Steel price trends in May 2026

In May 2026, the Steel Circulation PMI Index from the China Metal Materials Circulation Association & Lange Steel Network stood at 48.0%, down 3.2 percentage points from the previous month, continuing to decline into the contraction zone, reflecting the gradual shift of the domestic steel market toward the traditional off-season. Looking ahead to June, the domestic steel market is expected to exhibit distinct off-season characteristics, with significant product differentiation: construction materials such as rebar and wire rods performed weakly due to the drag of the real estate sector and the off-season; in contrast, plate products like hot-rolled and cold-rolled coils demonstrated greater resilience, supported by the manufacturing sectors of shipbuilding and new energy, showing better performance overall than construction materials. Comprehensive assessment indicates that the steel market in June will be in a balanced state of weak demand, controlled supply, and cost support, with the domestic steel market likely to experience fluctuating declines. (Source: China Metal Materials Circulation Association)