格隆汇8月27日丨马钢股份(600808.SH)公布半年度报告，2025年上半年，公司严格落实中国宝武"新阶 段、新战略、新模式"的战略部署，坚持"四化""四有"，围绕价值创造能力提升，主动应对严峻市场挑 战。通过深入推进算账经营、加强整合协同、持续深化改革与创新，扎实推动"三压减三提升"工作。生 产经营态势总体向好，深化改革取得阶段性进展。报告期，本集团生产生铁936万吨、粗钢1,035万吨、 钢材963万吨。按中国企业会计准则计算，报告期本集团营业收入为人民币380.76亿元，归属于上市公 司股东净利润为人民币-0.75亿元，同比增利人民币10.7亿元。 ...

Investment Rating - The coal industry is rated as "Positive" [5] Core Insights - Coking coal prices have shown significant increases, with the comprehensive Chinese coking coal price index reaching 1340.16 CNY/ton, a month-on-month increase of 199.02 CNY/ton, representing a growth of 17.44% [1][10] - The total coking coal inventory at three major ports has decreased significantly, totaling 2.7084 million tons, down 443,000 tons from the previous month, a decline of 14.06% [1][17] - The production capacity utilization rate of independent coking enterprises has increased to 74.03%, up 1.16 percentage points month-on-month [2][20] Summary by Sections Coking Coal Prices - As of August 4, 2025, the Chinese coking coal price index is 1340.16 CNY/ton, with a month-on-month increase of 17.44% [1][10] - The price of Australian main coking coal at Jing Tang Port is 1540.00 CNY/ton, up 25.20% from the previous month [1][13] Inventory Levels - The total coking coal inventory at three ports has decreased to 2.7084 million tons, a decline of 14.06% month-on-month [1][17] - Independent coking plants have seen an increase in coking coal inventory to 8.3275 million tons, up 10.67% month-on-month [2][20] Production and Utilization - The average available days of coking coal for independent coking plants is 12 days, an increase of 9.09% month-on-month [2][20] - The overall production capacity utilization rate for independent coking enterprises is 74.03%, reflecting a positive trend in production activity [2][20]

智通财经APP获悉，中国钢铁工业协会数据显示，2025年7月，全国生产粗钢7966万吨、同比下降 4.0%，日产256.97万吨/日、环比下降7.3%;生产生铁7080万吨、同比下降1.4%，日产228.39万吨/日、环 比下降4.7%;生产钢材12295万吨、同比增长6.4%，日产396.61万吨/日、环比下降6.9%;1-7月，全国累计 生产粗钢5.94亿吨，同比下降3.1%，累计日产280.41万吨;生产生铁5.06亿吨、同比下降1.3%，累计日产 238.60万吨;生产钢材8.60亿吨、同比增长5.1%，累计日产405.88万吨。 2025年7月，重点统计钢铁企业共生产粗钢6680万吨、同比下降3.2%，日产215.48万吨、环比下降5.6%; 生产生铁6173万吨、同比下降1.0%，日产199.13万吨、环比下降3.6%;生产钢材6911万吨、同比下降 1.6%，日产222.94万吨、环比下降7.0%。1-7月，重点统计钢铁企业累计生产粗钢4.90亿吨、累计同比下 降1.4%，粗钢累计日产231.01万吨;累计生产生铁4.37亿吨、累计同比下降0.4%，生铁累计日产206.28万 吨;累计生产钢材4 ...

Group 1 - The core viewpoint of the article highlights a projected decline in China's pig iron production, with a forecasted output of 0.7 billion tons by June 2025, representing a year-on-year decrease of 4.1% [1] - In the first half of 2025, China's cumulative pig iron production is expected to reach 4.3 billion tons, showing a slight decline of 0.8% compared to the previous year [1] Group 2 - The article lists several publicly traded companies in the steel industry, including Baosteel Co., Ltd. (600019), Maanshan Iron & Steel Co., Ltd. (600808), and Ansteel Group Corporation (000898) among others [1] - The data referenced in the article is sourced from the National Bureau of Statistics and organized by Zhiyan Consulting [3]

（原标题：7月全国生产粗钢7966万吨，同比下降4.0%） 经济观察网 国家统计局发布数据显示，7月，全国生产粗钢7966万吨，创2024年12月以来新低，环比下 降4.24%，同比下降4.0%；生产生铁7080万吨，创2024年12月以来新低，环比下降1.54%，同比下降 1.4%；生产钢材12295万吨，创2024年12月以来新低，环比下降3.82%，同比增长6.4%。1—7月，全国 累计生产粗钢5.94亿吨，同比下降3.1%；累计生产生铁5.06亿吨，同比下降1.3%；累计生产钢材8.6亿 吨，同比增长5.1%。 ...

据此估算，本旬全国日产粗钢268万吨、环比增长4.7%，日产生铁233万吨、环比增长3.2%，日产钢材 413万吨环比增长0.7%。 （文章来源：新华财经） 新华财经北京8月14日电中国钢铁工业协会14日公布数据，2025年8月上旬，重点统计钢铁企业共生产粗 钢2074万吨，平均日产207.4万吨，日产环比增长4.7%；生铁1914万吨，平均日产191.4万吨，日产环比 增长3.2%；钢材2005万吨，平均日产200.5万吨，日产环比下降4.1%。 ...

2025 年 8 月 12 日 请务必阅读正文之后的免责条款部分 1 国 泰 君 安 期 货 研 究 所 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 金园园（联系人） 期货从业资格号：F03134630 jinyuanyuan2@gtht.com 【基本面跟踪】 螺纹钢、热轧卷板基本面数据 | | | 昨日收盘价 （元/吨） | 涨 跌 （元/吨） | 涨跌幅 （%） | | --- | --- | --- | --- | --- | | | RB2510 | 3,250 | 35 | 1.09 | | 期 货 | HC2510 | 3,465 | 44 | 1.29 | | | | 昨日成交 （手） | 昨日持仓 （手） | 持仓变动 （手） | | | RB2510 | 1,411,239 | 1,612,625 | 515 | | | HC2510 | 566,686 | 1,375,009 | -17,218 | | | | 昨日价格 （元/吨） | 前日价格 （元/吨） | 涨 跌 （元/吨） | | | 上海 | 3360 | 3340 | 20 | | | ...

Report Summary 1. Investment Rating The document does not mention the industry investment rating. 2. Core View Last week, the black - series was affected by supply - side disturbance expectations and showed a volatile and slightly stronger performance. Currently in the off - season, the demand for finished products continued to weaken month - on - month. Although the inventory showed seasonal accumulation, the contradiction was not prominent. Starting from mid - August, northern regions strengthened production restrictions, supporting the steel price to remain firm. It is expected that the short - term RB01 contract will fluctuate between the valley - electricity cost (3241) and the flat - electricity cost (3369), and cautious operation is recommended. [5][6] 3. Summary by Directory 3.1 Conclusion and Balance Sheet - **Steel Price and Inventory**: Last week, domestic steel spot prices rebounded slightly. As of August 7, the overall output of five major steel products increased by 1.79 tons, the factory inventory increased by 3.34 tons, and the social inventory increased by 20.113 tons. The apparent demand was 845.74 tons, a month - on - month decrease of 6.29 tons. [5] - **Profit**: As of August 8, the cash - inclusive cost of long - process production of rebar in East China was 3114 yuan, with a profit of about 196 yuan; the profit of long - process hot - rolled coil was about 236 yuan. For electric furnaces in East China, the flat - electricity cost was about 3369 yuan, and the valley - electricity cost was about 3241 yuan. The flat - electricity profit of rebar was about - 129 yuan, and the valley - electricity profit was about - 1 yuan. [5] - **Scrap Steel**: As of August 7, the price of scrap steel in Zhangjiagang was 2140 yuan/ton, a month - on - month decrease of 10 yuan/ton. The capacity utilization rate of 89 independent electric arc furnace enterprises was 34.8%, a month - on - month increase of 1.3 percentage points. The daily consumption of 255 sample steel mills was 55.2 tons, a month - on - month increase of 0.4 tons. The daily arrival of 255 sample steel mills was 49 tons, a month - on - month decrease of 4.6 tons, a decrease of 8.6%. The scrap steel inventory of 255 steel enterprises totaled 465.5 tons, a month - on - month decrease of 12.6 tons, a decrease of 2.6%. [6] 3.2 Supply and Demand Fundamentals - **Macro Data**: In the first half of 2025, enterprise (institution) loans increased by 11.57 trillion yuan, accounting for 89.5% of all new loans, 6.6 percentage points higher than the same period last year. The PMI in July was 49.3%. The national fixed - asset investment (excluding rural households) in the first half of 2025 was 24.8654 trillion yuan, a year - on - year increase of 2.8%. In June, infrastructure investment (excluding electricity, heat, gas, and water production and supply) increased by 1.95% year - on - year; manufacturing investment increased by 5.06%; real estate development investment decreased by 12.4%. [18][20][25] - **Steel Production and Inventory**: The output of five major steel products increased by 1.79 tons, and the inventory increased. The output of rebar increased by 10.12 tons, the factory inventory increased by 6.05 tons, and the social inventory increased by 4.34 tons. The output of hot - rolled coil decreased by 7.9 tons, the factory inventory decreased by 1.42 tons, and the social inventory increased by 10.1 tons. [10] - **Supply (Long - Process)**: As of August 8, the blast furnace capacity utilization rate of 247 steel enterprises was 90.1%, a month - on - month decrease of 0.15 percentage points; the daily average pig iron output was 240.3 tons, a month - on - month decrease of 0.39 tons. [45] - **Supply (Short - Process)**: As of August 7, the capacity utilization rate of 89 electric arc furnace plants in China was 34.8%, a month - on - month increase of 1.3 percentage points. As of August 8, the pig iron - scrap steel price difference was - 45 yuan, an increase of 37 yuan. [48] - **Scrap Steel**: The daily arrival of 255 sample steel mills decreased, and the inventory decreased. [6] - **Building Materials Market**: The transaction volume of building materials and the cement mill start - up rate showed certain fluctuations. The national cement mill start - up load average was 35.71%, a decrease of 2.1 percentage points from last week. [73] - **Real Estate Market**: From January to June, the floor area under construction of real estate development enterprises decreased by 9.1% year - on - year, the new construction area decreased by 20.0%, and the completed area decreased by 14.8%. [28] - **Hot - Rolled Coil Market**: The output of hot - rolled coil decreased, the apparent demand decreased, and the inventory increased. [81] - **Export Situation**: As of August 8, the FOB export price of China was 475 US dollars, an increase of 3 US dollars; the export profit was - 10.9 US dollars, a decrease of 5.8 US dollars. The outbound volume of 32 major domestic ports was 264.44 tons, a decrease of 63.34 tons. [93]

人民财讯8月6日电，中钢协发布2025年7月下旬重点企业钢铁产量旬报，7月下旬，重点统计钢铁企业共 生产粗钢2180万吨，平均日产198.2万吨，日产环比下降7.4%；生铁2041万吨，平均日产185.6万吨，日 产环比下降4.5%；钢材2300万吨，平均日产209.1万吨，日产环比增长0.5%。 ...

Core Viewpoint - Brazilian pig iron producers are considering halting operations due to reduced demand from U.S. customers caused by tariff threats [1] Group 1: Company Responses - Modulax's CEO, Geraldo Basques, announced that the company will cease operations next week and plans maintenance work later this year, with no set date for resuming production due to trade concerns [1] - Competitor Css Siderurgica Setelagoana stated that it is currently operating using raw material inventory while awaiting clarity on tariff situations, but may be forced to stop production once the inventory is depleted [1] Group 2: Market Context - The U.S. is the largest buyer of Brazilian pig iron, making the market highly sensitive to tariff changes [1] - President Trump has threatened to impose a 50% tariff on Latin American countries starting August 1, which has heightened uncertainty in the trade environment [1]