Price trend

According to the SunSirs commodity market analysis system, color coated sheet prices fell slightly this month. On September 1, the market price of color coated sheet was 6,666 RMB/ton; on September 30, the price was 6,552 RMB/ton. This month's average price of color coated sheet fell 1.71% from the beginning of the month, but rose 7.409% from the same period last year.

Analysis review

Galvanized Sheet: Galvanized sheet prices fell slightly this month, generally declining until mid-month, then rising slightly afterward, before continuing to decline in mid-to-late month. On September 1st, the price of galvanized sheet was 4,237 RMB/ton, and on September 30th, it was 4,190 RMB/ton, a decrease of 1.109% from the beginning of the month and 3.389% from the same period last year. Downstream demand in the coating and plating market was tepid, resulting in weak market transactions.

Data from the General Administration of Customs shows that in August 2025, China's total exports of coated sheet (strip) totaled 1.6619 million tons, a month-on-month decrease of 12.21% and a year-on-year increase of 1.76%. From January to August 2025, China's total exports of coated sheet (strip) totaled 13.8174 million tons, a year-on-year increase of 11.96%. In August 2025, China's total imports of coated sheet (strip) totaled 87,000 tons, a month-on-month increase of 26.58% and a year-on-year increase of 9.70%. From January to August 2025, China's total imports of coated sheet (strip) totaled 608,400 tons, a year-on-year decrease of 19.93%.

As of September 25th, Mysteel's national sample capacity utilization rate was 54.69%, a 1.27% decrease from the previous week. September's capacity utilization rate for color coated sheet and coil rebounded compared to August, hovering between 54% and 56%, with little potential for significant short-term fluctuations. According to Centennial Construction Research, as of September 23rd, the funding availability rate for sample construction sites was 59.54%, a 0.15 percentage point increase from the previous week. Specifically, the funding availability rate for non-housing construction projects was 61.34%, a 0.13 percentage point increase from the previous week; the funding availability rate for housing construction projects was 50.99%, a 0.41 percentage point increase from the previous week.

From a macro perspective, the "anti-involution" policy orientation consistently emphasized by the government since the second half of the year will continue to be positive for steel prices. Meanwhile, expectations of another Federal Reserve interest rate cut this year had also boosted market sentiment.

Future outlook:

In terms of supply and inventory, as of the end of September,the inventory destocking rate was relatively slow. Although the overall inventory level was lower than the same period last year, the actual destocking pressure still existed, and the overall supply was expected to remain at a high level of about 55%. From the demand side, it is difficult to see a significant improvement in demand in the short term.

From a cost perspective, raw material settlement prices remained high, providing strong short-term support for costs. Regarding prices, in the market environment, color coated sheets and coils may remain vulnerable in the short term, with prices expected to fluctuate downward after the holiday. However, with high costs supporting them, downward adjustment is limited.

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