The China Iron and Steel Association (CISA) reported that total steel inventory at key Chinese enterprises reached 14.28 million tonnes (mnt) in late-November 2025, marking a sharp decline of 1.33 mnt or 8.5% from 15.61 mnt in mid-November. Furthermore, inventory levels were decreased by 350,000 tonnes (t) or 2.4% m-o-m from 14.63 mnt last month. However, on a y-o-y basis, inventories rose by 1.13 mnt or 8.6% indicating compared with 13.15 mnt a year ago.
Production volumes
The average daily crude steel output of CISA-affiliated enterprises reached 1.818 mnt in late-November, declining by 6.4% from 1.943 mnt in mid-November. Furthermore, output declined by 13.1% y-o-y against 2.09 mnt in late-November 2024.
The average daily finished steel output stood at 2.08 mnt, up by 8.1% from 1.924 mnt in mid-November. While, production dropped by 3.8% y-o-y.
The average daily pig iron output was 1.774 mnt, edged down by 1.3% from 1.797 mnt in mid-November. On a y-o-y basis, pig iron production dropped by 5.2.
Outlook
China’s steel market is likely to stay subdued as inventories ease but crude steel and pig iron output continue to decline. Despite a brief rise in finished steel production, overall y-o-y drops signal weak demand, suggesting mills may maintain controlled production in December.
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