The recent decline in output comes as Beijing plans to cut “excessive” steel output in 2025 (to 5% of China's 2024 supply, according to market estimates) and strictly prohibit new capacity expansion in 2025-26. Although local crude steel production fell 4% year-on-year in the first 10 months of 2025, official data shows that China's exports over the period were still up 7% year-on-year, putting pressure on global steel prices
China property sales fell 20% year-on-year in October, after falling 12% year-on-year in September, and were 52% lower than in the same month 2021. Meanwhile, residential starts fell by another 29% in October (-73% compared to 2021). Personal mortgages also fell 30% year over year in October (down 63% from 2021) and property completions fell by a third year over year.
