Group 1 - The core viewpoint of the article highlights the trends in China's steel import and export activities, indicating a slight increase in imports and a notable increase in exports in November 2025 [1] - In November 2025, China's steel imports amounted to 500,000 tons, representing a year-on-year increase of 4.9%, while the import value was $80.9 million, showing a year-on-year decrease of 6.3% [1] - In the same month, China's steel exports reached 9.98 million tons, which is a year-on-year increase of 7.6%, with an export value of $6.945 billion, reflecting a year-on-year growth of 4.3% [1] Group 2 - The article references a report by Zhiyan Consulting titled "Analysis of the Competitive Landscape and Investment Development Research of China's Steel Deep Processing Industry from 2026 to 2032," indicating ongoing research and analysis in the steel industry [1] - A list of publicly listed companies in the steel sector is provided, including names such as Vanadium Titanium Co., CITIC Special Steel, and Baosteel, among others, suggesting a diverse market landscape [1]

Group 1: Report Industry Investment Ratings - No clear industry - wide investment ratings are provided in the report. Group 2: Core Views - The report provides trend forecasts for various commodities in the black series on November 18, 2025. Iron ore and logs are expected to fluctuate repeatedly; rebar, hot - rolled coils, ferrosilicon, and silicomanganese are expected to have a strong - biased oscillation, with ferrosilicon's bias due to continuous production cuts in the main production areas and silicomanganese's due to sector sentiment disturbances; coke and coking coal are expected to have a wide - range oscillation [2]. Group 3: Summaries by Commodity Iron Ore - **Fundamentals**: The previous day's futures price was 788.5 yuan/ton, up 16 yuan (2.07%). Imported ore prices generally rose, while domestic ore prices fell. Some basis and spread values changed [4]. - **Macro and Industry News**: In October, the added value of large - scale industries increased by 4.9% year - on - year, 0.17% month - on - month, and 6.1% from January to October [5]. - **Trend Intensity**: 0 (neutral) [5]. Hot - Rolled Coils - **Fundamentals**: The previous day's HC2601 futures price was 3,302 yuan/ton, up 51 yuan (1.57%). Spot prices in various regions rose. Some basis and spread values changed [8]. - **Macro and Industry News**: According to the November 13th weekly data from Steel Union, in terms of production, rebar decreased by 8.54 tons, hot - rolled coils by 4.5 tons; in terms of total inventory, rebar decreased by 16.37 tons, hot - rolled coils increased by 0.07 tons; in terms of apparent demand, rebar decreased by 2.15 tons, hot - rolled coils by 0.71 tons [9]. - **Trend Intensity**: 1 (strong - biased) [11]. Ferrosilicon and Silicomanganese - **Fundamentals**: Futures prices of ferrosilicon and silicomanganese rose. Spot prices of ferrosilicon and silicomanganese in Inner Mongolia were 5,200 yuan/ton and 5,600 yuan/ton respectively. Some basis, near - far month spread, and cross - variety spread values changed [14]. - **Macro and Industry News**: Ningxia Zhongwei Yuexin overhauled a 25,500kva ferrosilicon furnace, reducing daily output by about 70 tons. As of November 14th, the total manganese ore inventory decreased by 12.05 tons. There were price changes in ferrosilicon and silicomanganese in different regions, and electricity prices in some areas fluctuated. Some companies finalized ferrosilicon procurement prices [14][15][16]. - **Trend Intensity**: 0 (neutral) [17]. Coke and Coking Coal - **Fundamentals**: The previous day's JM2601 coking coal futures price was 1,210 yuan/ton, up 18 yuan (1.5%); J2601 coke futures price was 1,710 yuan/ton, up 40.5 yuan (2.4%). Spot prices remained mostly unchanged. Some basis and spread values changed [18]. - **Macro and Industry News**: The National Development and Reform Commission organized a video conference on energy supply guarantee for the 2025 - 2026 heating season [19]. - **Trend Intensity**: 0 (neutral) [19]. Logs - **Fundamentals**: Futures prices of different contracts remained mostly unchanged. Spot prices of various types of logs in different regions remained stable. Some basis and spread values changed [21]. - **Macro and Industry News**: The General Administration of Customs decided to abolish the announcement on suspending the import of US logs from November 10, 2025 [23]. - **Trend Intensity**: 0 (neutral) [23].

1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core View of the Report - The marginal impact of the macro - environment on the steel industry is weakening, and steel prices will continue to fluctuate within a range [1]. 3. Summary According to Related Catalogs 2.1 Fundamental Situation - **Price and Basis**: The report presents season - based price charts of Shanghai 20mm rebar and 4.75mm hot - rolled coil, as well as the basis season charts of rebar and hot - rolled coil 01 contracts in Shanghai [9][10][12]. - **Contract Spreads**: It includes the 01 - 05 contract spreads of rebar and hot - rolled coil, and the spread between the main contracts of hot - rolled coil and rebar [14][15][16]. - **Profit**: The report shows the 01 - contract disk profits of rebar and hot - rolled coil [22]. - **Production**: Statistics on monthly pig iron and crude steel production, 247 steel mills' daily average hot - metal output, and the capacity utilization rate of 89 independent electric arc furnaces are provided [24][25][34]. - **Import and Export**: Data on steel and billet import quantities, steel and billet export quantities, and the export profits of Indian and Japanese hot - rolled coils are presented [36][59]. - **Demand and Inventory**: Information on the weekly apparent demand and total inventory of five major steel products, as well as the inventory of billets in the Tangshan area, is included [44][51]. 2.2 November Market Outlook - Although no specific outlook content is provided, the report is expected to analyze the market trend of the steel industry in November based on the previous fundamental data. 2.3 Macroeconomic and Downstream Industry Indicators - **Financial Indicators**: Data on new social financing scale, new RMB loans, and the loan demand index for infrastructure are presented [74][93]. - **Real Estate Indicators**: Information on the cumulative year - on - year growth rate of fixed - asset investment, land transaction area in 100 large and medium - sized cities, monthly year - on - year growth rate of commercial housing sales area, and new housing starts area is provided [76][81]. - **Infrastructure Indicators**: Data on the cumulative year - on - year growth rate of infrastructure fixed - asset investment, monthly year - on - year growth rate of infrastructure construction investment, and cement direct - supply volume for infrastructure are presented [96][99]. - **Manufacturing Indicators**: Information on the performance of various sub - items of the PMI, cumulative year - on - year growth rate of industrial enterprise profits, and monthly year - on - year growth rate of industrial added value is provided [105][108]. - **Downstream Industry Production**: Data on the monthly production of automobiles, civil steel ships, excavators, metal containers, refrigerators, and air conditioners are presented [119][125].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Both rebar and hot-rolled coil are facing a combination of weak current situations and weakening expectations, and steel prices may experience a slight correction [1] 3. Summary by Related Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Data - Rebar futures (RB2601) closed at 3,103 yuan/ton yesterday, up 16 yuan/ton or 0.52%. The trading volume was 1,039,362 lots, and the open interest was 1,926,153 lots, an increase of 18,024 lots [1] - Hot-rolled coil futures (HC2601) closed at 3,285 yuan/ton yesterday, up 12 yuan/ton or 0.37%. The trading volume was 414,002 lots, and the open interest was 1,397,651 lots, an increase of 23,065 lots [1] 3.1.2 Spot Price Data - Rebar spot prices in Hangzhou, Shanghai, Beijing, and Guangzhou were 3,300 yuan/ton, 3,250 yuan/ton, 3,180 yuan/ton, and 3,310 yuan/ton respectively. The prices in Hangzhou, Shanghai, and Beijing increased by 10 yuan/ton, while the price in Guangzhou remained unchanged [1] - Hot-rolled coil spot prices in Shanghai, Hangzhou, Tianjin, and Guangzhou were 3,350 yuan/ton, 3,380 yuan/ton, 3,290 yuan/ton, and 3,320 yuan/ton respectively. The prices in Shanghai and Tianjin remained unchanged, while the price in Hangzhou increased by 10 yuan/ton [1] - The price of Tangshan steel billet was 2,970 yuan/ton, up 10 yuan/ton [1] 3.1.3 Basis and Spread Data - The basis of RB2601 was 147 yuan/ton, up 3 yuan/ton. The basis of HC2601 was 65 yuan/ton, up 1 yuan/ton [1] - The spread between RB2601 and RB2605 was -56 yuan/ton, up 7 yuan/ton. The spread between HC2601 and HC2605 was 110 yuan/ton, up 33 yuan/ton [1] - The spread between HC2601 and RB2601 was 182 yuan/ton, down 8 yuan/ton. The spread between HC2605 and RB2605 was 133 yuan/ton, down 1 yuan/ton [1] - The spot spread between hot-rolled coil and rebar was 3 yuan/ton, down 10 yuan/ton [1] 3.2 Macro and Industry News - On October 10, 2025, the US announced export controls on rare earths and other related items from China, imposing a 100% tariff and implementing export controls on all key software [1][3] - In August 2025, China exported 9.51 million tons of steel, a 3.3% month-on-month decrease. The export average price was 698.0 US dollars/ton, basically unchanged from the previous month. From January to August, China's cumulative steel exports reached 77.49 million tons, a 9.8% year-on-year increase, and the export average price was 699.1 US dollars/ton, a 10.1% year-on-year decrease [3] - In August 2025, China imported 50,000 tons of steel, a 10.4% month-on-month increase, the first increase since May this year. The import average price was 1,653.0 US dollars/ton, a 8.4% month-on-month decrease. From January to August, China's cumulative steel imports reached 397,700 tons, a 14.1% year-on-year decrease, and the import average price was 1,697.7 US dollars/ton, a 1.5% year-on-year increase [3] - According to the weekly data from SteelUnion on October 8, in terms of production, rebar production decreased by 36,200 tons, hot-rolled coil production decreased by 14,000 tons, and the total production of the five major varieties decreased by 37,600 tons. In terms of total inventory, rebar inventory increased by 239,600 tons, hot-rolled coil inventory increased by 299,200 tons, and the total inventory of the five major varieties increased by 692,300 tons. In terms of apparent demand, rebar apparent demand decreased by 950,600 tons, hot-rolled coil apparent demand decreased by 336,400 tons, and the total apparent demand of the five major varieties decreased by 1.6937 million tons [3] 3.3 Trend Intensity - The trend intensity of rebar is 0, and the trend intensity of hot-rolled coil is 0. The trend intensity ranges from -2 to 2, with -2 indicating the most bearish and 2 indicating the most bullish [3]

Core Insights - In August 2025, China's steel exports reached 9.51 million tons, a month-on-month decrease of 3.3%, while the average export price remained stable at $698.0 per ton [1][2] - Cumulatively, from January to August 2025, steel exports totaled 77.49 million tons, reflecting a year-on-year increase of 9.8%, but the average export price dropped by 10.1% to $699.1 per ton [1][2] - Steel imports in August 2025 amounted to 500,000 tons, marking a month-on-month increase of 10.4%, with the average import price at $1,653.0 per ton, down 8.4% from the previous month [1][2] - From January to August 2025, total steel imports were 3.977 million tons, a year-on-year decline of 14.1%, while the average import price increased by 1.5% to $1,697.7 per ton [1][2] Steel Export Situation - In August 2025, the export volume of primary products (including steel billets, pig iron, direct reduced iron, and recycled steel) was 1.768 million tons, up 11.9% month-on-month, with an average export price of $436.8 per ton [1][4] - Cumulatively, from January to August 2025, primary product exports reached 9.258 million tons, a significant year-on-year increase of over 2.7 times, although the average export price fell by 14.0% to $447.5 per ton [1][4] - The net export of crude steel for the first eight months of 2025 was 84.90 million tons, an increase of 1.57 million tons or 22.7% year-on-year [1][4] Regional Export Analysis - Exports to ASEAN (ASEAN-10) and African Union (AU-55) countries remained stable, while exports to Gulf Cooperation Council (GCC-6) countries and the European Union (EU-27) saw slight declines [5][11] - Among the top five steel export categories, three experienced month-on-month declines, with medium plates becoming the largest hot-rolled product exported in August [5][10] - The export volume to Southeast Asia and Middle Eastern countries showed mixed trends, with significant declines in exports to major Latin American countries [5][14] Steel Import Situation - In August 2025, the total steel import volume was 500,000 tons, with a month-on-month increase of 10.4%, while the average import price decreased by 8.4% [1][15] - The import structure remained stable, with most major countries showing a month-on-month increase in steel imports [21][22] - The top five imported steel products accounted for a larger share of total imports compared to the previous month [15][19] Price Trends - The average export price of steel in August 2025 was $698.0 per ton, reflecting a slight decrease of 0.6% month-on-month and a year-on-year decline of 7.6% [2][8] - The average import price for steel was $1,653.0 per ton, down 8.4% from the previous month, while the average price for primary products was $1,197.5 per ton, up 27.3% month-on-month [1][17] Future Outlook - The steel export volume remains high, with fluctuations expected in the short term, particularly in emerging markets in Southeast Asia, the Middle East, and Latin America [22] - New regulations regarding corporate income tax for export declarations are anticipated to positively impact the order and structure of steel exports starting October 1, 2025 [22]

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core View of the Report The market sentiment for rebar and hot-rolled coil remains strong, with both showing wide fluctuations [1]. 3. Summary Based on Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of RB2510 was 3,133 yuan/ton, up 25 yuan/ton (0.80%); HC2510 was 3,292 yuan/ton, up 40 yuan/ton (1.23%). The trading volume of RB2510 was 1,501,721 lots, and the open interest was 2,126,876 lots, a decrease of 10,181 lots. The trading volume of HC2510 was 698,968 lots, and the open interest was 1,610,257 lots, an increase of 60,284 lots [1]. - **Spot Price**: Rebar prices in Shanghai, Hangzhou, Beijing, and Guangzhou were 3,220 yuan/ton, 3,280 yuan/ton, 3,170 yuan/ton, and 3,320 yuan/ton respectively. Hot-rolled coil prices in Shanghai, Hangzhou, Tianjin, and Guangzhou were 3,320 yuan/ton, 3,330 yuan/ton, 3,210 yuan/ton, and 3,330 yuan/ton respectively. The price of Tangshan billet was 2,960 yuan/ton [1]. - **Basis and Spread**: The basis of RB2510 was 87 yuan/ton, down 7 yuan/ton; the basis of HC2510 was 28 yuan/ton, down 9 yuan/ton. The spread of RB2510 - RB2601 was -46 yuan/ton, down 2 yuan/ton; the spread of HC2510 - HC2601 was -16 yuan/ton, up 2 yuan/ton. The spread of HC2510 - RB2510 was 159 yuan/ton, up 12 yuan/ton; the spread of HC2601 - RB2601 was 129 yuan/ton, up 8 yuan/ton. The spot spread between hot-rolled coil and rebar was 3 yuan/ton, up 9 yuan/ton [1]. 3.2 Macro and Industry News - **Steel Output and Inventory**: On July 17, according to Steel Union's weekly data, rebar production decreased by 7.6 tons, hot-rolled coil production decreased by 2 tons, and the total production of five major varieties decreased by 0.96 tons. Total rebar inventory increased by 2.89 tons, hot-rolled coil inventory decreased by 2.65 tons, and the total inventory of five major varieties decreased by 1.92 tons. Apparent demand for rebar decreased by 15.33 tons, while that for hot-rolled coil increased by 1.28 tons, and the total apparent demand for five major varieties increased by 0.61 tons [2]. - **Key Steel Enterprises' Production and Inventory**: In early July 2025, key steel enterprises produced 20.97 million tons of crude steel, with an average daily output of 2.097 million tons, a 1.5% decrease from the previous period; 19.31 million tons of pig iron, with an average daily output of 1.931 million tons, a 1.1% decrease; and 19.88 million tons of steel, with an average daily output of 1.988 million tons, an 11.9% decrease. The steel inventory of key enterprises was 15.07 million tons, a decrease of 380,000 tons (2.4%) from the previous ten-day period [3]. - **National Steel Production**: In June 2025, China's crude steel output was 83.18 million tons, a 9.2% year-on-year decrease. The daily average output of crude steel was 2.773 million tons, a 0.7% decrease from the previous month. From January to June, China's crude steel output was 514.83 million tons, a 3.0% year-on-year decrease [3]. - **Financial Data**: At the end of June 2025, the balance of broad money (M2) was 330.29 trillion yuan, a year-on-year increase of 8.3%, 0.4 percentage points higher than the previous month and 2.1 percentage points higher than the same period last year. The balance of narrow money (M1) was 113.95 trillion yuan, a year-on-year increase of 4.6% [3]. - **Steel Exports**: In June 2025, China exported 9.678 million tons of steel, a decrease of 900,000 tons (8.5%) from the previous month, with an average price of 687.1 US dollars/ton, a decrease of 10.8 US dollars/ton (1.5%). From January to June, China exported 58.147 million tons of steel, an increase of 4.908 million tons (9.2%) year-on-year [3]. 3.3 Trend Intensity The trend intensity of rebar and hot-rolled coil is both 1, indicating a neutral trend, as the trend intensity ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [3][4].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The demand outlook for rebar and hot-rolled coils is weakening, and they are expected to fluctuate at low levels [1]. 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Data**: The closing prices of RB2510 and HC2510 were 2,981 yuan/ton and 3,095 yuan/ton respectively, with daily changes of -1 yuan/ton (-0.03%) and -2 yuan/ton (-0.06%). The trading volumes were 1,433,362 lots and 512,180 lots, and the open interests were 2,196,722 lots and 1,585,218 lots, with changes of -19,727 lots and +2,740 lots respectively [1]. - **Spot Prices**: Rebar prices in Shanghai, Hangzhou, and Guangzhou decreased by 10 yuan/ton, while the price in Beijing remained unchanged. Hot-rolled coil prices in Shanghai, Hangzhou, and Tianjin remained stable, and the price in Guangzhou decreased by 10 yuan/ton. The price of Tangshan billet remained at 2,900 yuan/ton [1]. - **Basis and Spreads**: The basis of RB2510 decreased by 16 yuan/ton to 129 yuan/ton, and the basis of HC2510 decreased by 3 yuan/ton to 105 yuan/ton. The spreads RB2510 - RB2601, HC2510 - HC2601, HC2510 - RB2510, and HC2601 - RB2601 all decreased, while the spot coil - rebar spread increased by 10 yuan/ton to -3 yuan/ton [1]. 3.2 Macro and Industry News - **Economic Data**: In May, the PPI decreased by 0.4% month - on - month and 3.3% year - on - year. The national consumer price decreased by 0.1% year - on - year and 0.2% month - on - month. The average national consumer price from January to May decreased by 0.1% compared to the same period last year [2]. - **Steel Trade Data**: In May 2025, China exported 1057.8 million tons of steel, a 1.1% increase from the previous month. From January to May, the cumulative steel exports were 4846.9 million tons, an 8.9% increase year - on - year. In May, China imported 48.1 million tons of steel, a 7.9% decrease from the previous month. From January to May, the cumulative steel imports were 255.3 million tons, a 16.1% decrease year - on - year [3]. - **Steel Production Data**: In late May 2025, key steel enterprises produced 2300 million tons of crude steel, with an average daily output of 209.1 million tons (a 4.9% decrease in daily output month - on - month), 2104 million tons of pig iron, with an average daily output of 191.3 million tons (a 3.5% decrease in daily output month - on - month), and 2394 million tons of steel, with an average daily output of 217.7 million tons (a 2.5% increase in daily output month - on - month) [3]. - **Weekly Data**: According to the weekly data on June 5, rebar production decreased by 7.05 million tons, hot - rolled coil production increased by 9.2 million tons, and the total production of five major steel products decreased by 0.47 million tons. Rebar inventory decreased by 10.57 million tons, hot - rolled coil inventory increased by 7.83 million tons, and the total inventory of five major steel products decreased by 1.79 million tons. The apparent demand for rebar decreased by 19.65 million tons, the apparent demand for hot - rolled coils decreased by 6.01 million tons, and the total apparent demand for five major steel products decreased by 31.62 million tons [3]. 3.3 Trend Intensity The trend intensity of rebar and hot - rolled coils is 0, indicating a neutral outlook [3][4].

Export Situation - In February, China's steel exports totaled 8.036 million tons, a month-on-month decrease of 10.1%, with an average export price of $678.3 per ton, down 8.9% month-on-month [1] - The main exported steel products in February included coated sheets, medium-thick wide steel strips, hot-rolled thin wide steel strips, wire rods, and coated plates, accounting for 63% of total steel exports [2] - Among 22 major steel categories, 17 experienced a month-on-month decline in export volume, with significant drops exceeding 20% for several categories [3] Import Situation - In February, China imported 550,000 tons of steel, a month-on-month increase of 10.2%, with an average import price of $1,587.4 per ton, down 6.3% month-on-month [1] - The import volume of large section steel, rebar, hot-rolled narrow steel strips, and coated sheets saw significant reductions, while the import of steel billets increased substantially [5] - The overall structure of steel imports remained stable, but the scale continued to decrease, with notable declines in imports from major countries [7] Price Trends - The average import prices for most steel varieties showed a significant month-on-month decline, while some categories like medium and small section steel, bars, and wire rods experienced slight price increases [6] - The average export price for steel decreased significantly, with a notable drop in the export price of steel billets [8] Future Outlook - The total steel export volume increased year-on-year in January-February, but the total export value decreased, indicating a downward trend in export prices [8] - The steel export situation is expected to remain challenging, with poor order intake reported by major steel exporters after the Spring Festival [8] - Trade remedy investigations initiated against China by foreign countries could significantly impact steel exports, necessitating proactive responses from companies [8]