Core Viewpoint - The global crude steel production is projected to decline by 4.6% year-on-year in November 2025, totaling 140.1 million tons across 70 countries/regions included in the World Steel Association statistics [1] Group 1: Regional Steel Production - Africa's crude steel production is expected to reach 2 million tons in November 2025, reflecting a year-on-year increase of 7.4% [1] - Asia and Oceania's crude steel production is projected at 99.9 million tons, showing a year-on-year decrease of 7.1% [1] - The European Union (27 countries) is anticipated to produce 10.2 million tons of crude steel, down 3.5% year-on-year [1] - Other European countries are expected to see a crude steel production of 3.7 million tons, with a year-on-year increase of 9.8% [1] - The Middle East's crude steel production is projected at 5.5 million tons, reflecting an 8.2% year-on-year increase [1] - North America's crude steel production is expected to reach 9 million tons, with a year-on-year increase of 5.4% [1] - Russia and other CIS countries, including Ukraine, are projected to produce 6.3 million tons of crude steel, down 3.9% year-on-year [1] - South America's crude steel production is expected to be 3.5 million tons, reflecting a year-on-year increase of 2.4% [1]

Core Viewpoint - The global crude steel production is projected to decline by 4.6% year-on-year in November 2025, totaling 1.401 billion tons across 70 countries/regions included in the World Steel Association statistics [1] Group 1: Regional Steel Production - Africa's crude steel production is expected to reach 2 million tons in November 2025, reflecting a year-on-year increase of 7.4% [1] - Asia and Oceania's crude steel production is projected to be 99.9 million tons, showing a year-on-year decrease of 7.1% [1] - The European Union (27 countries) is anticipated to produce 10.2 million tons of crude steel, down 3.5% year-on-year [1] - Other European countries are expected to see a crude steel production of 3.7 million tons, with a year-on-year increase of 9.8% [1] - The Middle East's crude steel production is forecasted at 5.5 million tons, up 8.2% year-on-year [1] - North America's crude steel production is projected to be 9 million tons, reflecting a year-on-year increase of 5.4% [1] - Russia and other CIS countries, including Ukraine, are expected to produce 6.3 million tons of crude steel, down 3.9% year-on-year [1] - South America's crude steel production is anticipated to reach 3.5 million tons, with a year-on-year increase of 2.4% [1]

Group 1 - The global crude steel production is projected to be 1.401 billion tons in November 2025, representing a year-on-year decrease of 4.6% [1]

黑色商品日报 黑色商品日报（2025 年 12 月 16 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 钢材 | 螺纹钢：昨天螺纹盘面震荡偏强，截止日盘螺纹 2605 合约收盘价格为 3074 元/吨，较上一交易收盘价格 上涨 14 元/吨，涨幅为 0.46%，持仓增加 2.06 万手。现货价格稳中有涨，成交回落，唐山地区迁安普方坯 | 窄幅整理 | | | 价格持平于 2940 元/吨，杭州市场中天螺纹价格上涨 10 元/吨至 3190 元/吨，全国建材成交量 10.12 万吨。 | | | | 据国家统计局数据，1-11 月固定资产投资增速同比下降 2.6%，其中基础设施投资同比下降 1.1%，制造业 | | | | 投资增长 1.9%，房地产开发投资下降 15.9%。1-11 月，中国粗钢产量 89167 万吨，同比下降 4.0%；生铁 | | | | 产量 77405 万吨，同比下降 2.3%；钢材产量 133277 万吨，同比增长 4.0%。总体看 11 投资数据继续走弱， | | | | 粗钢及生铁产量处于低位，钢材市场处于供需双弱局面。预计短期 ...

中钢协：11月中旬，21个城市5大品种钢材社会库存871万吨，环比减少22万吨，下降2.5%，库存呈连 续下降态势；比年初增加212万吨，上升32.2%；比上年同期增加187万吨，上升27.3%。 11月24日：本周城市总库存量为886.96万吨，较上周环比减少23.11万吨(-2.54%)；建筑钢材库存总量为 455.74万吨，较上周环比减少17.25万吨(-3.65%)。 11月25日，国内期市主力合约大面积飘红。其中，胶合板期货呈现窄幅偏强震荡，截至发稿，主力合约 报146.75元/吨，震荡走高0.10%。 美国钢铁协会（AISI）：截至11月22日当周美国钢铁产能利用率为76.9%。 据世界钢铁协会，2025年10月，全球粗钢产量为1.433亿吨，同比减少5.9%；2025年1-10月，全球粗钢 产量为15.176亿吨，同比减少2.1%。中国钢铁产量7200万吨，同比减少12.1%。 ...

2025年10月，非洲粗钢产量为200万吨，同比提高0.8%；亚洲和大洋洲粗钢产量为1.024亿吨，同比下降8.2%；欧盟(27国)粗钢产量为1080万吨，同比 下降3.5%；其他欧洲国家粗钢产量为360万吨，同比提高3.8%；中东粗钢产量为540万吨，同比提高9.2%；北美粗钢产量为910万吨，同比提高4.7%； 俄罗斯和其他独联体国家+乌克兰粗钢产量为640万吨，同比下降5.1%；南美粗钢产量为370万吨，同比下降1.1%。 表1：各地区粗钢产量 | | 2025年10月 | 同比 | 2025年1-10月 | 同比 | | --- | --- | --- | --- | --- | | | 自万吨 | (%) | 自万吨 | (%) | | 手册 | 2.0 | 0.8 | 19.3 | 3.8 | | 亚洲和大洋洲 | 102.4 | -8.2 | 1.119.0 | -2.2 | | 欧盟 (27国) | 10.8 | -3.5 | 105.7 | -3.4 | | 其他欧洲国家 | 3.6 | 3.8 | 35.3 | -3.2 | | 中东 | 5.4 | 9.2 | 46.1 | 2.8 | ...

Core Insights - In October 2025, China's crude steel production reached 71.997 million tons, representing a year-on-year decline of 12.1% [1] - From January to October 2025, the cumulative crude steel production totaled 817.874 million tons, down 3.9% compared to the same period last year [1] Provincial Production Data - In the first ten months of 2025, Hebei ranked first in crude steel production with 16.67859 million tons, followed by Jiangsu with 9.83761 million tons, and Shandong with 5.80004 million tons [1][2] - The October 2025 provincial crude steel production rankings showed Hebei leading with 1.22379 million tons, followed by Jiangsu at 0.83857 million tons, and Liaoning at 0.55405 million tons [2]

国家统计局14日公布的数据显示，10月份我国粗钢产量7200万吨，同比下降12.1%；1-10月份累计产量 81787万吨，同比下降3.9%。 （文章来源：新华财经） ...

Group 1 - The core viewpoint of the article highlights a decline in China's crude steel production, with a reported output of 0.8 million tons in August 2025, representing a year-on-year decrease of 0.7% [1] - Cumulative crude steel production from January to August 2025 reached 6.7 million tons, showing a cumulative decline of 2.8% compared to the previous year [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, indicating a trend of decreasing production in the crude steel industry [1] Group 2 - The article references several listed companies in the steel industry, including Baosteel Co., Ansteel Co., and others, which may be impacted by the declining production trends [1] - Zhiyan Consulting is identified as a leading industry consulting firm in China, specializing in in-depth industry research reports and providing comprehensive consulting services [1]

Core Insights - The World Steel Association reported that global crude steel production in August 2025 is projected to reach 145.3 million tons, reflecting a year-on-year increase of 0.3% [1] - For the first eight months of 2025, global crude steel production decreased by 1.7% compared to the same period last year, totaling 1.2306 billion tons [1] Regional Steel Production - In August 2025, Africa's crude steel production was 1.8 million tons, down 3.8% year-on-year [2][7] - Asia and Oceania produced 107.7 million tons, showing a slight increase of 0.4% [2][7] - The European Union (27 countries) saw a production of 8.8 million tons, down 2.8% [2][7] - Other European countries produced 3.7 million tons, up 2.1% [2][7] - The Middle East's production surged by 21.5% to 3.8 million tons [2][7] - North America produced 9.1 million tons, an increase of 1.6% [2][7] - Russia and other CIS countries, including Ukraine, produced 6.7 million tons, down 4.9% [2][7] - South America’s production was 3.6 million tons, down 5% [2][7] Country-Specific Production Changes - China experienced a slight decline of 0.7% in production [8] - India saw a significant increase of 13.2% [8] - The United States reported a production increase of 3.2% [8] - Japan's production decreased by 3.4% [8] - Russia's production fell by 4.6% [8] - South Korea's production decreased by 6.1% [8] - Germany faced a notable decline of 10.5% [8] - Iran's production increased by 17.9% [8]