Steel Trade Market Trends In February 2026

In February 2026, the China Metal Materials Circulation Association & Lange Steel Network·Steel Circulation PMI stood at 48.0%, up 0.9 percentage points from the previous month, showing a modest rebound within the contraction range. Although the domestic steel market remains in the traditional off-season for demand, market sentiment has been somewhat lifted by the dual policy support of front-loaded fiscal measures and a relatively loose credit environment early this year, coupled with rising policy expectations ahead of the upcoming "Two Sessions." Meanwhile, the fundamental reality of weak off-season demand continues to weigh on the black industrial chain, creating a tug-of-war between optimistic expectations and sluggish fundamentals. Overall, the domestic steel market in March is expected to remain under pressure, though there may be opportunities for periodic rebounds.