[Daily steel market report] [2025-9-3]

**Today's steel market price briefing**
**Sep 3, 2025**

On September 3, the domestic steel market continued to show a weak trend. The "Golden Nine" market expected by the market did not start very smoothly, the recovery rate of terminal demand was not as fast as expected, and supply pressure still existed, resulting in a cautious market mentality.

In the futures market, black commodity futures were mixed. Although iron ore futures closed up slightly, finished product futures such as threads and hot coils still closed down. The spot market quotation is stable and falling, and the overall market transaction is generally weak.

Category            Variety         Price/Index           Rise and Fall

Spot                                                Rebar                             3305 yuan/ton                                 ↓19 yuan/ton

                    HRC                              3405 yuan/ton                                 ↓7 yuan/ton

                    CRC                             4076 yuan/ton                                   ↓9 yuan/ton

                 Seamless tube                      4299 yuan/ton                                   ↓9 yuan/ton

                   S.s steel                          13700 yuan/ton                                   --

Future                                           Rebar                             3117 yuan/ton                                   ↓5 yuan/ton

                   HRC                                3298 yuan/ton                                  ↓5 yuan/ton

                  iron ore                               ---                                                    ↑0.06%

                   Coke                                 ---                                                    ↓0.44%

Macro and environmental factors

Policy support expectations: The ninth plenary session of the State Council pointed out that it is necessary to "take effective measures to consolidate the trend of stopping the decline and stabilizing the real estate market", and the short-term policy toolbox is expected to be further opened. The personal consumption loan discount policy was also officially implemented on September 1, which may help stimulate consumer demand.

Fed rate cut expectations: Market expectations for a rate cut by the Federal Reserve in September have increased. If the Fed starts a cycle of interest rate cuts, it will open up space for domestic monetary policy and benefit steel price trends.

Demand in the logistics industry is improving: China's logistics industry prosperity index was 50.9% in August, up 0.4 percentage points from the previous month, indicating that logistics demand continues to improve, and the supply chain and industrial chain are accelerating linkage.

Exports are under pressure: global trade protectionism is prevalent, and foreign trade remedy investigations on steel products have increased. In the first seven months of this year, our country's steel exports to Vietnam, South Korea and India, the three major exporters, fell by 20.1%, 10.3% and 24.9% respectively compared with the same period last year.

Outlook and suggestions for the future

On the whole, the steel market on September 3 is still in the process of bottoming out. It is expected that the short-term market will maintain a volatile adjustment operation.