China: Steel inventories at CISA-affiliated mills decrease by 11.8% in late-Oct’25

• Inventories edge down by 0.3% from late-Sep’25
• Average daily crude steel output drops 13% y-o-y

The China Iron and Steel Association (CISA) has announced that the total steel inventory at key Chinese enterprises in late-October 2025 stood at 14.63 million tonnes (mnt), decreasing by 1.95 mnt or 11.8% as compared to 16.58 mnt in mid-October 2025. Moreover, inventory levels edged down by 40,000 tonnes (t) or 0.3% from 14.67 mnt in late-September. However, inventories increased by 990,000 t or 7.3% y-o-y against 13.64 mnt in the same period last year.

Production volumes

The average daily crude steel output of CISA-affiliated mills stood at 1.817 mnt, representing a drop of 9.8% from 2.014 mnt in mid-October 2025. Furthermore, output declined by 13.2% y-o-y against 2.09 mnt in late-October 2024.

The average daily finished steel output in late-October was 1.995 mnt, inching up by 0.9% as compared to 1.976 mnt in mid-October. Meanwhile, the same dropped by 5.9% y-o-y.

The average daily pig iron output stood at 1.744 mnt, representing a decline of 5.8% against 1.85 mnt in mid-October. On a y-o-y basis, the output decreased by 7.5% y-o-y.

Outlook

The short-term outlook is cautiously optimistic as demand shows signs of improvement, supported by declining steel inventories and production cuts. This trend is likely to provide some stability to the market, although on a y-o-y basis, conditions seem to be challenging. Demand recovery will be key to sustaining the momentum.