黑色系周报：钢材-20251128

Report Subject and Date - Subject: Black Series Weekly Report - Steel Products [2] - Date: November 28, 2025 [2] Report Industry Investment Rating - Not provided in the content Core Viewpoints - In this period, the production, inventory, and apparent demand of rebar decreased; the production of hot-rolled coils increased, while inventory and apparent demand decreased. The apparent demand of the five major steel products decreased month-on-month. The rebar 2601 contract fluctuated, and the hot-rolled coil 2601 contract also fluctuated [5] Summary by Directory 1. Macro - Not provided in the content 2. Supply - In October 2025, China exported 9.782 million tons of steel products, a month-on-month decrease of 683,000 tons or 6.5%; the average price was $684.4 per ton, a month-on-month increase of $5.3 or 0.8%. From January to October, the cumulative steel exports were 97.737 million tons, a year-on-year increase of 6.024 million tons or 6.6% [7] - The molten iron output was 2346800 tons, a month-on-month decrease of 16000 tons and a year-on-year increase of 8100 tons [7] - The output of the five major steel products was 8.5571 million tons, a month-on-month increase of 58000 tons and a year-on-year decrease of 57900 tons. The rebar output was 2.0608 million tons, a month-on-month decrease of 18800 tons and a year-on-year decrease of 218000 tons; the hot-rolled coil output was 3.1901 million tons, a month-on-month increase of 30000 tons and a year-on-year increase of 129200 tons [7] - The EAF operating rate was 69.13%, with no month-on-month change [7] 3. Inventory - The total inventory of the five major steel products was 14.0081 million tons, a month-on-month decrease of 322900 tons and a year-on-year increase of 2.2734 million tons. The rebar inventory was 5.3148 million tons, a month-on-month decrease of 218600 tons and a year-on-year increase of 838400 tons; the hot-rolled coil inventory was 4.009 million tons, a month-on-month decrease of 12100 tons and a year-on-year increase of 951800 tons [7] 4. Demand - The weekly apparent demand of the five major steel products was 8.88 million tons, a month-on-month decrease of 61600 tons and a year-on-year increase of 104900 tons [7]