Steel Price in the Market on September 28, 2026

Rebar: On September 28, the average price of 20mm Grade III earthquake-resistant rebar in 31 major cities across China was 3,320 yuan/ton, down 3 yuan/ton from the previous trading day. Currently, steel mills remain in a loss-sustaining price-holding position, with cost-side support still present. Post-holiday demand has yet to be further released, but market acceptance of high-priced resources remains limited, and the improvement in supply-demand fundamentals is not substantial.

Hot-rolled coil: On September 28, the average price of 4.75mm hot-rolled coil in 24 major cities across China was 3,310 yuan per ton, down 7 yuan per ton from the previous trading day. As the National Day holiday approaches, some restocking demand has been released, but downstream orders remain steady with demand-based procurement, and mainstream consumption continues at a moderate level.

Cold-rolled coils: On September 28, the average price of 1.0mm cold-rolled coils in 24 major cities across China was 3,790 yuan/ton, down 3 yuan/ton from the previous trading day. With weak demand for pre-holiday stockpiling by end-users and a decline in futures prices, some traders focused on securing payments before the holiday, remaining cautiously regarding the market outlook. The gradual decline in spot prices dampened traders' enthusiasm for orders, leading to widespread order shortages among major steel mills in September. To boost order activity, mills implemented overt price hikes and covert reductions for specific grades, intensifying competitive pressure.

Thick Plate: On September 28, the average price of 20mm plain plate in 24 major cities across the country was 3,548 yuan/ton, down 6 yuan/ton from the previous trading day. Before the holiday, downstream demand was primarily driven by as-needed purchases, with low bulk stocking intentions. The overall trading atmosphere was moderate, and most traders reported poor transaction performance. Currently, steel mills maintain normal output levels for thick plate resources, with limited arrivals of spot-locked orders due to case-by-case negotiations. Market inventory pressure remains moderate overall.