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].

Core Insights - In July 2025, China's crude steel production reached 79.658 million tons, representing a year-on-year decrease of 4.0% [1] - From January to July 2025, the cumulative crude steel production was 594.465 million tons, down 3.1% compared to the same period last year [1] Provincial Production Data - In the first seven months of 2025, Hebei ranked first in crude steel production with 127.684 million tons, followed by Jiangsu with 71.953 million tons and Shandong with 41.625 million tons [3] - The July 2025 provincial crude steel production rankings showed Hebei leading with 16.520 million tons, Jiangsu second with 9.350 million tons, and Liaoning third with 5.982 million tons [2]

Core Insights - In July, China's crude steel production reached 79.66 million tons, a year-on-year decrease of 4.0% [1] - Cumulative crude steel production from January to July was 594.47 million tons, down 3.1% year-on-year [1] - In July, steel product output was 122.95 million tons, showing a year-on-year increase of 6.4% [1] - Cumulative steel product output from January to July was 860.47 million tons, up 5.1% year-on-year [1]

Core Insights - Global crude steel production in June 2025 reached 151.4 million tons, representing a year-on-year decline of 5.8% [1][2] Group 1: Regional Production Data - Africa's crude steel production was 1.7 million tons, an increase of 3.0% year-on-year [3] - Asia and Oceania produced 112.9 million tons, down 6.2% year-on-year [3] - The EU (27 countries) produced 10.4 million tons, a decrease of 8.2% year-on-year [3] - Other European countries produced 3.3 million tons, down 8.4% year-on-year [3] - The Middle East's production was 4.3 million tons, down 4.9% year-on-year [3] - North America produced 8.7 million tons, an increase of 1.2% year-on-year [3] - Crude steel production in Russia and other CIS countries, including Ukraine, was 6.7 million tons, down 8.8% year-on-year [3] - South America produced 3.5 million tons, an increase of 1.3% year-on-year [3] Group 2: Top Producing Countries - China produced 83.18 million tons, a decrease of 9.2% year-on-year [4] - India produced 13.6 million tons, an increase of 13.3% year-on-year [4] - Japan's production was 6.7 million tons, down 4.4% year-on-year [4] - The United States produced 6.9 million tons, an increase of 4.6% year-on-year [4] - Russia's estimated production was 5.6 million tons, down 7.4% year-on-year [4] - South Korea produced 5.0 million tons, down 1.8% year-on-year [4] - Turkey's production was 2.9 million tons, down 3.5% year-on-year [4] - Germany produced 2.7 million tons, a significant decline of 15.9% year-on-year [4] - Brazil's production was 2.8 million tons, down 0.5% year-on-year [5] - Iran's estimated production was 2.2 million tons, down 15.5% year-on-year [5]

Core Insights - Japan's crude steel production in May increased by 3.5% month-on-month to 6.83 million tons, but showed a year-on-year decline of 4.7% [1] Group 1 - The month-on-month growth indicates a recovery trend in production levels [1] - The year-on-year decline suggests ongoing challenges in the steel industry [1]

Report Overview - Report Type: Steel Daily Review [1] - Date: May 22, 2024 [2] - Research Team: Black Metal Research Team, including researchers Zhai Hepan, Nie Jiayi, and Feng Zeren [3] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - On May 21, the main contracts of rebar and hot-rolled coil futures 2510 oscillated, while the main contract of stainless steel futures 2507 oscillated upward. Currently, the fundamental contradictions of rebar and hot-rolled coil are small, and market sentiment has improved. In the short term, the futures prices will maintain an oscillating trend [5][10] 3. Summary by Relevant Catalogs 3.1 Market Conditions Review and Future Outlook 3.1.1 Spot Market Dynamics and Technical Trends - On May 21, the prices of rebar and hot-rolled coil in the spot market remained mostly unchanged, with only the hot-rolled coil price in Nanjing dropping by 10 yuan/ton. The daily KDJ indicators of the rebar and hot-rolled coil 2510 contracts showed a divergent downward trend, and the daily MACD red bars of both contracts shrank [8] 3.1.2 Future Outlook - Currently, the output of the five major steel products has slightly declined, inventory has increased, and the demand for rebar and hot-rolled coil has dropped from its peak. In terms of downstream demand, there are multiple signs of recovery in the real estate market. The steel demand in the automotive, shipbuilding, and machinery industries has generally maintained a high growth trend. Macroscopically, the Sino-US tariff situation has eased, the expectation of rush exports has increased significantly, and the expectation of downstream demand has recovered. In the future, the short-term futures prices will maintain an oscillating trend [10] 3.2 Industry News - In April 2025, China's crude steel output was 86.019 million tons, remaining flat year-on-year; from January to April, the cumulative crude steel output was 345.351 million tons, a year-on-year increase of 0.4%. From January to April 2025, Hebei ranked first with an output of 73.5503 million tons, followed by Jiangsu with 41.978 million tons and Shandong with 24.3396 million tons [11] - According to Mysteel, in May, HBIS Group's tender price for 75B ferrosilicon was set at 5,800 yuan/ton, down 150 yuan/ton from 5,950 yuan/ton in April, with an inquiry price of 5,700 yuan/ton [11] - As of May 19, the total inventory of imported iron ore at 47 ports in China was 146.2763 million tons, a decrease of 2.5825 million tons from the previous Monday [11] - On May 21, the capacity utilization rate of 104 electric furnace plants across the country surveyed by Fubao Information was 40.4%, an increase of 1.2 percentage points from the previous week. The daily consumption of scrap steel was 245,400 tons, an increase of 7,400 tons from the previous period, a growth rate of 3.1%. The daily consumption of electric furnaces has increased for three consecutive weeks, and the daily consumption level of 104 electric furnaces has reached a new high in nearly 18 months [11] 3.3 Data Overview - The report provides multiple data charts, including the social inventory of rebar and hot-rolled coil in major cities, the spot prices of rebar and hot-rolled coil in major markets, the weekly output of the five major steel products, the steel mill inventory of the five major steel products, the blast furnace operating rate and ironmaking capacity utilization rate, the electric furnace operating rate and capacity utilization rate, the national average daily pig iron output, the apparent consumption of the five major steel products, and the basis between the Shanghai rebar and hot-rolled coil spot and the May contracts [14][15][24][27][31]

Report Summary 1. Report Industry Investment Ratings No investment ratings are provided in the report. 2. Core Views - **Iron Ore**: Short - term bullish factors have been realized, and the upward driving force is slowing down [2][4]. - **Rebar and Hot - Rolled Coil**: Both are in low - level oscillations [2][7][8]. - **Silicon Ferrosilicon and Manganese Silicide**: Due to the resonance of the black - metal sector and the resumption of Australian ore shipments, they are in weak oscillations [2][13]. - **Coke and Coking Coal**: Both are in bottom - level oscillations [2][18]. - **Steam Coal**: With the increase in coal mine inventories, it is in a weak and oscillating state [2][22]. - **Logs**: In a weak oscillation [2][25]. 3. Summary by Related Catalogs Iron Ore - **Fundamental Tracking**: The futures closed at 725.0 yuan/ton, up 2.5 yuan/ton (0.35%). The import and domestic ore prices had minor changes, and the basis and spreads also showed different fluctuations [5]. - **Macro and Industry News**: On May 20, the 5 - year LPR was 3.5% (down from 3.6% last month), and the 1 - year LPR was 3% (down from 3.1% last month) [5]. - **Trend Intensity**: - 1, indicating a bearish trend [5]. Rebar and Hot - Rolled Coil - **Fundamental Tracking**: RB2510 closed at 3,058 yuan/ton, down 18 yuan/ton (-0.59%); HC2510 closed at 3,202 yuan/ton, down 12 yuan/ton (-0.37%). Spot prices in different regions had minor changes, and the basis and spreads also fluctuated [8]. - **Macro and Industry News**: South Korea continued to impose anti - dumping duties on stainless steel sheets from China, etc. In April 2025, China's crude steel output was 8602 million tons, with daily output down 4.3% month - on - month. From January to April, Hebei had the highest crude steel output [8][10]. - **Trend Intensity**: 0 for both, indicating a neutral trend [10]. Silicon Ferrosilicon and Manganese Silicide - **Fundamental Tracking**: Futures prices of different contracts decreased. Spot prices of silicon ferrosilicon and manganese silicide had different changes, and the price spreads also fluctuated [13]. - **Macro and Industry News**: In April 2025, China's silicon - manganese exports and imports, manganese ore imports data were released. South32 resumed Australian manganese ore exports, and NMT announced the June 2025 manganese ore shipment price to China [15][16]. - **Trend Intensity**: 0 for both, indicating a neutral trend [17]. Coke and Coking Coal - **Fundamental Tracking**: JM2509 closed at 838.5 yuan/ton, down 6.5 yuan/ton (-0.77%); J2509 closed at 1407.5 yuan/ton, down 20.5 yuan/ton (-1.44%). Spot prices and basis, spreads had different changes [18]. - **Price and Position Situation**: Northern port coking coal quotes and May 20 CCI metallurgical coal index were provided. On May 20, for JM2509, long positions increased by 6841 hands, short positions increased by 6888 hands; for J2509, long positions increased by 750 hands, short positions increased by 582 hands [18][19][20]. - **Trend Intensity**: 0 for both, indicating a neutral trend [21]. Steam Coal - **Previous Day's Domestic Market**: ZC2506 had no trading, with an opening price of 931.6 yuan/ton, a high of 931.6 yuan/ton, a low of 840.0 yuan/ton, and a closing price of 840.0 yuan/ton, down 51.4 yuan/ton from the previous settlement price [22]. - **Fundamentals**: Southern port and domestic origin quotes of steam coal were given. On May 20, for ZC2506, long and short positions both decreased by 0 hands [23]. - **Trend Intensity**: 0, indicating a neutral trend [24]. Logs - **Fundamental Tracking**: Futures prices, trading volumes, and open interests of different contracts had different changes. Spot prices of various types of logs in different regions were mostly stable [27]. - **Macro and Industry News**: From January to April 2025, China's real estate development investment decreased by 10.3% year - on - year [29]. - **Trend Intensity**: - 1, indicating a bearish trend [29].