[Daily steel market report] [2025-11-25]

**Today's steel market price briefing**
**Nov 25, 2025**

According to market data on November 25, 2025, the steel market on that day generally exhibited the characteristics of 'prices stable with a slight upward trend, but demand fundamentals are not solid.' On one hand, cost support and the futures market boosted confidence; on the other hand, actual end-user demand remained weak.

The table below summarizes the core market dynamics of the day, allowing you to quickly grasp the overall situation.

| Indicator Category | Market Performance |

| Overall Price | Spot prices mainly rose, with some construction steel markets increasing by 0-30 yuan/ton |

| Market Transactions | Nationwide construction steel transaction volume fell 22.66% day-on-day |

| Social Inventory | Social inventory of five major steel products was 8.71 million tons, down 2.5% week-on-week, continuing a decline |

| Cost Support | Iron ore futures rose over 1%, billet prices trended stronger, providing solid cost support |

| Market Sentiment | Warm under futures market boost, but traders remained cautious, focusing on shipments |

Performance of Various Products and Regional Markets

The market performance varies by product type and region, which helps you understand the trends in more detail.

- Construction Steel: Prices continued a slightly strong trend, but the decline in transaction volume indicates that the price rise is driven more by costs and sentiment rather than strong actual demand.

- Structural Steel: National prices remained stable with generally strong transactions. The market showed a cautious wait-and-see attitude, with traders mainly focusing on clearing previous inventory and stocking at low prices.

- Regional Differences:

  - East China: Market confidence is strong due to futures market boost, trading activity improved, prices stable with a slight upward trend.

  - South China: Traders face low inventory pressure, but downstream clients are cautious, with the market mainly fluctuating within a narrow range.

  - North China: Market caution is strong; despite red futures, overall shipments are weak.

  - Southwest China: Supply exceeds demand, downstream cash availability is low, and purchases are mainly for just-needed demand.

Market Summary and Outlook

Overall, the steel market on November 25 was primarily driven by the following factors:

- Positive factors: The continuous decline in social inventory and solid cost support collectively established a price floor, limiting downside potential. At the same time, the stronger futures market temporarily boosted market confidence.

- Challenges faced: The core issue remains weak end-user demand. The decline in transaction volumes and the traditional off-season effect suggest that price growth lacks sustainable momentum.

As for market outlook, institutions generally believe that in the short term, steel prices are likely to continue a fluctuating but slightly strong trend, with limited upward potential. Future movements will depend on the supply-demand dynamics, especially the depth of the demand off-season and whether steel mills will proactively reduce production due to shrinking profits.

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