1. Funding: Limited Month-over-Month Improvement. 61% of companies reported moderate improvement in their funding, 19% reported significant improvement, and 20% reported poor improvement. Overall, while funding for most companies has recovered, the increase has been limited, and the overall industry funding situation remains neutral to tight.
2. Pre-holiday Inventory Preparation: Weak Intention and Late Timing. Downstream companies generally showed little interest in replenishing inventory before the holiday. 61% of the surveyed companies showed a weak willingness to stock up, while only 9% showed a strong willingness. Regarding stocking timelines, 44% of companies focused on stocking up 1-4 days before the holiday, while 41% did so 5-8 days before the holiday, indicating a relatively late start. Regionally, companies in East China and South China mostly stocked up 1-4 days before the holiday, while some companies in Northwest and Northeast China took more than 9 days to prepare.
3. Construction Intensity: Remained Basically the Same Year-Over-Year. Regarding construction during the National Day holiday, survey results indicate that all sampled companies operated normally, with some implementing adjusted or rotating holidays. Among them, 83% of companies reported construction days remaining roughly the same as last year; 11% reported shorter construction days, primarily concentrated in Northeast and Central China; and 6% reported longer construction days, primarily due to rush work at some companies in Northwest and Southwest China.
4. Post-holiday Steel Price Expectations: Bearish Sentiment Predominates. Regarding post-holiday price expectations, the survey results show that 44% of companies expect steel prices to fall after the holiday, 43% believe prices will remain the same as before the holiday, and only 13% are bullish.
Survey Summary
Based on the survey data, the overall improvement in the funding situation of the sample companies is limited. Companies with better financial conditions are more willing to stock up, and companies that stocked up earlier are more bullish. However, companies primarily engaged in housing construction generally have a bearish outlook on post-holiday steel prices.
