China's long steel procurement to drop further in Jan as holiday looms

China's domestic demand for long steel products is forecast to drop further in January, primarily due to the seasonal winter slowdown and the near halt of construction activities ahead of the Chinese New Year break later this month, according to Mysteel's latest report.

Despite a modest improvement in project funding, Chinese contractors are hesitating to replenish long steel inventories, choosing instead to maintain the low stockpile levels they're observing currently, the report notes. Mysteel's survey of over 190 Chinese construction companies across the country reveals that in December, their total long steel procurement