China’s steel market remained under pressure during the week of November 2–6, 2026, as weak seasonal demand limited the potential for a price rebound. As of November 6, the average price of 4-inch by 3.75 mm welded pipe across 28 major cities stood at 3,505 yuan per tonne.

Raw material prices softened but continued to provide a degree of support for steel prices. At the same time, both supply and demand were weak, leaving the strength of any rebound dependent on conditions in end-use markets.

The distinction matters for buyers and sellers: cost support may help limit downward pressure, but it does not by itself establish that demand is strong enough to sustain higher prices. Changes in raw material costs and end-use demand will therefore be central to assessing whether steel prices can gain ground.