Wuhan SiWeiZhongcheng Technology Co.. Ltd
Macro Economy – Steel’s Pulse Under “Stability First”: Infrastructure Spending Lifts Demand, Sector Sees Mild Rebound
Release time：2025-10-28
The National Bureau of Statistics’ latest release shows nationwide infrastructure investment rose 8.5 % year-on-year in January-May, extending a steady uptrend. Steel—long a barometer of macro sentiment—is feeling the pulse quicken. Multiple market trackers report that social inventories of finished steel have fallen for several consecutive weeks and apparent consumption has edged up, pointing to a mild sector-wide recovery.
“Long steel—rebar and wire rod in particular—is moving much better than at the start of the year,” says Wang Jianhua, chief analyst at MySteel. “This is mainly because major local projects have entered their intensive construction phase, creating solid physical demand. Blast-furnace start-up rates and rolling-mill utilisation have both picked up slightly.”
At a large construction-steel mill in Jiangsu, machines thunder and crews work overtime. “Orders have clearly rebounded, mostly for high-speed rail, expressways and water-diversion projects in the province and nearby,” the sales manager told reporters. “But we can’t afford blind optimism; raw-material prices are volatile and margins remain razor-thin.”
The rebound is labelled “mild” because the property sector is still adjusting and offers little pull, while overseas demand is soft and export orders are under pressure. The recovery is therefore highly structural: infrastructure-linked steel demand is warming, whereas segments tied to manufacturing and exports remain subdued.
Analysts caution that healthy development hinges on balanced supply and demand. While “stability-first” policies underwrite demand, the supply side must deepen structural reforms: no new capacity, and a shift from scale to technology upgrades in both steelmaking and rolling that raise added value and green credentials. This is the only way for the industry to secure high-quality growth and play a steadier role in the national economy’s big story.
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