Supply - The production of major steel materials has shown a slight increase, with total output rising by 12.5 million tons to 8.81 million tons, and rebar production increasing by 5.7 million tons to 2.17 million tons [2] - Iron water production decreased by 0.11 million tons to 2.42 million tons, while hot-rolled coil production increased by 1.8 million tons to 3.273 million tons [2] - The cumulative year-on-year growth of iron element production from January to June was 15 million tons, with an average daily increase of nearly 100,000 tons [2] Demand - The apparent demand for the five major materials has decreased slightly, with rebar demand showing a more significant decline, while hot-rolled coil demand remains high [3] - The apparent demand for the five major materials decreased by 4.3 million tons to 8.8 million tons, with year-on-year demand remaining flat from January to June [3] - Domestic demand has decreased year-on-year, while external demand has increased, leading to a slight overall increase in total steel demand [3] Inventory - Steel inventory is approaching a point of accumulation, with recent low-level inventory showing fluctuations [4] - The inventory of the five major materials remained flat, increasing by 1 million tons to 13.4 million tons, with rebar inventory decreasing by 2 million tons to 5.49 million tons [4] - Hot-rolled coil inventory saw a slight increase of 1 million tons to 3.41 million tons [4] Outlook - The end of environmental inspections has led to expectations of production resumption, which has negatively impacted coking coal prices [5] - The steel market is currently in a low-demand season, with expectations of further demand decline in the future [5] - The pressure levels for hot-rolled coil and rebar are still at 3,150 and 3,050 respectively, indicating potential short-selling opportunities [5]

Core Viewpoint - The steel industry chain prices weakened overall in May, with a potential continuation of the downward trend into June due to seasonal demand weakness, loosening cost support, and macroeconomic pressures [1] Demand Factors - Domestic steel demand is weak as the industry enters a traditional construction off-season, leading to a significant supply-demand imbalance despite high iron water production and acceptable steel mill profits [1] - Steel exports have declined, contributing to the overall weak demand [1] Cost Factors - Iron ore prices have decreased, and coal and coke prices continue to fall, resulting in reduced cost support for steel production [1] - The cost decline is more pronounced in raw materials compared to finished steel products, with coke prices showing a year-on-year decline but only a slight month-on-month decrease [1] Macroeconomic Factors - The imposition of tariffs by the U.S. on Chinese goods has created a negative impact, although recent talks have led to some consensus without sufficient positive support for the market [1] Production and Profitability - The average profit margin in the steel industry chain has improved year-on-year, although some segments have seen a month-on-month decline [1] - The operating rates for raw material enterprises have generally increased, while iron ore production has significantly decreased year-on-year due to capacity constraints [1] Outlook for June - Steel industry chain prices are expected to continue declining in June, influenced by macroeconomic weakening, potential further declines in raw material prices, and a lack of upward drivers in the market [1] - The market sentiment is pessimistic, with risks from seasonal demand and declining exports, leading to increased uncertainty [1]

Group 1: Research Background - Steel mills are showing high production enthusiasm, with pig iron output reaching the highest level for the same period since March before starting to decline, leading to accumulated supply pressure [1] - Hebei, as the largest steel production base in China, accounts for 20%-30% of the national output, primarily in plate products, making its production dynamics significantly influential on the national market [1] - The demand for steel is expected to decline seasonally, but the "export rush" effect has shown strong resilience in steel demand, with export volumes increasing year-on-year [1] Group 2: Production and Output - Most steel mills have adopted an over-ordering strategy, with orders from downstream processing plants typically ranging from 15 to 30 days, and some products scheduled for production until the end of July [2] - Steel mills are currently enjoying decent profits, with immediate profits around 100-200 yuan per ton, and some mills achieving net profits exceeding 100 yuan per ton [2] Group 3: Export Situation - Export profits remain acceptable, with increases in the export volumes of rebar, steel billets, and wire rods, particularly to the Middle East and Africa, while reductions are noted in exports to South Korea and Japan [4] - There is potential for screening orders in steel billet exports, and while some believe that the export rush may deplete future demand, the actual impact may not be as significant as anticipated [4] Group 4: Inventory and Expectations - Inventory levels among steel mills and traders are low, with steel mill inventories dropping from 20,000 tons to 4,000 tons, indicating a need for inventory building based on market fluctuations [6] - Some anticipate that upcoming events such as the Shanghai Cooperation Organization summit in July and the World University Games in August may impact short-term supply, while others doubt the effectiveness of policy-driven production restrictions due to local GDP pressures [6] Group 5: Seasonal Demand Outlook - The negative feedback from the industrial sector in June may be difficult to realize, as steel mills are currently profitable and production is stable, making significant production cuts unlikely [7] - The resilience of plate demand is a key variable influencing the overall demand for steel during the off-season, with expectations that plate demand may outperform market predictions [7] Group 6: Specific Situations in Steel Mills and Processing Plants - A hot-rolled processing enterprise reported a production capacity of 4 million tons, with a focus on color-coated products, and is experiencing high demand, with orders extending to the end of July [9] - A steel mill's trading department noted that orders for various steel products are generally over 25 days, with net profits ranging from 50 to 100 yuan per ton, and a positive outlook on the market despite regional pressures [10] - A cold-rolled sales department indicated that exports are primarily directed towards Southeast Asia and the Middle East, with a notable increase in orders, although the overall export volume is slightly weaker compared to previous months [11] Group 7: Market Dynamics and Price Trends - The current market is characterized by strong realities and weak expectations, with healthy inventory levels and order volumes, suggesting that the anticipated negative feedback may not materialize [8] - The steel price may experience fluctuations, with potential upward movement if the current strong reality persists, despite the overall market sentiment being cautious [12]

转自：鲁中晨报 东平县大清河南岸，兖矿泰安港里运煤船集结。煤炭装卸之间，陇上风光跨越915公里，变成山东的绿色 动能。塞上江南的冷藏山葵，乘坐着海铁联运班列抵达青岛港，换船出海，奔赴欧洲。在黄河三角洲，从 陕西迁居而来的朱鹮终于适应河口的环境，3月产下了今年的首批3枚卵。 这些看似不相关的场景，都被同一个历史性时刻串联：黄河流域生态保护和高质量发展上升为重大国家战 略，沿黄九省区拧成一股绳，共同抓好大保护，协同推进大治理。 2024年5月，习近平总书记考察山东时强调，山东要在推动黄河流域生态保护和高质量发展上走在前。山 东牢牢把握高质量发展这一首要任务，紧紧扭住"在发展中保护、在保护中发展"这一基准线，塑造高质量 发展新优势：2024年，全省GDP达9.86万亿元；生态环境质量持续改善，黄河干流山东段水质连续9年保持 Ⅱ类；山东成为联结沿黄省份和世界的桥梁，沿黄经济出海口的功能放大。当前，山东半岛城市群正发挥 龙头作用，和沿黄"朋友圈"携手同行，一场生态保护与高质量发展的"双向奔赴"在黄河两岸展开。 去哪里才能看到朱鹮？ 曾经，黄河中游的陕西几乎是唯一选择。如今，黄河入海口也可以了。 4月23日凌晨4时20分 ...

中重科技（天津）股份有限公司 天津市北辰区科技园区环外发展区高新大道 65 号 首次公开发行股票并在主板上市 招股说明书 保荐人（主承销商） 中国（上海）自由贸易试验区商城路 618 号 中重科技（天津）股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 中重科技（天津）股份有限公司 招股说明书 1-1-2 发行股票类型 人民币普通股（A 股） 发行股数 本次公开发行股数 9,000 万股，公开发行的新股数量占本次发行后 总股本的 20%。本次发行均为新股，不涉及公司股东公开发售股份 每股面值 人民币 1.00 元 每股发行价格 17.80 元 发行日期 202 ...

中重科技（天津）股份有限公司 Zhongzhong Science & Technology（Tianjin）Co., Ltd. （天津市北辰区科技园区环外发展区高新大道 65 号） 首次公开发行股票并在主板上市 招股意向书 保荐人（主承销商） 中国（上海）自由贸易试验区商城路 618 号 中重科技（天津）股份有限公司 招股意向书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 中重科技（天津）股份有限公司 招股意向书 1-1-2 发行股票类型 人民币普通股（A 股） 发行股数 本次拟公开发行股数 9,000 万股，公开发行的新股数量占本次发行 后总股本的 20%。本次发行均为新股， ...

中重科技（天津）股份有限公司 天津市北辰区科技园区环外发展区高新大道 65 号 首次公开发行股票并在主板上市 招股说明书 （注册稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正 式公告的招股说明书作为投资决定的依据。 保荐机构（主承销商） 中国（上海）自由贸易试验区商城路 618 号 1-1-1 中重科技（天津）股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 中重科技（天津）股份有限公司 招股说明书 1-1-2 发行股票类型 人民币普通股（A 股） 发行股数 本次 ...

中重科技（天津）股份有限公司 天津市北辰区科技园区环外发展区高新大道 65 号 首次公开发行股票并在主板上市 招股说明书 （上会稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正 式公告的招股说明书作为投资决定的依据。 保荐机构（主承销商） 1-1-1 中国（上海）自由贸易试验区商城路 618 号 中重科技（天津）股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 中重科技（天津）股份有限公司 招股说明书 1-1-2 | 发行人声明 | | --- | | 发行概况 … ...

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