[Daily steel market report] [2025-11-18]

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

For the steel market on November 18, 2025, the overall situation can be summarized as: spot prices stabilized with a slight rise, but the demand base is weak, and the market fluctuated cautiously. The table below summarizes the key market data of the day, which can help you quickly grasp the overall situation.

| Indicator Category | Market Performance |

| Spot Prices | Construction steel prices remained stable to slightly strong, with some markets rising 10-50 yuan/ton |

| Market Transactions | Nationwide construction steel transaction volume was 96,367 tons, a sharp daily decrease of 27.9% |

| Steel Supply | Weekly output of the five major steel varieties was 8,343,800 tons, down 223,600 tons from the previous week |

| Steel Inventory | Total inventory of the five major steel varieties was 14,773,500 tons, down 262,200 tons from the previous week |

| Steel Mill Profitability | Profitability of 247 steel enterprises was 38.96%, down 0.87 percentage points from the previous week |

In-depth Market Analysis

In addition to the basic data in the table, the following aspects can help you better understand market dynamics:

- Supply and demand fundamentals

  - Demand side: Overall demand shows typical seasonal weakness. Not only did construction steel transaction volumes drop sharply, but the apparent consumption of the five major steel varieties also decreased week-on-week. Although some rigid demand purchases provided support, high-level transactions remain weak, and some markets experienced "stealth price reductions."

  - Supply side: While weekly output declined, according to analysis by SDI Futures, pig iron output is recovering, which conflicts with insufficient downstream acceptance capacity, leading to an increase in the proportion of loss-making steel mills. Going forward, attention needs to be paid to the actual impact of environmental production restriction policies on the supply side.

- Downstream industry performance

  - Real estate market: In October, the new residential transaction area in key cities still dropped significantly by 32.8% year-on-year, reflecting that the core drag on steel demand from the real estate sector remains.

  - Export market: The export structure is showing differentiation. From January to October, cumulative exports of steel bars grew by 45.9%, while cumulative exports of steel plates fell by 3.5%. This indicates that overseas demand has provided some support for construction steel, but demand for plate products remains relatively weak.

- Costs and sentiment

  - Cost support: Major raw material prices remain firm. Iron ore prices rose slightly, coke prices completed a fourth round of increases, and ongoing losses have strengthened steel mills’ willingness to hold prices.

  - Market sentiment: Due to volatile black-commodity futures, combined with the traditional off-season for consumption, the market is cautiously waiting, with both traders and end-users operating prudently.

Summary and Outlook

Overall, the steel market on November 18 is in a tight equilibrium of weak supply and weak demand.

  - Short-term outlook: Market institutions generally expect prices to continue fluctuating within a narrow range. Low inventories and cost support limit the space for a deep drop, but weak demand also restrains the upside, and the market is waiting for clearer directional signals.

  - Long-term perspective: Policies are worth noting. The "Steel Industry Stable Growth Work Plan (2025-2026)" clearly proposes further production reductions to promote supply-demand balance.

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