China’s steel market moved within a narrow range this week, showing brief intraday gains before retreating.

After digesting the latest US-China trade agreement, which drops the 20% fentanyl tariff to 10% on Chinese goods and extends a one-year suspension on 24% reciprocal tariffs, market sentiment has turned more rational. Beijing has also paused related countermeasures, giving both sides a temporary buffer in trade relations.

Analysts noted that short-term speculation has cooled, with the market now refocusing on fundamentals as seasonal winter demand approaches in November. 

Industry sources expected potential production cuts at year-end and continued cost support from raw materials, suggesting mid-term steel prices will remain resilient.