China: Steel inventories at key CISA mills rise 9% in mid-Dec’25

• Inventories increase by 9% y-o-y, 3% m-o-m in mid-Dec
• Production slows as steel stockpiles continue climbing

The China Iron and Steel Association (CISA) reported that total steel inventory at key Chinese enterprises reached 16.01 million tonnes (mnt) in mid-December 2025 (a 10-day period covering 11-20 December 2025), up by 1.26 mnt or 8.6% from 14.75 mnt in early-December (1-10 December).

Moreover, inventories were up by 400,000 tonnes (t) or 2.6% m-o-m from 15.61 mnt in mid-November 2025. On a y-o-y basis, inventories rose by 1.37 mnt or 9.4% compared with 14.64 mnt in mid-December 2024.

Production volume

The average daily crude steel output of CISA-affiliated enterprises stood at 1.845 mnt in mid-December, down by 1.3% from 1.869 mnt in early-December. Moreover, output declined by 6.7% y-o-y from 1.977 mnt in mid-December 2024.

Average daily finished steel output stood at 1.803 mnt in mid-December, down by 1.4% from 1.829 mnt in early-December. This level was also 8.4% y-o-y lower.

Average daily pig iron output stood at 1.681 mnt in mid-December, down by 1.9% from 1.714 mnt in early-December, and 7.3% lower y-o-y.

Outlook

China’s steel market is expected to remain under pressure in the coming weeks, with prices showing limited potential for an uptrend amid weak demand. Y-o-y declines in crude steel, finished steel, and pig iron production point to subdued consumption. Meanwhile, inventories have risen sequentially and remain higher than last year, continuing to cap any price support. As a result, mills are likely to keep output in check, with steel prices expected to remain weak until clearer signs of demand recovery emerge.