en.Wedoany.com Reported - Last week (May 18 to May 24, 2026), China's steel and non-ferrous metals markets generally exhibited a pattern of price adjustments and supply-demand gaming. In the steel sector, prices for hot-rolled coils and cold-rolled coils generally fell, with a strong wait-and-see sentiment prevailing in the market and a decline in transaction activity.
For hot-rolled coils, mainstream prices in the Shanghai, Guangzhou, and Tianjin markets fell by 80 yuan/tonne, 80 yuan/tonne, and 70 yuan/tonne respectively compared to the previous week. The national average price dropped to 3,425 yuan/tonne, a week-on-week decrease of 59 yuan/tonne. According to Mysteel statistics, as of May 22, the five-day average daily transaction volume of hot-rolled coils nationwide was approximately 38,605 tonnes, down 9.74% from the previous week and down 22.24% month-on-month. For cold-rolled coils, the national average price for 1.0mm cold-rolled was 3,875 yuan/tonne, a week-on-week decrease of 32 yuan/tonne. Among them, the quotation for Bengang cold-rolled coils in the Shanghai market was 3,770 yuan/tonne, the quotation for Liugang cold-rolled coils in the Lecong market was 3,810 yuan/tonne, and the quotation for Angang Tiantie cold-rolled coils in the Tianjin market was 3,700 yuan/tonne. The average daily transaction volume over the past five days was 18,931 tonnes, down 13.7% from the previous week.
In terms of costs and profits, due to the overall decline in raw material prices, the costs for hot-rolled and cold-rolled coils continued to fall. However, as costs and steel prices declined simultaneously, spot profit margins for finished products narrowed marginally. Regarding steel mill dynamics, Mysteel's full-sample survey of hot-rolled coils shows that the actual combined impact volume this week was 57,000 tonnes, with an expected combined impact volume of 7,000 tonnes next week. One steel mill in North China resumed production this week.
The non-ferrous metals market showed divergent trends. The core contradiction in the aluminum market lies in the game between inventory destocking and export-driven factors. China's inventory decreased by 33,000 tonnes, but end-user consumption was weak, and aluminum prices are expected to remain volatile in the short term. The copper market presented a pattern of "tight supply and weak demand," with prices fluctuating at high levels under macro pressure, and inventory accumulation reflecting sluggish actual consumption. The zinc market was affected by both cost support and weak demand, and is expected to maintain range-bound fluctuations in the short term. The nickel market exhibited volatile operation characteristics under the interweaving of macro pressure and supply disruptions, with futures prices rising then falling back.
On the policy front, last week the Ministry of Industry and Information Technology issued a new version of the "Implementation Measures for Capacity Replacement in the Steel Industry," comprehensively tightening replacement ratios, with a unified national ratio of no less than 1.5:1 for both ironmaking and steelmaking, while accelerating industry mergers and restructuring. The State Council issued the "Regulations for the Implementation of the Mineral Resources Law," including 36 types of minerals in the strategic minerals catalog and implementing full-chain control over resources such as lithium, rare earths, and copper. In the automotive industry, the Ministry of Industry and Information Technology updated the catalog for new energy vehicle purchase tax exemptions, adding 327 new models, and reiterated safety supervision requirements for Automotive Industry" target="_blank">New Energy Vehicles.
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