Steel Price in the Market on November 2, 2026

Rebar: On November 2, the average price of 20mm Grade III seismic rebar in 31 major cities across the country was 3,294 yuan/ton, down 11 yuan/ton from the previous trading day. In the short term, despite widespread losses among steel mills providing some cost support, seasonal weakening demand pressure is gradually becoming evident, compounded by continued incremental supply releases, leaving the market without clear direction.

Hot-rolled coil: On November 2, the average price of 4.75mm hot-rolled coil in 24 major cities across China was 3,208 yuan/ton, down 12 yuan/ton from the previous trading day. On the supply side, steel mills continued to reduce pig iron production, and maintenance of some rolling lines led to a decline in output from high levels. However, overall supply remains higher than demand, and the scale of production cuts is still insufficient to reverse the oversupply situation. On the demand side, the manufacturing activity index in October showed a slight month-on-month decline, with steel consumption in downstream industries such as appliances, automobiles, and machinery primarily driven by rigid demand. Actual demand is only slowly recovering, and infrastructure physical output remains limited.

Cold-rolled coil: On November 2, the average price of 1.0mm cold-rolled coils in 24 major cities across China was 3,736 yuan/ton, down 2 yuan/ton from the previous trading day. According to feedback from some traders in Southwest China, cold-rolled resources shipped in concentrated batches at the end of October have been arriving at warehouses, increasing sales pressure. Some market traders have engaged in covert price reductions to facilitate shipments. In terms of transactions, due to weak end-user procurement enthusiasm, market traders have offered end-users a 10-20 yuan/ton discount.

Medium-thick plate: On November 2, the average price of 20mm plain plates in 24 major cities across the country was 3,428 yuan per ton, down 12 yuan per ton from the previous trading day. Steel mills continued to adjust their product mix, shifting resources toward high-value-added varieties such as ship plates, container plates, and wind power steel. The contracted volume of plain carbon medium-thick plates showed some contraction, but the available market resources for circulation did not decrease significantly, and inventory reduction remained sluggish. In terms of inventory, social stockpiles in 65 cities across East China totaled 1.2549 million tons, which, though at a year-on-year high, saw a weeklyincrease narrowed to 6,800 tons, with the accumulation rate of inventory clearly slowing compared to earlier periods.