Core Viewpoint - The report highlights significant trends in liquidity, infrastructure, real estate, and industrial sectors, indicating potential investment opportunities and market dynamics in the coming months [4][5][6][7][10][11]. Liquidity - The London gold spot price reached a historical high of $3685 per ounce [4]. - The BCI small enterprise financing environment index for August 2025 was 46.37, with a month-on-month increase of 0.61% [4]. - The M1 and M2 growth rate difference was -2.8 percentage points in August 2025, showing a month-on-month increase of 0.4 percentage points [4]. Infrastructure and Real Estate Chain - In early September, the average daily crude steel output of key enterprises increased by 7.19% month-on-month [5]. - Price changes for key materials included rebar up by 2.18%, cement price index up by 0.62%, and coal prices showing mixed trends [5]. - The national capacity utilization rates for blast furnaces, cement, asphalt, and all-steel tires increased by 0.17 percentage points, 9.20 percentage points, 4.2 percentage points, and 0.07 percentage points respectively [5]. Real Estate Completion Chain - The prices of titanium dioxide and flat glass remained stable, with glass gross profit at -58 yuan/ton and titanium dioxide at -1268 yuan/ton [6]. - The operating rate for flat glass this week was 76.01% [6]. Industrial Chain - The operating rate for semi-steel tires was at a five-year high of 73.66%, with a month-on-month increase of 0.20 percentage points [7]. - Major commodity prices showed varied performance, with cold-rolled steel up by 8.99% and copper down by 1.34% [7]. Subcategories - Iron ore prices reached a six-month high, with graphite electrode prices stable at 18000 yuan/ton [8]. - The price of electrolytic aluminum was 20840 yuan/ton, down by 1.00%, with a calculated profit of 3559 yuan/ton [8]. - The price of molybdenum concentrate was 4445 yuan/ton, down by 1.55%, while tungsten concentrate was 274500 yuan/ton, down by 4.19% [8]. Price Comparison Relationships - The price ratio of rebar to iron ore was 4.07 this week, with various price differentials noted among different steel products [9]. - The price difference between small rebar (used in real estate) and large rebar (used in infrastructure) was 110 yuan/ton, showing a decrease of 8.33% from the previous week [9]. Export Chain - The new export orders PMI for China in August 2025 was 47.20%, with a month-on-month increase of 0.1 percentage points [10]. - The CCFI comprehensive index for container shipping rates was 1120.23 points, down by 0.45% [10]. - The U.S. crude steel capacity utilization rate was 79.20%, with a month-on-month increase of 1.10 percentage points [10]. Valuation Percentiles - The Shanghai and Shenzhen 300 index decreased by 0.44%, with the engineering machinery sector performing best at +6.10% [11]. - The PB ratio of the ordinary steel and industrial metals sectors relative to the Shanghai and Shenzhen markets was 35.56% and 81.90% respectively [11].
【钢铁】铁矿石价格周内续创近6个月以来新高——金属周期品高频数据周报(2025.9.15-9.21)(王招华/戴默)