- Weak demand continues to limit price support
- Production cuts may help ease supply pressure
Baosteel, the world’s leading steel producer, has kept its domestic hot-rolled coil (HRC) prices unchanged m-o-m for November 2026 sales, following a RMB 200/t ($30/t) increase for October sales.
The decision comes amid continued pressure on China’s steel market, with subdued downstream demand and easing raw material prices limiting support for finished steel prices. Following the National Day holiday, trading activity has resumed, but demand recovery remains uncertain as weakness in the property market continues to weigh on steel consumption.
Meanwhile, easing coking coal and coke prices could further reduce steelmaking costs, while losses among steelmakers may prompt production cuts and help ease supply pressure.
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