.7% year-on-year, while year-to-date production totaled 27.72 million net tons, up 5.8% YoY, indicating steady recovery in US steel production.

Overall, the macro data released by the government is largely in line with market expectations, with no significant surprises. On the demand side, the real estate sector is more about stabilizing after a decline, which is unlikely to change the depressed state of the real estate market or drive additional steel demand. However, there is some incremental strength in fiscal policy for the program of large-scale equipment upgrades and consumer goods trade-ins, which may bring additional steel demand. On the supply side, the regulatory intensity this year is slightly higher than in 2024. Currently, China faces increasing anti-dumping frictions in steel, leading to a sharp rise in export resistance. In this context, annual supply reductions may be expected!