In November 2025, sales of construction machinery in China continued to grow, with both excavators and loaders recording increases in both domestic and export sales, demonstrating sustained market activity even during the traditional off-season.

This performance is supported by two key factors: adequate funding for infrastructure projects and ongoing policy support in the real estate sector, which together have driven demand for construction equipment.

Despite the seasonal slowdown, the construction machinery industry has shown resilience with stronger-than-expected sales, reflecting a "busier-than-usual off-season" trend. This has also contributed to steady demand for related steel products, providing solid support for the downstream steel market.

Overall, driven by both policy measures and market demand, the construction machinery sector is expected to maintain stable growth in the near term.