China: Shagang Steel keeps long steel prices unchanged for late-Oct’26 sales

• Weak construction demand continues to limit market recovery
• Rising inventories at key mills indicate slow stock clearance

Shagang Steel, one of China’s largest steel producers, has kept its long steel list prices stable for late-October 2026 sales (21-30 October), continuing to maintain the levels set earlier this month (1-10 October). The mill has kept rebar (16-25 mm) prices at RMB 3,450/t ($515/t), coiled rebar (8-10 mm) at RMB 3,580/t ($535/t), and wire rod (6-10 mm) at RMB 3,490/t ($521/t).

The decision comes amid subdued construction steel demand and limited improvement in domestic trading activity. Although some restocking has supported transactions, end-user consumption remains too weak to sustain price recovery. Lower raw material costs have eased input cost pressures, but the benefit to mill profitability remains limited. Meanwhile, rising inventories at key steel mills suggest that supply continues to outpace the market’s ability to absorb material at current consumption levels.