[SMM Iron & Steel] US Cold Rolled Coil Imports Plunge 24.8% in March 2026 Amid Manufacturing Slowdown

【SMM Steel】GEM's annual report shows that India accounts for over 60% of new BF steel capacity worldwide, with a total of 319 mln tonnes per year announced or under construction globally. India and China together account for 86% of new coal-based steel projects. An additional 80 mln tonnes of BF capacity are slated for modernization, while official closure plans cover only 141 mln tonnes, potentially leading to a net increase of 88 mln tonnes by 2035. ~93% of India's new pig iron capacity is BF-based, but only 5% of planned BF capacity has reached the construction stage. EAF share of global steel production is 34%, while only 2% of DRI capacity uses green hydrogen.

India's iron ore and pellet exports recorded a sharp recovery in April 2026, increasing by 39.6% month-on-month to approximately 2.29 million metric tons (mt) compared to 1.64 million mt in March. The total shipment comprised 2.14 million mt of iron ore and 0.15 million mt of pellets. Driven by post-holiday restocking and an increase in average daily hot metal output by 5.2% to 2.39 million mt/day, India's exports to China jumped significantly from 1.14 million mt in March to 1.81 million mt in April, while spot prices for Fe 61% fines remained relatively stable at $107-108/mt CFR China. This turnaround was further supported by normalizing vessel availability as maritime logistics disruptions linked to US-Iran tensions eased.

Iron ore shipments from Australia's Port Hedland, the world's largest bulk export terminal, marginally decreased by 0.2% month-on-month and by 0.9% year-on-year to 46,275,422 metric tons (mt) in April 2026, according to the Port Hedland Port Authority. Shipments destined for China stood at 38.48 million mt, remaining flat compared to March but dropping 6.4% year-on-year. On the other hand, neighboring Port Dampier saw its April iron ore shipments surge by 19% month-on-month and 8.5% year-on-year to 13.51 million mt.