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WEEKLY SUMMARY: China's steel market slides on weak fundamentals

Time:2025-08-25

China's prices of major steel products, including rebar, square billet and hot-rolled coil (HRC), all lost ground over August 18-22 with weak fundamentals mainly to blame, Mysteel Global learned.

Rebar: As of August 22. the national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3.335/tonne ($465/t) including the 13% VAT, an on-week fall of Yuan 49/t.

Rebar futures prices also declined in the past week, with the most-traded contract on the Shanghai Futures Exchange for delivery in October closing Friday's daytime trading session at Yuan 3.119/t, down by Yuan 64/t from the settlement price one week earlier.

Construction steel demand continued to be hampered by high temperatures and frequent rainfalls across many parts of China, and transactions in the physical market hovered low. The combined daily trading volume of rebar, wire rod and bar-in-coil among the 237 trading houses nationwide tracked by Mysteel averaged low at 94.825 tonnes/day over August 18-22. slipping by 7.452 t/d or 7.3% on week.

Billet: Price of Tangshan Q235 150mm square billet in North China's Hebei province under Mysteel's assessment came in at Yuan 3.020/t EXW and including the 13% VAT on August 22. down by Yuan 40/t on week. Demand for the steel semis in Tangshan also shrank as local re-rollers began to halt or reduce operations since August 20 to improve air quality, as reported.

However, the assessed billet price gained some steam over the weekend, up by Yuan 20/t to reach Yuan 3.040/t by Sunday, indicating a slight improvement in market sentiment.

HRC: China's national average price of Q235 4.75mm HRC was assessed by Mysteel at Yuan 3.458/t including the 13% VAT as of August 22. lower by Yuan 40/t from one week before.

HRC inventories held by Chinese traders accumulated last week largely due to steady output of the flat steel item across the country. Mysteel's latest weekly survey showed that as of August 21. HRC stocks at traders' warehouses in the 55 Chinese cities climbed to 3.83 million tonnes, growing by 2.8% from the prior week.

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WEEKLY SUMMARY: China's steel market slides on weak fundamentals

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