Recently, China's steel market as a whole has been characterized by stability. Due to market turmoil and price fluctuations, prices have returned to a weak state.

In late October, the market was extremely complex, with the impact of China-US trade tariffs on one hand and the prospect of proactive measures from Chinese officials on the other. 

According to industry participants, the Chinese authority will release a new five-year plan emphasizing the development of a unified Chinese market, curbing disorderly local government investment, and promoting local consumption. 

At present, steel mills are maintaining their pricing stance, and the spot market is stabilizing. Even if actual demand is temporarily slow, a significant price drop is unlikely.

Therefore, the market is awaiting a positive catalyst. If China's new policies are effective, they could provide strong support to the supply side by the end of 2025.