Data: SHFE, DCE market movement (May 12)

[SMM Steel] India’s Shyam Metalics and Energy Limited (SMEL) reported a consolidated net profit of INR 3.19 billion (US$33.76 million) in Q4 FY2025-26, up 45.8% YoY, while revenue increased 26.3% YoY to INR 52.4 billion. The company also approved around US$286 million in capex to expand specialty steel and stainless steel capacities. In addition, SMEL plans to build an 800,000 mt/year specialty wire rod and bar mill in West Bengal by 2029 and expand stainless steel capacity in Odisha from 0.5 million mt/year to 0.6 million mt/year.

[SMM Steel] US iron and steel scrap exports rose 62.7% MoM and 48.4% YoY to 1.38 million mt in March 2026, according to the US International Trade Commission. Turkey remained the largest buyer with 461,126 mt, up 77.7% from February. Other major destinations included Mexico with 262,586 mt, Peru with 114,406 mt, and Italy with 105,463 mt. Export value increased to US$669.24 million in March from US$426.75 million in February.

[SMM Steel] Vietnam imported 1.43 million mt of steel in April 2026, up 14.8% from March, according to Vietnam Customs data. Scrap imports also increased 15.3% MoM to 641,118 mt. In the January-April period, Vietnam’s steel imports totaled 5.04 million mt, down 1.2% YoY, while scrap imports rose 4.6% YoY to 2.13 million mt.