[Daily steel market report] [2025-10-28]

**Today's steel market price briefing**
**Oct 28, 2025**

According to market data on October 28, 2025, the domestic steel market on that day was generally in a fluctuating pattern of 'weak reality' versus 'strong expectations.' On one hand, prices had deeply retreated to lows since the beginning of the year; on the other hand, high inventory and sluggish demand constrained the space for a price rebound.

Regional Market Dynamics

The performance in different regions also reflected the overall situation:

- North China: Section steel prices tended to strengthen, but after the price increase, transactions slowed, with many traders remaining cautious.

- East China: Prices rose slightly, but sales were poor. Traders maintained low inventory to avoid risks.

- South China: Prices were basically stable, downstream clients were mostly cautious, and merchants focused on promoting sales.

- Southwest China: Driven by futures and steel mill price hikes, prices were stable to slightly stronger, with transactions slightly improving.

Future Outlook

Overall, in the short term, the steel market lacks a unilateral force to break the deadlock, and a narrow-range fluctuation trend is expected. The main reasons are as follows:

- Limited upside: Although costs provide support, high inventory and weak actual demand are the main obstacles to a price rebound. Especially as the weather cools and the traditional off-season begins, the pressure to reduce inventory will become more significant.

- Downside support exists: Current prices have generally reached steel mills' cost lines. In addition, the prices of raw materials such as coke and iron ore remain high, providing strong support for the steel price floor.

- Key variables: Breaking the current balance in the future may largely depend on the strength of macro policies (such as investments in underground pipelines and other infrastructure projects in the 15th Five-Year Plan) and changes in the external trade environment.

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