【钢铁】电解铝价格创近3个月新高水平——金属周期品高频数据周报（2025.6.23-6.29）（王招华/戴默）

Core Viewpoint - The article provides insights into various economic indicators and market trends, highlighting the performance of different sectors and commodities, which can inform investment decisions. Liquidity - The M1 and M2 growth rate difference was -5.6 percentage points in May 2025, with a month-on-month increase of 0.9 percentage points [2] Infrastructure and Real Estate Chain - In early June, the average daily crude steel output of key enterprises was 2.159 million tons, reflecting a month-on-month increase of 3.25% [3] - Price changes included rebar up by 0.65%, cement price index down by 1.17%, and coke down by 4.27% [3] Real Estate Completion Chain - The prices of titanium dioxide and flat glass remained stable, with flat glass gross profit at -58 yuan/ton and titanium dioxide at -921 yuan/ton [4] Industrial Products Chain - The operating rate of semi-steel tires was 78.05%, a decrease of 0.24 percentage points [5] - Major commodity prices showed varied performance, with cold-rolled steel down by 0.54% and copper up by 2.36% [5] Subcategories - The price of electrolytic aluminum reached 20,940 yuan/ton, a month-on-month increase of 1.16%, with estimated profit at 3,500 yuan/ton (excluding tax) [6] - The price of graphite electrodes remained unchanged at 18,000 yuan/ton, with a gross profit of 1,357.4 yuan/ton, down by 5.56% [6] Price Comparison Relationships - The price ratio of rebar to iron ore was 4.23, with the price difference between hot-rolled and rebar steel at 150 yuan/ton [7] - The price difference between small rebar (used in real estate) and large rebar (used in infrastructure) was 190 yuan/ton, down by 20.83% from the previous week [7] Export Chain - In May 2025, China's PMI new export orders were at 47.50%, an increase of 2.8 percentage points month-on-month [8] - The China Containerized Freight Index (CCFI) was 1,369.34 points, up by 2.00% [8] Valuation Percentiles - The CSI 300 index increased by 1.95%, with the industrial metals sector performing best at +6.53% [9] - The PB ratio of the ordinary steel sector relative to the overall market was 0.50, with a historical high of 0.82 reached in August 2017 [9]