Steel Price in the Market on October 8, 2026

Rebar: On October 8, the average price of 20mm Grade III seismic rebar in 31 major cities across China was 3,318 yuan/ton, down 12 yuan/ton from the previous trading session. In the short term, the cost support from widespread steel mill losses remains firm. On the supply side, partial conversion from ironmaking to rebar production has led to a slight contraction in supply. However, post-holiday market sentiment remains cautious, and demand can only rely on rigid needs to sustain volume growth, limiting price upside momentum.

Hot-rolled coils: On October 8, the average price of 4.75mm hot-rolled coils in 24 major cities across China was 3,291 yuan/ton, down 16 yuan/ton from the previous trading day. The first trading session after the holiday saw a low open for rebar prices, coupled with accumulated social inventories, leading to cautious market sentiment and sparse transactions. Key pressure points include: 1) inventory reduction before the holiday falling short of expectations and normal arrivals during the holiday period resulting in significant inventory accumulation; 2) weaker-than-expected terminal demand, with passenger vehicle retail sales in the first 20 days of September declining 9% year-on-year, as downstream demand remains primarily driven by sporadic rigid needs with a lack of speculative demand.

Cold-rolled coil: On October 8, the average price of 1.0mm cold-rolled coils in 24 major cities across China was 3,783 yuan/ton, down 4 yuan/ton from the previous trading day. The first day after the holiday saw a decline in hot-rolled coil futures, which dragged down spot prices, resulting in sluggish trading. Only mandatory demand inquiries were recorded, and traders' shipments were average. Inventories slightly increased after the holiday, with merchants showing stronger willingness to sell and expanded bargaining room. However, slower-than-expected resumption of operations downstream and limited procurement volumes led to limited inventory digestion, increasing sales pressure.

Medium-thick plates: On October 8, the average price of 20mm plain plates in 24 major cities across the country was 3,537 yuan/ton, down 7 yuan/ton from the previous trading day. This decline was driven by falling futures prices dampening sentiment, reduced costs due to lower steel billet prices weakening support, and tight supply of certain thick plate and low-alloy special specifications. Downstream demand from sectors like steel structures and machinery was primarily driven by rigid small orders, with weak speculative stockpiling leading to sluggish transactions. Traders focused on reducing inventories to mitigate risks.