Report Title - The report is titled "Steel 10 Monthly Report" dated September 26, 2025, issued by Galaxy Futures [1][6][21] Core Viewpoint - The demand for steel is improving, and the valuation is low, so there is room for steel price repair [1] Summary by Directory 1. Fundamental Situation - Price and Basis: The report provides seasonal charts of Shanghai 20mm螺纹现货价格, Shanghai 4.75mm热卷现货价格, 螺纹 01 合约基差, and 热卷 01 合约基差, etc. [8][11] - Production: It includes statistics on monthly pig iron production, monthly crude steel production, 247 steel mills' daily average hot metal output, and 89 independent electric arc furnace capacity utilization [26][27] - Import and Export: Charts show steel import quantity, billet import quantity, steel export volume, and billet export volume [29][58] - Demand and Inventory: There are data on the weekly apparent demand and total inventory of five major steel varieties, as well as those of 螺纹钢 and 热卷 [41][42][48] 2. October Market Outlook - Profit and Production: The report presents the 01 合约螺纹盘面利润, 01 合约热卷盘面利润, 螺纹周产量, and 热卷周产量 [25][70] - Macro - economic Indicators: It includes social financing scale new additions, new RMB loans, fixed - asset investment cumulative year - on - year, and other macro - economic data [76][80] - Real Estate and Infrastructure: Data on real estate such as commercial housing sales area monthly year - on - year, housing new construction area monthly year - on - year, and infrastructure - related data like local government special bond issuance amount are provided [82][97] - Industrial Indicators: It shows PMI sub - item performance, manufacturing PMI, industrial enterprise profit total cumulative year - on - year, and other industrial indicators [107][110] - Downstream Industries: Data on downstream industries including China's automobile monthly output, civil steel ship production year - on - year, etc. are presented [118]
钢材10月报：需求改善估值偏低，钢价存在修复空间-20250926
Yin He Qi Huo·2025-09-26 02:03