钢材专题报告：粗钢产能见顶，钢价还能重回牛市吗？

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints The report focuses on the situation where China's crude steel production capacity is about to peak and explores the circumstances under which steel prices can return to a bull market [4][12]. 3. Summary by Related Catalogs China's Crude Steel Production Capacity is About to Peak - The report presents data on the blast furnace capacity utilization rate of 247 steel mills and the short - process capacity utilization rate of 49 steel mills from 2020 to 2025, as well as the monthly crude steel output from 2020 to 2025 and the blast furnace profits of rebar and hot - rolled coils from 2022 to 2025 [8][9][10][11]. What Circumstances Can Steel Prices Return to a Bull Market? - It shows the proportion of various steel - related products in different industries in the EU, Japan, South Korea, India, ASEAN, Africa, Latin America, and the United States in 2018 and 2024 [15]. - Presents China's global share of export commodities and the cumulative growth rate of China's export commodities from 2021 to 2025 [16][17][19].