[SMM Steel] India crude steel output reached 168.4 million mt in FY2025-26, up 10.7% YoY. Finished steel exports increased 35.9% YoY to 6.6 million mt, while imports declined 31.7% YoY. Domestic steel consumption rose 8% YoY to 164 million mt, supported by infrastructure demand. Total domestic steel production capacity was estimated at about 220 million mt.

[SMM Steel] Tata Steel produced a record 23.48 million mt of crude steel in India in FY2026, up 8% YoY, supported by the ramp-up of the Kalinganagar plant, which offset a blast furnace shutdown at Jamshedpur. Domestic deliveries exceeded 20 million mt for the first time, driven by strong demand in high-end industrial segments, with Q4 shipments reaching a record level.

The extraordinary administration of Acciaierie d’Italia (ADI) confirmed on April 3, 2026, that the steelmaker is on track to reach an annualized production rate of 4 million tonnes by the end of this month. Following the completion of testing on Blast Furnace No. 2, full-scale production is resuming, which will operate alongside the existing units. To support this ramp-up, the company has begun the process of recommissioning idled coking batteries No. 7, 8, and 12, while simultaneously starting 60 days of scheduled maintenance on Blast Furnace No. 4 which began in March.

[SMM Steel] According to American Iron and Steel Institute, United States raw steel production for the week ending April 4, 2026, reached 1.831 million net tons, with capacity utilization at 79.1%, up 1.6% WoW from 1.803 million net tons and 77.9% utilization. Output increased 8.2% YoY from 1.692 million net tons. Year-to-date production totaled 24.028 million net tons, up 5.2% YoY, with utilization at 77.4%.

[SMM Steel] Kardemir commissioned its No.2 continuous caster with an annual capacity of 1.2 million mt, supplied by SMS Group. The five-strand caster will produce billets, blooms, and beam blanks, supporting Kardemir’s strategy to expand high value-added steel production and improve operational efficiency.

[SMM Steel] India’s Rashtriya Ispat Nigam Limited (RINL) reported crude steel production of 5.43 mt in FY2025/26, up 51% YoY, while steel sales reached 4.42 mt, increasing 27% YoY, supported by improved operational efficiency and higher capacity utilization.

Inter-product price spreads are a segment of the rebar spread system characterized by complex logic and abundant trading opportunities. Unlike the spot-futures price spread, which reflects the spot-futures structure, and calendar spreads, which reflect near- and far-term expectations, the core of inter-product price spreads lies in macroeconomic structural adjustment and profit distribution across the industry chain. From the perspective of the industry chain, inter-product price spreads for long steel products are mainly concentrated in the following four areas:

The World Steel Association reported on March 25, 2026, that while global crude steel production fell by 2.2% in February, India’s production surged by 7.7% year-on-year to reach 13.6 million tonnes. This growth is driven by the government's aggressive infrastructure spending and the "Make in India" initiative, which has bolstered domestic steel consumption. The increase in Indian output helps offset production declines in Russia and South America, as the country moves toward its national goal of 300 million tonnes of annual capacity by 2030.

India’s steel market in 2026 is expected to remain balanced, with demand slightly outpacing supply. Domestic consumption will absorb most output, while imports decline overall and exports increase modestly as a balancing mechanism. Supported by strong growth and infrastructure investment, India is transitioning toward a demand-led steel market with solid long-term potential.

Global crude steel production declined by 2.2% year-on-year in February 2026, dropping to 141.8 million metric tons, according to data from the World Steel Association. However, production outside of the largest Asian markets showed strong localized growth, driven by robust domestic demand and infrastructure spending. India surged ahead with a 7.7% year-on-year increase to reach 13.6 million tons, while the United States recorded a 5.8% jump to 6.5 million tons. Germany also demonstrated a noticeable recovery, pushing its national steel output up by 4.8% to 2.8 million tons for the month