Insight
Analysis of China steel margins - September 2026
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Profitability of Chinese steel mills fell below 7% as of 24 September, a step drop from a May peak of around 64%. This report examines the drivers behind that decline and sets out what to expect in the month ahead.
Table of contents
- Steel prices: Rebar firms on discipline hopes, HRC pressured by elevated inventories
- Policy: Steel sector discipline in focus
- Iron ore
- Outlook: Demand, margins and iron ore supply into the holidays
Tables and charts
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What's included
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