Inventory of Five Major Steel Products Declines; National Seamless Pipe Prices May Remain Stable Today

【Price Review】

On December 25, the prices of seamless pipes in major cities across the country experienced a slight decline. The national average price for seamless pipes (1084.5mm) was reported at 4,222 yuan/ton, a decrease of 1 yuan/ton compared to the previous trading day. In the Linyi market, the price of seamless pipes (1084.5mm) remained temporarily stable, while the price in the Liaocheng market also held steady. The seamless pipe price index stood at 4,099.63, down 0.6 from the previous trading day.

【Raw Materials】

Pipe Billet: On December 25, pipe billet factory prices remained stable. Hot-rolled pipe billet 20#: Tiangang 3,220, Donghai 3,200; Continuous casting round billet 20#: Gangtou Special Steel 3,200. (yuan/ton)

Steel Billet: On December 26, the Tangshan steel billet index was 2,979.0. The settlement price for Tangshan Qian’an plain square billet was 2,950 yuan/ton, with a weekly average of 2,950 yuan/ton and a monthly average of 2,961 yuan/ton. Traders’ spot prices were around 3,020 yuan/ton. (yuan/ton)

【Demand】

On December 25, the total transaction volume of 124 seamless pipe trader sample enterprises nationwide was 12,017 tons, representing a daily decrease of 1.3% and a year-on-year decline of 3.3%. Regionally, while transaction volumes in South China and East China decreased, other regions saw varying degrees of increase, with the Northeast region experiencing a significant drop of over 37%.

【Pipe Mills】

According to a weekly survey of production conditions at seamless pipe mills nationwide (30 manufacturers, 101 production lines), this week’s output was 352,900 tons, down 23,600 tons week-on-week and 33,500 tons month-on-month. The capacity utilization rate was 70.77%, a decrease of 4.73% week-on-week and 6.72% month-on-month. The operating rate was 77.23%, up 4.95% week-on-week but down 0.99% month-on-month. Factory inventory stood at 700,400 tons, a decrease of 20,000 tons week-on-week and 56,700 tons month-on-month. Raw material inventory was 276,200 tons, down 24,700 tons week-on-week and 38,100 tons month-on-month.

【Market Conditions】

Yesterday, the black commodity futures market experienced wide fluctuations, closing higher by the end of the session. Raw material pipe billet prices remained stable, but demand continued to suppress market quotations. The off-season market atmosphere was subdued, with traders showing a willingness to reduce inventory, primarily through undisclosed discounts to facilitate sales. Market transactions saw a slight decline, and market confidence remained moderate. In the North, the onset of winter has intensified, hindering downstream operations and resulting in unstable demand. Market sentiment remains cautious and weak. It is expected that the national average price of seamless pipes may remain stable with a slight downward bias today.

【Economic News】

This week, the supply of the five major steel products was 7.9682 million tons, representing a week-on-week decrease of 0.1%. The total inventory of the five major steel products was 12.5799 million tons, down 2.8% week-on-week. The weekly consumption of the five major steel products was 8.3361 million tons, with construction materials consumption down 3.2% week-on-week and sheet metal consumption up 1.4% week-on-week.

As of December 25, 2025, six steel mills have announced their winter storage policies for 2026. Most mills are offering traders post-settlement pricing, while some are providing financing services. In North China, the direct rebar collection price is 3,200 yuan/ton, while in Inner Mongolia, collection prices are 2,910 yuan/ton and 2,990 yuan/ton.

On December 25, the offshore yuan broke through the “7” threshold against the U.S. dollar for the first time in 15 months, reaching a high of 6.9985.

On December 25, the transaction volume of iron ore at major national ports was 1.341 million tons, up 4.1% month-on-month. The transaction volume of construction steel among 237 mainstream traders was 82,500 tons, down 13.9% month-on-month.