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]

9月24日，世界钢铁协会发布2025年8月全球粗钢产量。数据显示，2025年8月全球70个纳入世界钢铁协会统计国家/地区的粗钢产量为1.453亿吨，同比增长 0.3%。1-8月份全球粗钢产量同比下降1.7%，为12.306亿吨。 各地区粗钢产量 2025年8月，非洲粗钢产量为180万吨，同比下降3.8%；亚洲和大洋洲粗钢产量为1.077亿吨，同比提高0.4%；欧盟(27国)粗钢产量为880万吨，同比下降 2.8%；其他欧洲国家粗钢产量为370万吨，同比提高2.1%；中东粗钢产量为380万吨，同比提高21.5%；北美粗钢产量为910万吨，同比提高1.6%；俄罗斯和 其他独联体国家+乌克兰粗钢产量为670万吨，同比下降4.9%；南美粗钢产量为360万吨，同比下降5%。 | 地区 | 8月 2025 | | --- | --- | | 非洲地区 | -3.8 | | 亚洲和太平洋 | 0.4 | | 欧盟 (27) | -2.8 | | 欧盟其它地区 | 2.1 | | 中东地区 | 21.5 | | 北美洲 | 1.6 | | 俄罗斯与其他独联体国家(4)+乌克兰 | -4.9 | | 南美洲 | -5.0 | ...

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]

日本5月粗钢产量环比增长3.5%至683万吨，同比下降4.7%。 ...