Core Viewpoint - The steel sector has experienced a significant improvement in profitability during the third quarter, with a notable increase in profit margins for steel mills compared to previous quarters [1] Industry Summary - Steel stocks saw a rapid increase in share prices, with Maanshan Iron & Steel Co. rising by 5.38% to HKD 2.74, Chongqing Iron & Steel Co. increasing by 2.88% to HKD 1.43, and Ansteel Co. gaining 1.83% to HKD 2.22 [1] - According to Mysteel's statistics, the profitability rate of steel mills rose from 59% at the end of June to 64% by the end of August, although it declined in September due to steel prices not keeping pace with coking coal prices [1] - The average profitability rate for steel mills in the third quarter was 62%, which is an increase of 4.5 percentage points compared to the second quarter [1] - Longjiang Securities projects that the net profit per ton for the steel industry will reach CNY 92 in Q3 2025, reflecting a quarter-on-quarter increase of CNY 14 per ton, positioning it at the 68th percentile since 2021 [1] Future Outlook - Longjiang Securities anticipates that the profit margin for iron ore will have greater potential for reduction compared to coking coal, with the commissioning of the Ximangdu project in 2026 expected to provide opportunities for growth [1] - The report indicates that the expectation of reduced internal competition in the third quarter remains largely speculative, as steel companies show limited willingness to cut production based on high-frequency molten iron data [1] - The industry is expected to see a sustained realization of supply-side contraction logic under differentiated production restrictions and graded management in 2026 [1]
港股异动 | 钢铁股午后快速拉升 三季度钢铁行业盈利改善 机构看好明年反内卷落地+铁矿宽松