Report Title - Black Series Weekly Report - Steel Products, dated September 19, 2025 [2] Report Industry Investment Rating - Not provided in the document Core Viewpoints - This period saw a decrease in production and inventory and an increase in apparent demand for rebar; for hot-rolled coils, production and inventory increased while apparent demand decreased. The apparent demand for the five major steel products increased month-on-month. Rebar inventory is being depleted, and the pressure may be relieved. Attention should be paid to the opportunity of narrowing the spread between hot-rolled coils and rebar. The rebar 2601 contract fluctuated, and the hot-rolled coil 2601 contract also fluctuated [5] Summary by Directory 1. Macro - Not provided in the document 2. Supply - In August, China exported 9.51 million tons of steel products, a year-on-year increase of 0.1%, with the growth rate falling by 25.5 percentage points from the previous month. From January to August, China exported 77.49 million tons of steel products, a year-on-year increase of 10.0%, with the growth rate falling by 1.4 percentage points from the previous month [7] - The pig iron output was 2.4102 million tons, a month-on-month increase of 0.047 million tons and a year-on-year increase of 0.1719 million tons [7] - The output of the five major steel products was 8.5546 million tons, a month-on-month decrease of 0.0178 million tons and a year-on-year increase of 0.4744 million tons. Rebar production was 2.0645 million tons, a month-on-month decrease of 0.0548 million tons and a year-on-year increase of 0.1222 million tons; hot-rolled coil production was 3.2649 million tons, a month-on-month increase of 0.0135 million tons and a year-on-year increase of 0.2521 million tons [7] - The EAF operating rate was 70.63%, a month-on-month decrease of 1.29% [7] 3. Inventory - The total inventory of the five major steel products was 15.1974 million tons, a month-on-month increase of 0.0513 million tons and a year-on-year increase of 1.3751 million tons. Rebar inventory was 6.5028 million tons, a month-on-month decrease of 0.0358 million tons and a year-on-year increase of 1.8482 million tons; hot-rolled coil inventory was 3.7799 million tons, a month-on-month increase of 0.0467 million tons and a year-on-year decrease of 0.4374 million tons [7] 4. Demand - The weekly apparent demand for the five major steel products was 8.5033 million tons, a month-on-month increase of 0.07 million tons and a year-on-year increase of 0.0583 million tons [7]
黑色系周报：钢材-20250919
Dong Ya Qi Huo·2025-09-19 11:01