Report Information - Report Title: Black Series Weekly - Steel Products [2] - Date: August 29, 2025 [2] - Researcher: Li Haixiao [3] - Reviewer: Tang Yun [3] Report Industry Investment Rating - No information provided Core Viewpoints - In this period, the production of rebar decreased, inventory increased, and apparent demand increased; the production of hot-rolled coils decreased, inventory increased, and apparent demand decreased. With the arrival of the high-temperature rainy season, the inventory of the five major steel products has continuously accumulated. Rebar and hot-rolled coils are weakly oscillating and adjusting. Then, pay attention to the de-stocking time of rebar. [5] - The rebar 2601 contract is oscillating. [5] - The hot-rolled coil 2601 contract is oscillating. [5] Summary by Directory 1. Macro - In July, data such as new real estate starts and infrastructure investment declined month-on-month. [5] 2. Supply - In July 2025, China exported 9.836 million tons of steel products, an increase of 158,000 tons from the previous month, a month-on-month increase of 1.6%; from January to July, the cumulative export of steel products was 67.983 million tons, a year-on-year increase of 11.4%. [7] - The pig iron output was 2.4013 million tons, a month-on-month decrease of 62,000 tons and a year-on-year increase of 192,400 tons. [7] - The output of the five major steel products was 8.8461 million tons, a month-on-month increase of 65,500 tons and a year-on-year increase of 1.0595 million tons. The rebar output was 2.2056 million tons, a month-on-month increase of 59,100 tons and a year-on-year increase of 583,000 tons; the hot-rolled coil output was 3.2474 million tons, a month-on-month decrease of 5,000 tons and a year-on-year increase of 196,900 tons. [7] - The EAF operating rate was 75.1%, a month-on-month decrease of 0.59%. [7] 3. Inventory - The total inventory of the five major steel products was 14.6788 million tons, a month-on-month increase of 268,400 tons and a year-on-year decrease of 950,700 tons. The rebar inventory was 6.2339 million tons, a month-on-month increase of 163,500 tons and a year-on-year increase of 276,800 tons; the hot-rolled coil inventory was 3.6546 million tons, a month-on-month increase of 40,200 tons and a year-on-year decrease of 763,500 tons. [7] 4. Demand - The weekly apparent demand for the five major steel products was 8.5777 million tons, a month-on-month increase of 47,800 tons and a year-on-year increase of 1,900 tons. [7]
黑色系周报：钢材-20250829
Dong Ya Qi Huo·2025-08-29 11:13