The Zhitong Finance App learned that on November 4, the China Warehousing Index, which was jointly surveyed by the China Federation of Logistics and Purchasing and China Storage Development Co., Ltd., was 49.8% in October 2026, up 0.1 percentage points from September, and has been in a contraction range for three consecutive months. The new orders index continued to expand, the business volume index fell back to the boom and dry line, the end-of-period inventory index and average inventory turnover index continued to operate in a contraction range, and enterprises were still in the inventory removal stage. Overall, the index rose slightly from a low level in October. The boom level is still hovering near the boom and bust line, and the demand base still needs to be further strengthened.
Specifically, the October Index showed the following characteristics:
The business volume index has declined somewhat, and the recovery in consumer and commodity storage demand is sluggish. In October, the business volume index was 50%, down 2.8 percentage points from September, falling back to the boom and dry line, and the activity of warehousing business activity declined. Overall demand in the manufacturing market slowed in October, and construction progress in the construction industry was slow, which limited the commodity warehousing business. The business volume index for products such as steel, non-ferrous metals, and building materials was below 50%; holiday consumption provided some support for the service industry, but the boost to the consumer goods warehousing business was limited. The business volume index for food, home appliances, and daily necessities was also below 50%. The recovery in consumer warehousing demand fell short of expectations.
Inventory levels have continued to decline, and turnover efficiency has declined. In October, the inventory index at the end of the period was 49%, the same as in September. It operated in the contraction range for 5 consecutive months, and the inventory removal trend continued; the average inventory turnover index was 48%, down 1.5 percentage points from September. It operated in the contraction range for 3 consecutive months, and the commodity turnover rate continued to slow down. Overall, demand recovery falls short of expectations, and enterprises are unwilling to replenish stocks. The inventory removal cycle is not over yet; the slowdown in business volume expansion has also led to a slowdown in the pace of entry and exit of some varieties and a slowdown in product turnover to a certain extent.
New orders continue to expand, and improvements in future market demand still need to be observed. In October, the new orders index was 50.9%, the same as in September. It has been operating in the expansion range for two consecutive months, indicating that the overall new demand for the warehousing business has remained stable, but the transformation into actual business volume is still insufficient. The business activity expectations index was 56.9%, up 0.9 percentage points from September. It continued to pick up during the expansion range, indicating that companies have better expectations for the future market. However, current business volume and turnover indicators are still weak, and the expected recovery may reflect expectations for policy strength and peak season demand.
Entering November, economic stabilization policies will continue to gain strength, and funds such as special bonds will accelerate the formation of physical workload. E-commerce promotions and the peak consumption season at the end of the year will drive a phased recovery in demand for consumer goods, and demand for warehousing services is expected to gradually improve. Overall, the operation of the warehousing industry has a basis for a steady recovery in the later stages, but the strength of recovery on the demand side still needs to be further observed.