[Daily steel market report] [2025-8-18]

**Today's steel market price briefing**
**August 18, 2025**

According to market data on August 18, 2025, today's steel market as a whole shows a fluctuating trend, mainly affected by multiple factors such as supply 

and demand, policy regulation and cost support. Here is a breakdown of key points:

1. Price Action: Narrow range oscillation

Construction steel: The price of rebar in major markets across the country has remained stable, with a slight adjustment in some areas, ranging from -10~20 

yuan/ton. Affected by the traditional off-season, demand in southwest China is weak, but the funding rate of some infrastructure projects has increased slightly,

 supporting stable prices.

Hot-rolled coil: entering the adjustment stage, the average price has fallen by 46 yuan/ton since August, mainly because the terminal is not highly accepting 

high-priced resources and the supply side remains high.

Futures market: The snail opened high and fluctuated in the night session, and the main thread contract closed at 3197 yuan/ton (0.44%), but the spot market 

transaction was average, and traders were cautious.

2. Supply and demand: a tight equilibrium state

Demand side:

Infrastructure investment is still resilient, with national railway fixed asset investment increasing by 5.6% year-on-year in the first seven months, and demand 

for some projects has been released.

Real estate continued to be sluggish, with development investment falling by 12% year-on-year in the first seven months, dragging down demand for building 

materials.

The recovery of manufacturing (automobiles, home appliances) orders is limited, and terminal procurement is mainly based on rigid demand.

Supply side:

The profit of steel mills is acceptable (blast furnace profit is 83 yuan/ton), but Hebei and other places are expected to contract short-term supply due to the 

military parade on September 3 (production stopped from August 25 to September 3).

The output of molten iron is still at a high level (2.4066 million tons/day), but the apparent demand for rebar has decreased significantly, and the accumulation 

of inventory has accelerated.

3. Market outlook

Short-term: Steel prices may remain volatile, but the upside is limited by weak terminal demand.

Medium-term: After the implementation of production restrictions in September, supply contraction may drive prices upward, but attention needs to be 

paid to the impact of policy regulation and overseas markets (such as the Fed's interest rate cut expectations).

Conclusion: Today's steel market is mainly stable, and it is recommended that traders purchase on demand and pay attention to changes in production 

restriction policies and infrastructure demand.