[SMM Steel] Nippon Steel reported FY2025-26 net profit of JPY44.75 billion, down sharply from JPY382.97 billion a year earlier, while sales rose 15.7% YoY to JPY10.06 trillion. Operating profit fell 55.7% YoY to JPY242.9 billion. Crude steel output increased 27.5% YoY to 50.48 million mt, while shipments declined 1.5% YoY to 31.16 million mt. The company warned that weak global steel demand, rising low-priced Chinese exports, trade protectionism, and Middle East geopolitical risks could continue pressuring earnings.

[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】Turkey's March finished steel consumption rose 20.9% y/y to 3.2Mt, crude steel output up 6.4% to 3.3Mt. Q1 exports fell 6.8% in volume and 9.4% in value. Middle East tensions are reshaping supply chains. Turkey is gaining market share in Europe but surging scrap/energy prices and freight/insurance costs are squeezing margins. Steel imports surged 38.2% y/y in March. New EU trade restrictions are a critical issue. The association called for proactive steps to shield the domestic industry from dumping amid rapidly spreading steel protectionism.

Germany's crude steel production increased by 7.5% year-on-year in March 2026 to 3.35 million metric tons (mt), bringing the Q1 2026 output to 9.26 million mt, up 9% year-on-year. Despite the increase, the German Steel Federation (WV Stahl) warned this does not reflect a true recovery but rather inventory restocking. Current annualized output levels of approximately 37 million mt remain below the 40 million mt capacity threshold required for sustainable capacity utilization. Structural demand weakness continues, with steel consumption down by 30% (12 million mt) since 2017 amid underperforming mechanical and automotive sectors.

[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.

War damage to Iran’s key steel mills threatens ~14 Mt of capacity, sharply reducing crude steel output and exportable supply. While domestic demand remains relatively stable, energy shortages and logistics disruptions amplify losses, tightening regional supply, supporting semi-finished steel prices, and reshaping trade flows.