Data: SHFE, DCE market movement (May 18)

[SMM Steel] SEAISI expects ASEAN steel demand to continue improving in 2026, with apparent steel consumption forecast to reach 87.9 million tonnes, up 2.6% YoY and 8.2% higher than 2024 levels. ASEAN steel imports remained high at around 50 million tonnes in 2025, while import penetration stayed above 60%, continuing to pressure local producers. Vietnam remained the region’s strongest growth market, with steel demand rising over 21% in 2024. SEAISI also warned that the Iran conflict could create energy-related risks for ASEAN steel markets, as the region remains heavily dependent on Middle Eastern energy supplies. Meanwhile, ASEAN steel exports are expected to remain elevated at around 22 million tonnes in 2025, supported by Indonesia’s expanding HRC capacity.

[SMM Steel] India’s state-owned steelmaker SAIL reported net profit of INR16.8 billion ($174.9 million) in Q4 FY2025/26, up 43% YoY, while revenue rose 5.1% to INR308.13 billion ($3.21 billion). However, operational performance remained largely stable, with steel sales slightly easing to 5.32 million tonnes from 5.33 million tonnes a year earlier, while crude steel production edged down to 5.08 million tonnes from 5.09 million tonnes.

[SMM Steel] Vietnam’s VinMetal, a subsidiary of Vingroup, signed a strategic cooperation agreement with Primetals Technologies to develop a large-scale integrated steel complex in Ha Tinh province. The project, located in the Vung Ang Economic Zone, targets first-phase operations in 2027 and will produce both long and flat steel products using advanced low-emission and digitalized technologies. Primetals will support the entire production chain from ironmaking and steelmaking to rolling operations, while also assisting in technical integration, workforce training, maintenance, and digital transformation. VinMetal said the project aims to become one of Southeast Asia’s most modern steel complexes and meet international ESG standards.