Core Viewpoint - The Chinese steel industry is experiencing a decline in steel prices and revenue, with a need for enhanced self-discipline in the fourth quarter to maintain market order and improve economic efficiency [1][2][3][4]. Group 1: Price and Revenue Trends - The average CSPI (China Steel Price Index) for the first three quarters was 93.67 points, a year-on-year decrease of 9.64% [1]. - The CRU international steel price index averaged 189.7 points, down 6.2% year-on-year, indicating a smaller decline compared to domestic prices [1]. - The cumulative operating revenue for key steel enterprises was 4.56 trillion yuan, a decrease of 2.36% year-on-year, while operating costs were 4.26 trillion yuan, down 3.88% [2]. Group 2: Profitability and Economic Efficiency - The total profit for the steel industry reached 96 billion yuan, representing a year-on-year increase of 1.9 times, indicating a significant improvement in industry efficiency [2]. - The sales profit margin has been persistently low, remaining below 1.8% since the second half of 2022, with a minimum of -2.04% and a peak of 2.82% in June, dropping to 1.71% in September [2]. Group 3: Market Dynamics and Future Outlook - The steel market's new supply-demand balance is fragile, particularly affected by the real estate sector's downturn, leading to increased inventories and declining monthly profits [3]. - The fourth quarter is expected to enter a demand off-season, increasing pressure on achieving supply-demand balance, necessitating self-discipline in production and inventory management [3]. - The industry is encouraged to adhere to principles of meeting user demand and maintaining supply-demand balance, with a focus on improving effective supply capacity and fostering a positive market environment [4].
中钢协：钢铁市场新的供需动态平衡基础尚不牢固 四季度仍需加强自律
Xin Hua Cai Jing·2025-10-31 06:36