Posted on 30 Sep 2025
Hot-rolled coil (HRC) production among the 37 Chinese steelmakers regularly surveyed by Mysteel declined by a negligible 0.7% during September 18-24 to sit at 3.24 million tonnes, the results of Mysteel’s latest survey showed.
After hitting a 2.5-month high during the previous survey week, HRC output was seen holding at a still-elevated high, as rolling mills kept their run rates steady to secure more profits.
During the sample week, HRC rolling capacity utilization among the 37 sampled mills slid by just 0.59 percentage points on week to sit at 82.82%, while the operational rate stayed unchanged for the second straight week at 81.25%, Mysteel's survey found.
Although HRC supply remained relatively ample, the usual revival in end-user demand in the autumn peak season is proving tepid at best, resulting in a pronounced supply-demand imbalance that continues to impact the domestic hot coil market currently, sources noted.
Inventory held by the 37 surveyed mills and at the commercial warehouses in the 33 Chinese cities Mysteel tracks continued to tick higher over September 18-24, with the former edging up by 4,000 tonnes or 0.5% to 817,000 tonnes and the latter rising by 21,100 tonnes or 0.7% to 2.99 million tonnes.
As China's October 1-8 National Day holiday draws closer, replenishment demand among end-users has also gradually contracted, noted an industry watcher in Shanghai. Should demand continue to lag during October, stable HRC supply seems likely to drag down coil prices further, he warned.
On September 26, Mysteel assessed the national price of Q235 4.75mm HRC at Yuan 3,425/tonne ($481/t) including the 13% VAT, down by Yuan 19/t or 0.55% on week. On the same day, the most-traded HRC contract for January delivery on the Shanghai Futures Exchange ended the daytime trading session at Yuan 3,313/t, lower by Yuan 61/t or 1.8% from the previous week, the exchange data showed.
Source:Mysteel Global
