前五月我国钢铁行业效益提升 供需状况改善 生产成本下降

Core Viewpoint - The Chinese steel industry has experienced a slight decline in crude steel production in the first five months of the year, but profitability has improved significantly due to better supply-demand dynamics and lower raw material costs [1][2]. Group 1: Production and Profitability - From January to May, the national crude steel output was 432 million tons, a year-on-year decrease of 1.7% [1]. - The black metal smelting and rolling industry achieved a total profit of 31.69 billion yuan, surpassing the full-year profit of 29.19 billion yuan in 2024 [1]. - The steel industry's operational stability and improved economic benefits are attributed to enhanced supply-demand conditions [1]. Group 2: Supply-Side Dynamics - Since 2025, the steel industry has increased self-discipline in production control, leading to a decrease in crude steel output and alleviating supply-demand conflicts [1]. - The reduction in inventory pressure has provided support for steel prices and improved the overall operating environment of the industry [1]. - The self-discipline in production has ensured that inventory levels remain low, which has helped maintain a balance in market supply and stabilize steel prices [2]. Group 3: Demand-Side Factors - The "two new" policies have positively impacted steel consumption, with automobile production and sales increasing by over 10% year-on-year, and retail sales of home appliances and audio-visual equipment rising by 30.2% [1]. - Steel exports have also shown significant growth, with cumulative exports reaching 48.469 million tons, a year-on-year increase of 8.5%, providing further support for steel demand [1]. Group 4: Cost Factors - Prices of key raw materials such as iron ore, coking coal, and coke have significantly decreased compared to last year's highs, effectively lowering production costs for steel mills [2]. - The decline in raw material prices has created more room for profitability in steel production [2]. - The industry is advised to continue self-discipline in production and inventory management to avoid excessive competition [2].