钢铁业首次反“内卷” ！去年钢企利润下降50%，中钢协将警示6家“卷王”

Core Viewpoint - The China Iron and Steel Association (CISA) is taking measures to address "involution" and vicious competition in the steel industry, warning six companies with negative cash flow but increasing crude steel production for 2024 and Q1 2025 [1][3]. Group 1: Industry Self-Regulation - CISA emphasizes the need for industry self-discipline to prevent vicious competition, urging all steel enterprises to adhere to this principle [1]. - The association plans to remind companies with negative cash flow yet increasing production to strengthen self-regulation and focus on key tasks such as stabilizing operations and improving quality [3]. Group 2: Industry Transformation and Challenges - The steel industry is undergoing a critical period of transformation and green development, with a call for unity to face risks and challenges while ensuring economic growth and high-quality development [2]. - The recent government document outlines specific measures to combat "involution" and vicious competition, including the establishment of a price supervision system and enhanced cost monitoring [2]. Group 3: Market Dynamics and Performance - In 2024, CISA reported a total profit of 42.9 billion yuan for key enterprises, a 50.3% decrease year-on-year, with an average sales profit margin of 0.71%, down 0.63 percentage points [5]. - The crude steel production for Q1 2025 reached 25.933 million tons, a year-on-year increase of 0.6%, while apparent consumption fell by 1.2% [5]. - The steel market is experiencing a supply-demand imbalance, leading to a continuous decline in steel prices, necessitating stronger industry self-discipline [5][6]. Group 4: Export Trends - The surge in steel exports, reaching 10.456 million tons in March, is attributed to domestic exporters anticipating uncertainties from international trade policies, marking a 5.7% year-on-year increase [5][6].