[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] India’s Shyam Metalics and Energy Limited (SMEL) reported a consolidated net profit of INR 3.19 billion (US$33.76 million) in Q4 FY2025-26, up 45.8% YoY, while revenue increased 26.3% YoY to INR 52.4 billion. The company also approved around US$286 million in capex to expand specialty steel and stainless steel capacities. In addition, SMEL plans to build an 800,000 mt/year specialty wire rod and bar mill in West Bengal by 2029 and expand stainless steel capacity in Odisha from 0.5 million mt/year to 0.6 million mt/year.

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.

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.

The Indian Ministry of Steel reaffirmed in late April 2026 its goal to reach 300 million metric tons of crude steel capacity by 2030, rising from the current 168 million tons. Approximately 64% of this planned expansion relies on the coal-based blast furnace method, creating significant demand for metallurgical coal. To support this growth, India is diversifying its coking coal imports, with the U.S. share of imports increasing to 15% by 2025, reducing reliance on Australian supply which previously commanded 72% of the market.

The core logic of the South American steel market is that end-user demand drives everything. Consumption demand is the starting point, filled jointly by local production and imports; imports act as a regulating valve rather than a driving force.