Core Insights - National Bureau of Statistics data indicates that from January to October 2025, the production of coke and steel continues to grow year-on-year, while the production of crude steel and pig iron shows a decline [1] Production Data Summary - From January to October, the national coke production reached 41,905 million tons, reflecting a year-on-year increase of 3.3%. In October, coke production was 4,190 million tons, which is a year-on-year increase of 1.5%, but a month-on-month decrease of 1.6%, marking the second consecutive month of decline [1] - National steel production from January to October totaled 121,759 million tons, up 4.7% year-on-year. However, in October, steel production decreased by 0.9% year-on-year and 4.5% month-on-month, amounting to 11,864 million tons [1] - Pig iron production from January to October was 71,137 million tons, down 1.8% year-on-year. In October, pig iron production was 6,555 million tons, the lowest monthly level since March 2024, with year-on-year and month-on-month declines of 7.9% and 0.8%, respectively [1] - Crude steel production from January to October was 81,787 million tons, a year-on-year decrease of 3.9%. In October, crude steel production was 7,200 million tons, also the lowest monthly level since March 2024, with year-on-year and month-on-month declines of 12.1% and 2.0%, respectively [1]

Core Viewpoint - The production of coke and steel in China showed a year-on-year increase in the first nine months of 2025, while the output of crude steel and pig iron continued to decline [1] Group 1: Coke Production - In the first nine months of 2025, the national coke production reached 37.716 million tons, representing a year-on-year increase of 3.5% [1] - In September 2025, the coke production was 4.256 million tons, showing a year-on-year increase of 8.0% but a month-on-month decrease of 0.1% [1] - The average daily coke production in September was estimated at 1.42 million tons, reflecting a month-on-month increase of 3.2% [1] Group 2: Pig Iron Production - The national pig iron production in the first nine months of 2025 totaled 64.586 million tons, which is a year-on-year decrease of 1.1% [1] - In September 2025, the pig iron production was 6.605 million tons, down 2.4% year-on-year and 5.4% month-on-month, marking the fourth consecutive month of decline [1] - The average daily pig iron production in September was estimated at 2.2 million tons, showing a month-on-month decrease of 2.2% [1] Group 3: Crude Steel Production - The crude steel production in the first nine months of 2025 was 74.625 million tons, reflecting a year-on-year decline of 2.9% [1] - In September 2025, the crude steel production was 7.349 million tons, which is a year-on-year decrease of 4.6% and a month-on-month decrease of 5.0%, continuing a downward trend for the fourth consecutive month [1] - The average daily crude steel production in September was estimated at 2.45 million tons, indicating a month-on-month decrease of 1.8% [1] Group 4: Steel Production - The total steel production in the first nine months of 2025 reached 110.385 million tons, showing a year-on-year increase of 5.4% [1] - In September 2025, the steel production was 12.421 million tons, which is a year-on-year increase of 5.1% and a month-on-month increase of 1.2% [1] - The average daily steel production in September was estimated at 4.14 million tons, reflecting a month-on-month increase of 4.5% [1]