2025年12月26日钼价和钢价一览 | | | 中鸽在线主要钥产品与钢材报价表 | | | | | --- | --- | --- | --- | --- | --- | | | | 2025年12月26日 | | | | | 产品名称 | | 规格/含量 | 中钨在线报价 | 涨跌 | 車位 | | | 領鉄 | Mo60 | 244,000.00 | ↑ 2,000 | 元/吨 | | | 領精矿 | 40-45% | 3,730.00 | r | 元/吨度 | | | 铝酸钠 | ≥98% | 173,000.00 | - | 元/吨 | | 书 | 四钥酸铵 | 级品 | 233,000.00 | - | 元/吨 | | 亡品 | 七辑酸铵 | 级品 | 238,000.00 | - | 元/吨 | | | 領粉 | MP-1 | 450.00 | - | 元/千克 | | | 钼条 | Mo-1 | 452.00 | - | 元/千克 | | | 氧化钼 | ≥51% | 3.830.00 | - | 元/吨度 | | | 废钼 | WWWWW10 VDCen37800 COM | | CH | ...

新华财经北京12月24日电中钢协发布2025年12月中旬重点企业钢材库存旬报。2025年12月中旬，重点统 计钢铁企业钢材库存量1601万吨，环比上一旬增加126万吨，增长8.6%；比年初增加364万吨，增长 29.5%；比上月同旬增加40万吨，增长2.6%；比去年同旬增加137万吨，增长9.4%，比前年同旬增加99 万吨，增长6.6%。 （文章来源：新华财经） ...

Report Information - Report Title: Steel Weekly Report 20251222 [2] - Report Type: Steel Industry Research - Analysts: Zhou Guisheng, Duan Yiwen [4] Industry Investment Rating - Not provided in the report Core Viewpoints - The steel market shows a situation of weak supply and demand, with steel prices fluctuating. The profitability of steel mills remains low, iron - water production continues to decline, and there is a transfer of iron - water production. Although the demand for rebar has rebounded, it will still weaken in the off - season. The inventory is being depleted, but the hot - rolled coil inventory still has pressure, with the fundamentals not improving and the end - user demand remaining weak. In the short term, the market will fluctuate [5][6]. Summary by Relevant Catalogs 1. Product Analysis - **Supply**: Rebar production increased, with the weekly production of major steel mills in the country reaching 181.68 tons (+2.9). Hot - rolled coil production decreased significantly, with a weekly production of 291.91 tons (-16.8) [5]. - **Demand**: Steel demand is seasonally weak. Last week, the apparent demand for rebar was 208.64 tons (+5.55), and that for hot - rolled coil was 298.28 tons (-13.69) [5]. - **Inventory**: Steel inventory is being depleted, but the hot - rolled coil inventory is depleting at a slower pace. The total rebar inventory is 452.54 tons (-26.96), the social inventory is 313 tons (-25.7), and the steel - mill inventory is 139.54 tons (-1.26). The total hot - rolled coil inventory is 390.72 tons (-6.37), the social inventory is 307.3 tons (-5.76), and the steel - mill inventory is 83.42 tons (-0.61) [5]. - **Basis**: The basis has narrowed. The basis of the rebar main contract is 181 yuan/ton (-29), and that of the hot - rolled coil main contract is 1 yuan/ton (-7) [5]. - **Summary**: The profitability rate of steel mills is 35.93%. Iron - water production continues to decline to 226.55 tons, with a week - on - week decrease of 2.65 tons. The blast - furnace operating rate is 78.47%, a week - on - week decrease of 0.16%. The blast - furnace capacity utilization rate is 84.93%, a week - on - week decrease of 0.99%. The EAF operating rate is 69.23%, a week - on - week increase of 1.5%. The EAF capacity utilization rate is 54.34%, a week - on - week increase of 1.57% [5]. 2. Price Information - As of December 19, the average price of rebar in major cities across the country is 3325 yuan/ton, a week - on - week increase of 36 yuan/ton. The average price of hot - rolled coils across the country is 3296 yuan/ton, a week - on - week increase of 12 yuan/ton [11]. 3. Raw Material Analysis - The cost side still has support. The price of quasi - first - grade metallurgical coke is 1480 yuan/ton (a week - on - week increase of 50), the price of main coking coal in Lvliang is 1500 yuan/ton (a week - on - week decrease of 5), and the price of 61.5% PB powder at Qingdao Port is 795 yuan/ton (a week - on - week increase of 13) [19]. 4. Production - Related Data - Iron - water production continues to decline, while the EAF operating rate is rising. The operating rate of blast furnaces in Tangshan has increased. As of December 19, the operating rate of blast furnaces in Tangshan is 92.71%, a week - on - week increase of 0.9% [22][32]. 5. Demand - Related Data - Rebar demand has rebounded, while hot - rolled coil demand has decreased significantly. As of December 19, the weekly average trading volume of rebar is 9.92 tons, and that of hot - rolled coil is 3.03 tons. The downstream cold - rolled production is 86.09 tons, a week - on - week decrease of 0.22 tons [42][48][53]. 6. Inventory Data - The inventory of main steel products has decreased. As of December 19, the billet inventory in Tangshan is 69.75 tons, a week - on - week increase of 6.09 tons. The inventory of main steel products is 906.69 tons, a week - on - week decrease of 35.29 tons [57]. 7. Export and Downstream Industry Data - **Export**: In November, steel exports were 998 tons, a month - on - month increase of 19.78 tons. From January to November, the cumulative steel export volume was 107.7 million tons, a year - on - year increase of 6.7%. In November, hot - rolled coil exports were 183.03 tons [69]. - **Automobile Industry**: In November, automobile production was 3.532 million vehicles, a month - on - month increase of 173,300 vehicles. Automobile sales were 3.429 million tons, a month - on - month increase of 106,900 tons. In November, new - energy vehicle production was 1.88 million vehicles, a month - on - month increase of 108,000 vehicles. New - energy vehicle sales were 1.823 million tons, a month - on - month increase of 108,000 tons [73]. - **Real Estate Industry**: From January to November, real - estate investment decreased by 15.9% year - on - year, the cumulative year - on - year decrease in new housing construction area was 20.5%, the cumulative year - on - year decrease in housing completion area was 18%, the year - on - year decrease in commercial housing sales area was 7.8%, the year - on - year decrease in commercial housing sales volume was 11.1%, and the year - on - year decrease in available funds was 11.9% [76].

Market Overview - This week, the black sector entered the contract roll - over period. The main contracts of rebar, hot - rolled coil, and coking coal were switched to the May contracts. The market showed mixed trends. The main contract of rebar rose 1.3% this week, hot - rolled coil rose 1%, iron ore fell 1%, coke rose 0.7%, and coking coal fell 1% [2]. - In terms of supply and demand, the supply and demand of rebar and hot - rolled coil both decreased, but their inventory performances were significantly different. Rebar destocking was normal, while hot - rolled coil destocking remained difficult and faced certain pressure. Pig iron output continued to decline. In December, many steel mills carried out maintenance and shutdowns, which had a greater impact on construction steel. The basis of rebar and hot - rolled coil was at a neutral level compared with the same period, and the driving force for basis repair was limited. Next week, the economic work conference will be held, and the content of the conference should be noted [2]. Steel Production Monthly Data (October 2025) | Product | Monthly Output (10,000 tons) | Monthly YoY (%) | Cumulative Output (10,000 tons) | Cumulative YoY (%) | | --- | --- | --- | --- | --- | | Pig Iron | 6555 | - 7.9 | 71137 | - 1.8 | | Crude Steel | 7200 | - 12.1 | 81787 | - 3.9 | | Steel Products | 11864 | - 0.9 | 121759 | 4.7 | | Steel Imports | 50 | - 6.2 | 504 | - 11.9 | | Steel Exports | 978 | - 12.3 | 9774 | 6.6 | [4] Weekly Data (December 5, 2025) | Product | Weekly Output (tons) | Output Change | Output Cumulative YoY | Weekly Consumption (tons) | Consumption Change | Consumption Cumulative YoY | Inventory (tons) | Inventory Change | Inventory YoY | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Rebar | 189310 | - 16770 | - 3% | 216980 | - 10960 | - 6% | 503800 | - 27670 | 13.84% | | Wire Rod | 80010 | - 2160 | - 7% | 83000 | - 7610 | - 8% | 101630 | - 2810 | 15% | | Hot - Rolled Coil | 314310 | - 4700 | 1% | 314860 | - 5360 | 1% | 400350 | - 550 | 31% | | Cold - Rolled Coil | 85520 | 760 | 1.73% | 87480 | 1380 | 0.96% | 167680 | - 1960 | 18.69% | | Medium and Heavy Plate | 159820 | - 3890 | 4.53% | 162030 | - 1280 | 4.39% | 192120 | - 2230 | 5.41% | | Total | 828950 | - 26760 | - 0.13% | 864000 | - 24000 | - 1.15% | 1366000 | - 35220 | 17.71% | [5] Steel Production Profit (December 4, 2025) | Region | Rebar - Blast Furnace Change | Rebar - Electric Furnace - Valley Electricity Change | Rebar - Electric Furnace - Flat Electricity Change | Hot - Rolled Coil - Blast Furnace Change | | --- | --- | --- | --- | --- | | East China | 112, 5 | 20, 0 | - 101, 0 | 114, 10 | | North China | 74, - 5 | 33, 0 | - 51, 0 | 19, 5 | | Central China | 175, 0 | 186, 5 | 55, 5 | 65, - 10 | [20] Steel Demand Building Materials Consumption - The cumulative year - on - year decline in the commercial housing transaction area of 30 large - and medium - sized cities was 8%, and the cumulative year - on - year decline in the land transaction area of 100 cities was 17% [27]. - The marginal improvement of cement outbound volume was observed. Currently, the cumulative year - on - year decline was 25%. The concrete shipment volume increased month - on - month, and the absolute level was comparable to the same period last year. Currently, the cumulative year - on - year decline was 8% [30]. Coil Consumption - In October, the steel export volume decreased month - on - month and was lower than the same period last year. After October, the domestic - foreign price difference declined again [36]. Steel Inventory Rebar Inventory - The rebar basis remained stable this week with limited fluctuations. After November, the basis usually weakens. In the past, the basis convergence stage was usually characterized by the upward oscillation of the futures market. Currently, the rebar output was lower than the same period last year. It was expected that the inventory would enter the normal destocking stage later, the supply - demand contradiction was not prominent, and the basis was expected to remain stable [50]. Hot - Rolled Coil Inventory - The basis of the hot - rolled coil 01 contract remained stable but showed a weakening trend. This week, the hot - rolled coil inventory remained stable, and the inventory in East China decreased slightly. The recent difficult destocking of hot - rolled coil exerted certain pressure on the spot market, leading to the weakening of the basis [54]. Spread Analysis - The 1 - 5 spread of rebar slightly declined from near the flat - water level this week. The recent decline in rebar inventory and the decrease in the year - on - year inventory growth rate were beneficial for the spread to go positive. After the main contract roll - over of rebar was completed, the inventory in East China was still high, and the 1 - 5 spread might have some room to weaken [60]. - The 1 - 5 spread of hot - rolled coil slightly weakened and re - entered the contango structure. The overall high inventory of hot - rolled coil suppressed the spread [64]. Strategy Suggestion - Currently, steel lacks obvious market - driving factors. After entering the off - season of demand, macro - events and expectations are usually important sources of market logic. However, the current policy environment is rather calm and difficult to boost the market. From the fundamental perspective, apart from the production cuts and restrictions of steel mills in December, there is also a lack of upward - driving factors. The high inventory of hot - rolled coil creates a downward - driving force, but the overall demand for coils is not bad. Therefore, the current contradictions are limited, and the market lacks themes for directional trading, and may continue to fluctuate within a range. This week, steel prices rose to near the previous high, and the room for further upward movement may be rather limited. Attention should be paid to the risk of decline [2].

Group 1 - The total inventory of steel materials in 135 warehouses across 38 cities in the country is 8.7276 million tons as of December 1, showing a decrease of 142,000 tons (-1.60%) compared to the previous week [1] Group 2 - The total inventory of construction steel is 4.3645 million tons, which is a decrease of 192,900 tons (-4.23%) from the previous week, covering 79 warehouses in 30 cities [3] - The total inventory of hot-rolled coils is 2.3198 million tons, reflecting an increase of 23,100 tons (+1.01%) compared to the previous week, across 47 warehouses in 15 cities [3] - The total inventory of medium and heavy plates is 772,000 tons, with an increase of 14,500 tons (+1.91%) from the previous week, including 14 warehouses in 9 cities [3] - The total inventory of cold-rolled and coated steel is 1.2713 million tons, which is an increase of 13,300 tons (+1.06%) compared to the previous week, covering 14 warehouses in 5 cities [3]

Report Industry Investment Rating - The investment rating for the steel industry is "Neutral, Attention" [1] Core View of the Report - This week, the commodity market remained in an adjustment pattern, with finished product prices fluctuating at the bottom. Fundamentally, both supply and demand of rebar declined, and inventory continued to decrease, showing a neutral performance. For hot-rolled coils, production increased, apparent demand declined slightly, and inventory decreased only slightly. South Korea's decision to impose anti-dumping duties on Chinese steel products may pressure China's steel exports. Steel demand has entered the seasonal off-season, and there is still inventory pressure on hot-rolled coils. Attention should be paid to the actual implementation of production reduction. Macroscopically, the Fed's interest rate meeting and the Politburo meeting in early December require continuous tracking of policy directions and potential impacts [10][11] Summary by Relevant Catalogs 1. Week - on - Week Assessment and Strategy Recommendation Supply - side - This week, the total rebar production was 2.06 million tons, a week - on - week decrease of 0.90% and a year - on - year decrease of 11.86%. The cumulative production was 101.7325 million tons, a year - on - year decrease of 2.60%. Long - process production was 1.77 million tons, a week - on - week decrease of 2.45% and a year - on - year decrease of 13.67%. Short - process production was 0.29 million tons, a week - on - week increase of 9.52% and a year - on - year increase of 0.86%. The daily average hot metal production was 2346800 tons, and the decline of hot metal this week slightly exceeded expectations. Rebar production decreased slightly, and the supply - side pressure was low [6] Demand - side - This week, the apparent demand for rebar was 2.28 million tons, a week - on - week decrease of 1.3% and a year - on - year increase of 1.3%. The cumulative demand was 100.43 million tons, a year - on - year decrease of 5.1%. Demand declined slightly this week, showing a neutral - weak performance [7][8] Import and Export - In October, the import of steel billets was 30000 tons [9] Inventory - This week, the social inventory of rebar was 3.85 million tons, a week - on - week decrease of 3.8% and a year - on - year increase of 29.8%. The factory inventory was 1.47 million tons, a week - on - week decrease of 4.3% and a year - on - year decrease of 1.3%. The total inventory was 5.31 million tons, a week - on - week decrease of 4.0% and a year - on - year increase of 19.4%. Rebar inventory continued to decrease, and the current inventory trend was relatively healthy [9] Profit - The hot metal cost was 2691 yuan/ton, the blast furnace profit was - 19 yuan/ton, and the average profit of independent electric arc furnace steel mills was - 63 yuan/ton [9] Basis - The lowest warehouse receipt basis was 87 yuan/ton, and the basis rate was 2.7% [10] 2. Futures and Spot Market - The 01 - contract basis was 87 yuan/ton, the 05 - contract basis was 75 yuan/ton, and the 10 - contract basis was 36 yuan/ton. The spread between rebar 01 - 05 was - 12 yuan/ton, the spread between rebar 05 - 10 was - 39 yuan/ton, and the spread between rebar 10 - 01 was 51 yuan/ton. The Beijing hot - rolled coil and rebar spread was 130 yuan/ton (last week: 110 yuan/ton), the Shanghai spread was 30 yuan/ton (unchanged from last week), and the Guangzhou spread was - 160 yuan/ton (last week: - 110 yuan/ton). The Shanghai - Beijing rebar spread was 20 yuan/ton (last week: 0 yuan/ton), and the Guangzhou - Shanghai spread was 133 yuan/ton (last week: 83 yuan/ton). The Beijing wire rod premium was 210 yuan/ton (last week: 220 yuan/ton), the Shanghai premium was 180 yuan/ton (unchanged from last week), and the Guangzhou premium was 190 yuan/ton (last week: 180 yuan/ton) [19][21][24] 3. Profit - The electric furnace profit was - 63 yuan/ton, a week - on - week increase of 51 yuan/ton. The rebar blast furnace profit was - 19 yuan/ton, a week - on - week increase of 11 yuan/ton. The scrap steel arrival cost was 2186 yuan/ton, the hot metal cost was 3231 yuan/ton, and the average hot metal cost of 64 steel mills was 2691 yuan/ton [38][48] 4. Supply - side Weekly Production - This week, the total rebar production was 2.06 million tons, a week - on - week decrease of 0.9%, a year - on - year decrease of 11.9%. The cumulative production was 101.732 million tons, a year - on - year decrease of 2.6%. Long - process production was 1.77 million tons, a week - on - week decrease of 2.4%, a year - on - year decrease of 13.7%. Short - process production was 0.29 million tons, a week - on - week increase of 9.5%, a year - on - year increase of 0.9% [52] Capacity Utilization - This week, the blast furnace capacity utilization rate was 89% (unchanged from the previous value), and the electric furnace capacity utilization rate was 53% (previous value: 52%) [55] Hot Metal Production - This week, the daily average hot metal production was 2.36 million tons (unchanged from the previous value) [59] Regional Production - The rebar production in the northern region was 0.46 million tons (unchanged from the previous value), and in the southern region was 0.77 million tons (previous value: 0.78 million tons). The rebar production in East China was 0.83 million tons, in Jiangsu was 0.34 million tons, in Shandong was 0.08 million tons, and in Anhui was 0.17 million tons. The rebar production in Guangdong was 0.23 million tons, and in Guangxi was 0.07 million tons [63][66][69] 5. Demand - side - The building materials trading volume was 117741 tons (last week: 105098 tons), and the Shanghai building materials trading volume was 19100 tons (unchanged from last week). The weekly consumption of rebar was 2.28 million tons, and in East China was 0.9 million tons. The weekly consumption of rebar in Southwest China was 0.37 million tons, in South China was 0.36 million tons, in North China was 0.19 million tons, in Central China was 0.18 million tons, in Northeast China was 0.12 million tons, and in Northwest China was 0.16 million tons [72][80][82] 6. Inventory - This week, the social inventory of rebar was 3.85 million tons, a week - on - week decrease of 3.8%, a year - on - year increase of 29.8%. The factory inventory was 1.47 million tons, a week - on - week decrease of 4.3%, a year - on - year decrease of 1.3%. The total inventory was 5.31 million tons, a week - on - week decrease of 4.0%, a year - on - year increase of 19.4%. The steel billet inventory in Tangshan was 1.16 million tons (unchanged from the previous value). The 132 - city social rebar inventory was 5.46 million tons, the East China social inventory was 2.92 million tons, the Hangzhou social inventory was 0.89 million tons, and the Shanghai social inventory was 0.35 million tons. The South China social inventory was 0.51 million tons, the North China social inventory was 0.69 million tons, the Guangzhou social inventory was 0.12 million tons, and the Beijing social inventory was 0.27 million tons. The Central China social inventory was 0.38 million tons, the Northwest social inventory was 0.45 million tons, the Wuhan social inventory was 0.16 million tons, and the Xi'an social inventory was 0.19 million tons. The Southwest social inventory was 0.49 million tons, the Northeast social inventory was 0.34 million tons, the Chengdu social inventory was 0.21 million tons, and the Chongqing social inventory was 0.14 million tons [90][92][95]

Core Viewpoint - The rebar futures market shows a strong performance with the main contract at 3106.00 CNY/ton, up by 0.58% as of November 28 [1] Group 1: Market Statistics - On November 28, the price of rebar from Zhongtian is 3220 CNY/ton, with a daily shipment of 47,000 tons, an increase of 5,000 tons compared to the same period last week [2] - Rebar inventory in Hangzhou is at 920,000 tons, down by 13,000 tons from the same period last week [2] - For the week ending November 27, rebar production is 2.0608 million tons, a decrease of 18,800 tons, or 0.90%, while apparent demand is 2.2794 million tons, down by 28,500 tons, or 1.23% [2] Group 2: Production and Maintenance - From December 2, Lianan Steel will conduct maintenance on its Anyuan No. 1-3 blast furnaces and rolling lines for 25 days, expected to impact construction material production by 100,000 tons [2] - Changsha's resource supply will be reduced to 70% capacity [2] - Lian Steel will maintain production at three blast furnaces, while Lian Steel will conduct maintenance on its 2200m blast furnace for 34 days starting December 2, affecting rebar and hot/cold rolled production [2] Group 3: Institutional Insights - Zhengxin Futures indicates that steel mills continue to increase production, with inventory reduction remaining strong, leading to a fluctuating steel price [3] - Demand for rebar is showing a month-on-month increase due to higher concrete shipments, while demand for sheet metal remains weak [3] - Guodu Futures notes that the steel market has entered a "dual weak" seasonal balance, with overall contradictions not being prominent, suggesting a short-term fluctuating market without clear directional drivers [3]

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%。 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The supply and demand of steel products have both increased, and steel prices are expected to fluctuate in the short - term. The profitability of steel mills is declining, and the terminal demand is still weak. Although the apparent demand has rebounded, the sustainability of the demand improvement is questionable due to seasonal factors. The cost side still provides support [5][6]. 3. Summary by Relevant Sections 3.1 Steel Product Supply and Demand - **Supply**: The weekly output of rebar from major steel mills nationwide was 2.0796 million tons (+79,600 tons), and the weekly output of hot - rolled coils was 3.1601 million tons (+23,500 tons). Some steel mills have resumed production, increasing the supply pressure [5]. - **Demand**: The apparent demand for rebar and hot - rolled coils has rebounded. Last week, the apparent demand for rebar was 2.3079 million tons (+144,200 tons), and the apparent demand for hot - rolled coils was 3.2442 million tons (+108,300 tons). However, the sustainability of the demand improvement is questionable due to seasonal factors, and the terminal demand is still weak [5]. 3.2 Inventory - **Rebar**: The total inventory of rebar was 5.5334 million tons (-228,300 tons), the social inventory was 4.0002 million tons (-157,300 tons), and the steel mill inventory was 1.5332 million tons (-71,000 tons) [8]. - **Hot - rolled Coils**: The total inventory of hot - rolled coils was 4.0211 million tons (-84,100 tons), the social inventory was 3.2409 million tons (-89,100 tons), and the steel mill inventory was 780,200 tons (+5,000 tons) [8]. 3.3 Price - **Spot Price**: As of November 21, the average national summary price of rebar was 3,268 yuan/ton, up 26 yuan/ton from last week; the average national summary price of hot - rolled coils was 3,309 yuan/ton, up 5 yuan/ton from last week [11]. - **Basis**: As of November 21, the basis of the rebar main contract was 163 yuan/ton (+26), and the basis of the hot - rolled coil main contract was 0 yuan/ton (-4) [8][14]. 3.4 Raw Materials - **Price**: The price of quasi - first - grade metallurgical coke was 1,480 yuan/ton (-50 yuan/ton), the price of main coking coal in Lvliang was 1,645 yuan/ton (unchanged), and the price of 61.5% PB powder at Qingdao Port was 788 yuan/ton (+6 yuan/ton) [16]. 3.5 Production Indicators - **Iron Water Production**: The iron water output was 2.3628 million tons, a decrease of 6,000 tons from the previous period [8][20]. - **Blast Furnace and Electric Furnace Indicators**: As of November 21, the blast furnace operating rate decreased by 0.62% month - on - month, the electric furnace operating rate increased by 1% month - on - month, the blast furnace capacity utilization rate decreased by 0.22% month - on - month, and the electric furnace capacity utilization rate decreased by 1.62% month - on - month [8]. - **Steel Mill Profitability**: As of November 21, the profitability of steel mills was 37.66%, a decrease of 1.3% from the previous period [8][24]. - **Tangshan Blast Furnace Operating Rate**: As of November 21, the blast furnace operating rate in Tangshan was 91.20%, unchanged from the previous period [29]. 3.6 Other Market Data - **Steel Export**: In October, steel exports were 9.78 million tons, a decrease of 690,000 tons from the previous month; from January to October, the cumulative steel export volume was 97.737 million tons, a cumulative year - on - year increase of 6.6% [65]. - **Automobile Production and Sales**: In September, automobile production was 3.276 million vehicles, an increase of 466,000 vehicles from the previous month; automobile sales increased by 369,400 tons from the previous month. The production of new energy vehicles was 1.617 million vehicles, an increase of 226,000 vehicles from the previous month; new energy vehicle sales increased by 209,000 tons from the previous month [69]. - **Real Estate Data**: From January to September, national real estate development investment decreased by 13.9% year - on - year, the new construction area of houses decreased by 18.9%, the completed area of houses decreased by 15.3%, the sales area of newly built commercial housing decreased by 5.5%, the sales amount of newly built commercial housing decreased by 7.9%, and the funds in place for development enterprises decreased by 8.4% [71][72].

Core Insights - The total inventory of steel materials in 38 cities across the country has decreased by 30,900 tons week-on-week, reaching 9.3332 million tons, a decline of 0.33% [1] Inventory Breakdown - The total inventory of construction steel is 4.8292 million tons, which is a decrease of 43,300 tons week-on-week (-0.89%), covering 30 cities and 79 warehouses [1] - The total inventory of hot-rolled coils is 2.4768 million tons, down by 11,800 tons week-on-week (-0.47%), including 15 cities and 47 warehouses [1] - The total inventory of medium and heavy plates has increased by 20,000 tons week-on-week (+2.70%), totaling 762,000 tons, across 9 cities and 14 warehouses [1] - The total inventory of cold-rolled and coated products has risen by 4,200 tons week-on-week (+0.33%), amounting to 1.2652 million tons, covering 5 cities and 14 warehouses [1]