In 2025, steel mill profits significantly recovered. According to SMM data, as of November 27, the average spot profits for domestic blast furnace steel mills in east China were 90 yuan/mt for rebar, 170 yuan/mt for hot-rolled coil, and 308 yuan/mt for cold-rolled coil, with an average profit of 189 yuan/mt across the three products. However, the average was 96 yuan/mt in 2024, 152 yuan/mt in 2023, and even -19 yuan/mt in 2022. It is evident that compared to the period from 2022 to 2024, steel mill profits achieved a comprehensive recovery this year.