China’s steel industry is in a holding pattern, but beneath the surface, demand, supply and pricing dynamics are diverging in important ways. 

In this episode of Ask an Analyst, Ntuthuko Sithole, Commodities Analyst, SBG Securities, breaks down the current state of China’s steel sector and what it means for key commodities over the next year. 

In this video, Ntuthuko explains: 

• Why steel demand is stable but uneven.
• How property weakness continues to weigh on construction-linked demand.
• Why manufacturing and export-driven flat steel demand is holding up better.
• What high utilisation rates say about mill behaviour and profitability.
• How China’s policy stance may support growth – but not revive past cycles.
• What this means for iron ore, coking coal and base metals. 

Key takeaway: While steel demand remains fragile domestically, export strength and manufacturing activity are providing support, with base metals – particularly copper – offering stronger fundamentals than bulk commodities.

Watch now for expert insight into China, steel, and the commodity outlook.