【钢铁】5月电解铝产能利用率创2012年有统计数据以来新高水平——金属周期品高频数据周报（6.30-7.6）（王招华/戴默）

Core Viewpoint - The article discusses various economic indicators and trends in different sectors, highlighting the current state of liquidity, construction, real estate, industrial products, and export chains, along with price movements and production metrics. Liquidity - The M1 and M2 growth rate difference was -5.6 percentage points in May 2025, with a month-on-month increase of 1.1 percentage points [3] - The BCI small and medium enterprise financing environment index was 49.12 in June 2025, reflecting a slight increase of 0.07% from the previous month [3] - London gold prices increased by 1.94% compared to the previous week [3] Infrastructure and Real Estate Chain - The average daily crude steel output of key enterprises in late June was 2.129 million tons, showing a month-on-month decrease of 0.88% [4] - Price changes included rebar up by 2.91%, cement price index down by 1.68%, and iron ore up by 3.55% [4] - National capacity utilization rates for blast furnaces, cement, asphalt, and all-steel tires changed by -0.54 percentage points, +16.00 percentage points, -0.6 percentage points, and -1.89 percentage points respectively [4] Real Estate Completion Chain - Prices for titanium dioxide and flat glass decreased by 1.47% and remained unchanged respectively, with glass profit at -58 CNY/ton and titanium dioxide profit at -1227 CNY/ton [5] - The operating rate for flat glass was 75.68% this week [5] Industrial Products Chain - The PMI new orders index for June was 50.20%, reflecting a month-on-month increase of 0.4 percentage points [6] - Major commodity prices showed mixed results, with cold-rolled steel and copper prices increasing by 0.27% and 0.22%, while aluminum prices decreased by 0.91% [6] - The operating rate for semi-steel tires was 70.41%, down by 7.64 percentage points [6] Subcategories - The capacity utilization rate for electrolytic aluminum reached a record high since 2012 in May [7] - The price of electrolytic aluminum was 20,750 CNY/ton, down by 0.91%, with a calculated profit of 3,428 CNY/ton (excluding tax) [7] - The price of graphite electrodes remained stable at 18,000 CNY/ton, with a comprehensive profit of 1,357.4 CNY/ton, down by 5.56% [7] Price Comparison Relationships - The price ratio of rebar to iron ore reached a near seven-month high at 4.27 this week [8] - The price difference between hot-rolled and rebar steel was 110 CNY/ton, while the price difference between cold-rolled and hot-rolled steel reached 340 CNY/ton, up by 170 CNY/ton [8] - The price difference for small rebar (used in real estate) and large rebar (used in infrastructure) was 140 CNY/ton, down by 26.32% from last week [8] Export Chain - The new export orders PMI for China in June 2025 was 47.70%, with a month-on-month increase of 0.2 percentage points [9] - The CCFI comprehensive index for container shipping rates was 1,342.99 points, down by 1.92% [9] - The capacity utilization rate for U.S. crude steel was 79.10%, down by 0.50 percentage points [9] Valuation Percentiles - The CSI 300 index increased by 1.54%, with the best-performing cyclical sector being ordinary steel, which rose by 6.52% [10] - The PB ratios for ordinary steel and industrial metals relative to the CSI 300 PB were 37.44% and 69.40% respectively [10] - The current PB ratio for the ordinary steel sector relative to the CSI 300 PB is 0.53, with the highest value since 2013 being 0.82 [10]