黑色系周报：钢材-20250926

Report Information - Report Title: Black Series Weekly - Steel [2] - Date: September 26, 2025 [2] - Researcher: Li Haixiao [3] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - This period saw a slight increase in rebar production, a decline in inventory, and an increase in apparent demand; hot-rolled coil production decreased, inventory increased, and apparent demand decreased. The apparent demand for the five major steel products rebounded month-on-month. Rebar inventory is being depleted, and the pressure may be alleviated. Pay attention to the opportunity for the spread between hot-rolled coil and rebar to narrow. The rebar 2601 contract fluctuated, and the hot-rolled coil 2601 contract also fluctuated. [5] Summary by Directory 1. Macro - Not provided in the given content 2. Supply - In August, China exported 9.51 million tons of steel, a year-on-year increase of 0.1%, with the growth rate dropping by 25.5 percentage points compared to the previous month. From January to August, China exported 77.49 million tons of steel, a year-on-year increase of 10.0%, with the growth rate dropping by 1.4 percentage points compared to the previous month. [7] - The pig iron output was 2.4236 million tons, a month-on-month increase of 13,400 tons and a year-on-year increase of 175,000 tons. [7] - The total output of the five major steel products was 8.6493 million tons, a month-on-month increase of 94,700 tons and a year-on-year increase of 418,800 tons. Rebar output was 2.0646 million tons, a month-on-month increase of 100 tons and a year-on-year increase of 10,000 tons. Hot-rolled coil output was 3.2419 million tons, a month-on-month decrease of 23,000 tons and a year-on-year increase of 279,100 tons. [7] - The EAF operating rate was 67.36%, a month-on-month decrease of 3.27%. [7] 3. Inventory - The total inventory of the five major steel products was 15.1061 million tons, a month-on-month decrease of 91,300 tons and a year-on-year increase of 2.187 million tons. Rebar inventory was 6.363 million tons, a month-on-month decrease of 139,800 tons and a year-on-year increase of 2.2084 million tons. Hot-rolled coil inventory was 3.805 million tons, a month-on-month increase of 25,100 tons and a year-on-year decrease of 191,300 tons. [7] 4. Demand - The weekly apparent demand for the five major steel products was 8.7406 million tons, a month-on-month increase of 237,300 tons and a year-on-year decrease of 393,100 tons. [7]