You need to use the alias directive for location /static:
server {
index index.html;
server_name test.example.com;
root /web/test.example.com/www;
location /static/ {
alias /web/test.example.com/static/;
}
}
The nginx wiki explains the difference between root and alias better than I can:
Note that it may look similar to the root directive at first sight, but the document root doesn't change, just the file system path used for the request. The location part of the request is dropped in the request Nginx issues.
Note that root and alias handle trailing slashes differently.