China: Steel inventories at CISA-affiliated mills rise by 4.4% in mid-Oct’25

• Inventories continue to climb amid sluggish demand
• Crude steel output slips marginally from early October

The China Iron and Steel Association (CISA) has announced that the total steel inventory at key Chinese enterprises in mid-October 2025 stood at 16.58 million tonnes (mnt), representing an increase of 700,000 tonnes (t) or 4.4% as compared to 15.88 mnt in early-October. Moreover, inventory levels rose by 1.29 mnt or 8.4% from 15.29 mnt against early-September. Meanwhile, inventories increased by 1.15 mnt or 7.5% compared to 15.46 mnt last year.

Production volumes

The average daily crude steel output of CISA-affiliated mills stood at 2.014 million tonnes (mnt) in mid-October 2025, down by 0.9% from 2.032 mnt in early-October. Output declined by 2.8% compared with 2.072 mnt last year.

The average daily finished steel output reached 1.976 mnt in mid-October, increasing slightly by 0.8% from 1.961 mnt in early-October. However, the same fell by 1.7% y-o-y.

The average daily pig iron output stood at 1.85 mnt in mid-October, down 1.3% from 1.875 mnt in early-October. On a y-o-y basis, the output declined marginally by 0.6%.

Outlook

China’s steel market is expected to stay weak in the near term as inventories rise and demand slows after the Golden Week holidays. Output remains high relative to consumption, keeping supply pressure intact. Prices are likely to stay range-bound to soft until real demand picks up and inventories begin to ease.