钢材出口韧性较强

Group 1 - China's steel exports reached 9.836 million tons in July, a year-on-year increase of 25.7%, with cumulative exports from January to July at 67.98 million tons, up 11.4% year-on-year [1] - Asia remains the largest market for China's steel exports, with Southeast Asia showing a slower growth rate of 2.5% year-on-year in the first half of the year, primarily due to anti-dumping measures from some countries [1] - Exports to countries along the "Belt and Road" initiative have seen significant growth, with exports to Africa increasing by 33.3% and to Latin America by 21% in the first half of the year [1] Group 2 - The export structure of steel shows a divergence, with flat products accounting for 62.5% of total exports, but facing a decline due to anti-dumping taxes from countries like Vietnam and India [1] - In contrast, exports of steel billets, rebar, wire rods, and special steel bars have surged, with year-on-year increases of 300.3%, 89.2%, 47.4%, and 54.93% respectively, driven by infrastructure demand in emerging markets [1] - The overall trend indicates a "flat products under pressure, while billets, construction materials, and special steel bars expand rapidly," with expectations for this trend to continue [1] Group 3 - As of August 8, total inventory of five major steel products was 13.754 million tons, a 1.74% increase month-on-month, while production slightly increased by 0.21% and consumption decreased by 0.74% [3] - Despite a significant decline in new construction area in the real estate sector impacting steel consumption, strong resilience in steel exports is noted, alongside upcoming policies aimed at reducing crude steel production [3] - Environmental restrictions in places like Tangshan during the commemoration of the 80th anniversary of the victory in the War of Resistance against Japan will lead to production cuts, further tightening supply [2][3]