[SMM Hot Topic] Winter Stockpiling Policy Outline Becomes Clearer, How Sincere Are Steel Mills?

According to SMM's incomplete statistics, as of January 22, 2026, a total of 14 steel mills had announced winter stockpiling policies, including 3 in Northeast China, 4 in North China, 4 in Northwest China, and 3 in South-west China. In mid-January, 3 EAF steel mills in South-west China and 1 blast furnace steel mill in North China announced their winter stockpiling policies, providing more detailed and specific information on stockpiling quantities, payment deadlines, financing policies, and price-lock policies. Among them, 2 steel mills in South-west China tentatively set their winter stockpiling payment unit prices at 3,200 yuan/mt and 3,300 yuan/mt. One steel mill in North China specified: 1) rebar at 3,190 yuan/mt and coiled rebar at 3,240 yuan/mt, with locked prices; 2) rebar at 3,240 yuan/mt and coiled rebar at 3,290 yuan/mt, with price protection (not tracking market fluctuations).

According to the latest survey, market feedback from South-west China indicated that this year's winter stockpiling policies offered no significant advantages in terms of pricing or preferential payment and interest calculation. The biggest advantage was that, compared to previous years, some steel mills did not impose mandatory stockpiling volume requirements on agents. In North China, after converting the winter stockpiling policy discounts, the price difference compared to current market spot ex-factory prices was relatively small, making proactive winter stockpiling less meaningful for agents. Market feedback suggested that purchase willingness was relatively low for ex-factory prices above 3,000 yuan/mt. For more details on winter stockpiling policies, please continue to follow SMM's tracking updates.