In the January-September period this year, total fixed asset investments (FAI) (excluding rural households) in China amounted to RMB 33.4115 trillion ($5.0 trillion), down 7.2 percent year on year, unchanged from the decrease recorded in the first eight months, as announced by China's National Bureau of Statistics (NBS).
In the given period, new commercial real estate sold in China covered a total area of 564.83 million m2, down 13.2 percent year on year, 1.1 percentage points faster than the decline recorded in the first eight months.
In the first nine months, the total area covered by construction activity in China declined by 12.8 percent year on year, unchanged from the decrease recorded in the first eight months.
The new area covered by construction activity in China, which is linked directly to steel consumption in this segment, decreased by 24.9 percent year on year, faster than the 24.8 percent year-on-year drop seen in the first eight months of the year. This indicates a worsening situation in September, with the real estate market as a steel consuming industry still deteriorating.
According to the China Metallurgical Industry Planning and Research Institute, the share of the construction industry in total steel consumption in China fell to 49 percent in 2025, down by nine percentage points compared to a 58 percent share in 2020. The pace of the decline in steel usage in the construction segment was especially strong last year, when it shrunk by 13 percent. The projection for 2026 is for a continued downtrend, but steel demand is expected to decline at a slower pace, by around 4.1 percent year on year.
$1 = RMB 6.72
