China’s apparent crude steel consumption continued to decline during the autumn, normally a peak demand season. With construction demand stagnating—particularly in the real estate and infrastructure sectors—consumption fell to 62.72 million tons in October, marking the fifth consecutive monthly decline and roughly 20% below the level at the start of the year, hitting its lowest point in one year and ten months.
Although crude steel output is trending below last year’s level, both domestic steel inventories and steel exports are exceeding year-earlier figures, indicating a significant easing of supply–demand conditions. As the winter off-season approaches and U.S.–China trade frictions weigh on both construction and manufacturing activity, demand is expected to cool further. This may loosen the supply–demand balance even more, potentially leading to additional increases in steel exports and a prolonged softening of steel market prices.
