Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the acf domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /var/www/vhosts/ifchorgalbraiths.com/test.ifchorgalbraiths.com/wp-includes/functions.php on line 6131
China steel output hits multi-year lows in October 2025
Home/Research & Insights/China steel output hits multi-year lows in Oct’25
19 November, 2025
author
Contact
Research & Advisory

Email Us

China steel output hits multi-year lows in Oct’25

China’s crude steel output slipped to 72 Mt in Oct’25, one of its weakest readings since 2021 and…

Chart illustrating China’s monthly crude steel output from January to October 2025, shown in IFCHOR GALBRAITHS brand colours, with comparisons to 2023 and 2024 trends and highlighting the five-year minimum and maximum range.

… down -12% YoY, reflecting soft domestic demand and reinforced 2H’25 supply discipline from NDRC & CISA.

Cuts were uneven: Blast Furnace iron output fell -6.7% YoY, while Electric-Arc Furnace plunged -38% YoY, according to our estimates.

Firm iron ore prices above 100 $/t and deteriorating margins — with our Rebar spot margin proxy turning negative in Oct’25, the lowest since the 2015 crisis and pre-BRI — forced mills to scale back further, reinforced by northern pollution controls.

The challenge ahead is threefold: restoring margins, meeting environmental constraints, and reigniting demand.

For further insights, contact research@IfchorGalbraiths.com.