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]

Group 1 - The core viewpoint indicates that China's crude steel production in August 2025 reached 77.369 million tons, reflecting a year-on-year decrease of 0.7% [1] - From January to August 2025, the cumulative crude steel production was 671.806 million tons, showing a year-on-year decline of 2.8% [1] Group 2 - In terms of provincial production, Hebei ranked first with a production of 141.9863 million tons from January to August 2025 [1] - Jiangsu followed in second place with a production of 81.1929 million tons [1] - Shandong secured the third position with a production of 47.2859 million tons [1]

Core Insights - In August 2025, China's crude steel production reached 77.369 million tons, representing a year-on-year decrease of 0.7% [1] - From January to August 2025, the cumulative crude steel production totaled 671.806 million tons, showing a year-on-year decline of 2.8% [1] Provincial Data - In the first eight months of 2025, Hebei province led in crude steel production with 141.9863 million tons [1] - Jiangsu province ranked second with a production of 81.1929 million tons [1] - Shandong province came in third with a production of 47.2859 million tons [1]

Report Title - The report is titled "Black Metal Weekly - Steel Products" [1] Report Date - The report is dated September 15, 2025 [3] Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoint - The game in the steel market intensifies, and the market will continue to fluctuate. After the military parade, the supply pressure quickly rebounds due to the recovery of production. The current supply - demand gap remains at a relatively high level, lacking the impetus for a rebound. After the contraction of ton - steel profit, the driving force for further decline slows down, and the raw material varieties are significantly differentiated. In the short term, it is still mainly about squeezing profits, and the difficulty of unilateral operation increases. Attention should be paid to the cost fluctuations, and cautious operation is recommended [6][8] Summary by Relevant Catalogs 1. Supply and Demand Fundamentals Price - As of Friday, the price of rebar in East China's Shanghai was 3190 yuan/ton, down 10 yuan/ton week - on - week; the price of hot - rolled coil in Shanghai was 3400 yuan/ton, up 30 yuan/ton week - on - week [7] Production - As of September 11, the overall output of five major steel products decreased by 3.41 tons. The output of rebar decreased by 6.75 tons, and the output of hot - rolled coil increased by 10.9 tons. The 247 - steel - enterprise blast furnace capacity utilization rate was 90.2% on September 12, up 5.12% from September 5, and the daily average molten iron output was 240.6 tons, up 5.12% [7][12][42] Inventory - As of September 11, the factory inventory of five major steel products decreased by 3.5 tons, and the social inventory increased by 17.41 tons. The rebar factory inventory was 166.63 tons (-4.71), the social inventory was 487.23 tons (+18.57), and the total inventory was 653.86 tons (+13.86). The hot - rolled coil factory inventory increased by 0.9 tons, the social inventory decreased by 1.92 tons, and the total inventory decreased by 1.02 tons [7][12][72] Demand - The apparent demand for five major steel products was 843.33 tons, up 15.5 tons week - on - week. The apparent demand for hot - rolled coil was 326.16 tons, up 20.8 tons week - on - week [7][75] Scrap Steel - As of September 11, the price of scrap steel in Zhangjiagang was 2080 yuan/ton, up 10 yuan/ton week - on - week. The capacity utilization rate of 89 independent electric arc furnace enterprises was 35.1%, up 1 percentage point. The daily consumption of 255 sample steel mills was 54.7 tons, up 0.62 tons. The daily arrival of 255 sample steel mills was 48.5 tons, down 2.04 tons (a 4% decrease), and the scrap steel inventory of 255 steel enterprises was 428.5 tons, down 14.07 tons (a 3.2% decrease) [8] 2. Macroeconomic Data Steel Output - In 2024, the national crude steel output was 1.005 billion tons, a decrease of 13.99 million tons (a 1.7% decrease) compared with 2023; the pig iron output was 852 million tons, a decrease of 13.27 million tons (a 2.3% decrease) compared with 2023. From January to July 2025, the cumulative pig iron output was 506 million tons, a decrease of 1.3% compared with the same period in 2024, and the cumulative crude steel output was 595 million tons, a decrease of 3.1% compared with the same period in 2024 [18] Financial Data - In July 2025, the newly - added medium - and long - term loans of enterprises (institutions) decreased by 39 billion yuan year - on - year, and the newly - added scale turned negative for the first time since September 2016 [20] PMI - The PMI in August 2025 was 49.4% [23] Investment Data - From January to July 2025, the national fixed - asset investment (excluding rural households) was 2.88229 trillion yuan, a year - on - year increase of 1.6%. In July, infrastructure investment (excluding electricity, heat, gas, and water production and supply industries) decreased by 5.07% year - on - year, manufacturing investment decreased by 0.25% year - on - year, and real estate development investment decreased by 17% [26] Real Estate Data - From January to July, the floor area under construction of real estate development enterprises was 6.38731 billion square meters, a year - on - year decrease of 9.2%, the newly - started floor area was 352.06 million square meters, a year - on - year decrease of 19.4%, and the completed floor area was 250.34 million square meters, a year - on - year decrease of 16.5% [29] 3. Arbitrage Strategy Tracking - The spread between hot - rolled coil and rebar remained at a high level this week [39]

Core Insights - The World Steel Association reported a global crude steel production of 150.1 million tons in July 2025, reflecting a year-on-year decrease of 1.3% [1][4]. Regional Steel Production - Africa's crude steel production was 1.9 million tons in July 2025, down 2.0% year-on-year [3][4]. - Asia and Oceania produced 110.4 million tons, a decline of 1.9% year-on-year [3][4]. - The European Union (27 countries) saw a production of 10.2 million tons, down 7.0% year-on-year [3][4]. - Other European countries produced 3.6 million tons, an increase of 2.6% year-on-year [3][4]. - The Middle East's production reached 4.4 million tons, up 27.7% year-on-year [3][4]. - North America produced 9.4 million tons, an increase of 5.8% year-on-year [3][4]. - Russia and other CIS countries, including Ukraine, produced 6.7 million tons, down 5.1% year-on-year [3][4]. - South America produced 3.6 million tons, a decrease of 4.5% year-on-year [3][4]. Top Producing Countries - China produced 79.7 million tons in July 2025, a decrease of 4.0% year-on-year [7][8]. - India’s production was 14.0 million tons, reflecting a significant increase of 14.0% year-on-year [7][8]. - Japan produced 6.9 million tons, down 2.5% year-on-year [7][8]. - The United States produced 7.1 million tons, an increase of 4.8% year-on-year [7][8]. - Russia's estimated production was 5.7 million tons, down 2.4% year-on-year [7][8]. - South Korea produced 5.3 million tons, a decrease of 4.7% year-on-year [7][8]. - Turkey's production was 3.2 million tons, up 4.2% year-on-year [7][8]. - Germany produced 2.7 million tons, down 13.7% year-on-year [7][8]. - Brazil's estimated production was 2.9 million tons, down 5.5% year-on-year [7][8]. - Iran produced 2.2 million tons, a notable increase of 29.7% year-on-year [7][8].