[SMM Iron & Steel] South Korea Announces 80 Trillion Won Support for Steel Sector

The Asian billet market is facing sustained supply constraints as major regional producers prioritize domestic requirements, leading to a further reduction in export allocations. Current offers for 3SP grade induction furnace billet have reached approximately $510-$520/mt CFR Southeast Asia. With Vietnam’s major mills maintaining high capacity utilization for internal consumption and Indonesian supply limited by scheduled maintenance, the regional supply-demand balance remains tilted toward a deficit. This trend is expected to push transaction prices higher in the coming weeks, impacting the global supply volume and reinforcing a bullish trend for regional semi-finished steel.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 23 Apr , 2026

[SMM Steel] Steel Authority of India Limited (SAIL) has awarded a turnkey contract to SMS Group to modernize billet casting facilities at its Durgapur Steel Plant. The project will revamp two existing casters and is expected to increase capacity by over 60%, supporting long steel production such as rebar and wire rod. Implementation will proceed in two phases, with commissioning scheduled for Q4 2027 and Q3 2028, alongside the introduction of new billet sizes and upgraded casting technologies.