[SMM Steel] India’s finished steel imports surged 31% YoY to 679,000 mt in April, fueled by high domestic prices that created a profitable arbitrage gap for foreign suppliers. This growth was further bolstered by a slight reduction in safeguard duties and the cost-effectiveness of FTA-origin materials, such as duty-exempt Japanese steel. Additionally, logistical disruptions in the Middle East caused Asian shipments to be diverted to Indian ports, while imports from a key South Korean mill rose by over 30% month-on-month. However, the outlook remains uncertain, as the approaching June monsoon season may dampen domestic demand and weaken prices, potentially narrowing the current window for profitable importing.

According to customs statistics, in the first four months of 2026, China's total goods trade import and export value reached 16.23 trillion yuan, up 14.9% YoY (the same hereinafter). Of this, exports totaled 9.33 trillion yuan, up 11.3%; imports totaled 6.9 trillion yuan, up 20%. In April, China's total goods trade import and export value was 4.38 trillion yuan, up 14.2%. Of this, exports were 2.48 trillion yuan, up 9.8%; imports were 1.9 trillion yuan, up 20.6%. Trade mode, in the first four months, China's Ordinary Trade imports and exports reached 982 billion yuan, up 8.5%; processing trade imports and exports reached 308 billion yuan, up 21.3%; bonded logistics imports and exports reached 281 billion yuan, up 38.7%. Trading partner, in the first four months, China's total trade with ASEAN was 275 billion yuan, up 15.7%; China's total trade with the EU was 201 billion yuan, up 13.2%; China's total trade with the US was 125 billion yuan, down 12.9%. During the same period, China's total imports and exports with Belt and Road partner countries reached 828 billion yuan, up 13.5%. Foreign trade entities, in the first four months, private enterprises' imports and exports reached 931 billion yuan, up 15.9%; foreign-invested enterprises' imports and exports reached 472 billion yuan, up 15.4%; state-owned enterprises' imports and exports reached 216 billion yuan, up 9.8%. Key commodities, on the export side, in the first four months, China exported electromechanical products worth 592 billion yuan, up 17.6%; labor-intensive products worth 126 billion yuan, down 2.6%; agricultural products worth 240.15 billion yuan, up 2%. On the import side, in the first four months, China imported electromechanical products worth 276 billion yuan, up 23.6%; crude oil of 185 million mt, an increase of 1.3%; agricultural products worth 475.73 billion yuan, up 10.3%. SMM compiled the import and export data of selected products in the metals industry based on data released by the General Administration of Customs, as follows: Exports: Rare Earth Exports, Apr 2026 5,308.6 mt, up 10.9% YoY vs. Apr 2025 . Cumulative exports from January to April 2026 were 19,887.6 mt, up 4.9% YoY vs. January to April 2025. Steel exports in Apr 2026 were 9.498 million mt, down 9.2% YoY vs. Apr 2025 . Cumulative exports from January to April 2026 totaled 3,421.4 mt, down 9.7 % YoY from January-April 2025 . In April 2026, exports of unwrought aluminum and aluminum semis reached 598,000 mt , up 15.4% YoY from April 2025 . Cumulative exports from January to April 2026 totaled 2.053 million mt, up 8.9% YoY from January-April 2025. Imports: In April 2026, iron ore and concentrates imports reached 103.854 million mt, up 0.7% YoY from April 2025 . Cumulative imports from January to April 2026 totaled 418.587 million mt, up 8.0% YoY from January-April 2025. In April 2026, copper ore and concentrates imports reached 2.352 million mt, down 19.6% YoY from April 2025 . Cumulative imports from January to April 2026 totaled 9.915 million mt, down 0.8% YoY from January-April 2025 . In April 2026, coal and lignite imports reached 33.083 million mt, down 12.5% YoY from April 2025 . Cumulative imports from January to April 2026 totaled 149.36 million mt, down 2.1% YoY from January-April 2025. In April 2026, rare earth imports reached 8,780.7 mt, down 30.4% YoY from April 2025 . Cumulative imports from January to April 2026 totaled 40,857.8 mt, up 9.5% YoY from January-April 2025. In April 2026, steel imports reached 452,000 mt, down 10.9% YoY from April 2025. Cumulative imports from January to April 2026 totaled 1.804 million mt, down 13.4% YoY from January-April 2025. In April 2026, unwrought copper and copper semis imports reached 452,000 mt, up 3.2% YoY from April 2025 . Cumulative imports from January to April 2026 totaled 1.567 million mt, down 9.8 % YoY from January-April 2025 .

[SMM Steel] In April 2026, China exported 9.498 million mt of steel, an increase of 363,000 mt MoM, up 4.0% MoM; cumulative steel exports from January to April totaled 34.214 million mt, down 9.7% YoY. In April, China imported 465,000 mt of steel, a decrease of 47,000 mt MoM, down 9.2% MoM; cumulative steel imports from January to April totaled 1.804 million mt, down 13.4% YoY.

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.

On May 1, 2026, the U.S. announced it would hike tariffs on EU-made cars and trucks to 25% this week, citing the EU’s failure to uphold the August 2025 trade agreement. The move is widely seen as a retaliation against the EU's proposed 50% MFN tariffs on steel imports. Amidst this escalating friction, major European stainless steel producers are capitalizing on the protectionist wave, projecting a doubling of earnings by 2028. This outlook reflects a strategic bet on surging regional prices and structural supply shortages as EU trade defense measures and CBAM reshape the industrial landscape.

【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.