China's steel traders and manufacturers have expressed divided opinions on whether to build up steel inventories this winter, according to a recent survey by Mysteel. Traditionally, traders accumulate stocks during the winter months when demand is low and steelmakers often offer discounts, preparing for increased building activity in spring. The survey revealed that 53% of traders plan to restock, citing positive market sentiment driven by recent favorable policies. Conversely, 47% of traders are hesitant, concerned about potential losses if prices fall after the stockpiling period.

Steelmakers are more cautious, with 63% indicating they will not increase reserve stocks due to pressured margins and weak downstream demand. Currently, traders are reluctant to purchase at what they consider high prices, with desired target prices below current market levels. As of November 5, the price of HRB400E 20mm rebar was assessed at Yuan 3,604 per ton. Traders expect to begin restocking in December and January 2025, while steelmakers plan to start later in January. The survey highlights a general reluctance among both groups to accumulate inventory amid uncertain pricing and market conditions.