新华财经北京11月26日电中国钢铁工业协会最新旬报显示，2025年11月中旬，重点统计钢铁企业共生产 粗钢1943万吨，平均日产194.3万吨，日产环比增长0.9%；生铁1797万吨，平均日产179.7万吨，日产环 比下降0.4%；钢材1924万吨，平均日产192.4万吨，日产环比增长2.1%。 据此估算，本旬全国日产粗钢231万吨、环比下降1.8%，日产生铁211万吨、环比下降0.2%，日产钢材 397万吨，环比增长1.1%。 分品种和地区看，粗钢方面，11月中旬六大地区中，除华东、西北地区重点统计企业粗钢日产量较上一 旬有所下降外，其它地区均有不同程度增长。钢材方面，11月中旬六大地区中，除华东地区重点统计企 业钢材日产量较上一旬有所下降外，其它地区均有不同程度增长。 （文章来源：新华财经） ...

上市企业：宝钢股份（600019）,马钢股份（600808）,鞍钢股份（000898）,首钢股份（000959）,河钢股 份（000709）,凌钢股份（600231）,重庆钢铁（601005）,安阳钢铁（600569）,八一钢铁（600581）,南 钢股份（600282） 相关报告：智研咨询发布的《2026-2032年中国高纯生铁行业市场产销状况及投资战略研判报告》 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年9月中国生铁产量为0.7亿吨，同比下降2.4%；2025年1-9月中国生铁 累计产量为6.5亿吨，累计下降1.1%。 2020-2025年1-9月中国生铁产量统计图 数据来源：国家统计局，智研咨询整理 ...

每经AI快讯，11月17日，中国钢铁工业协会数据显示，2025年10月，全国生产粗钢7200万吨、同比下 降12.1%，日产232.26万吨/日、环比下降5.2%；生产生铁6555万吨、同比下降7.9%，日产211.45万吨/ 日、环比下降4%；生产钢材11864万吨、同比下降0.9%，日产382.71万吨/日、环比下降7.6%；1—10 月，全国累计生产粗钢8.18亿吨，同比下降3.9%，累计日产269.04万吨；生产生铁7.11亿吨、同比下降 1.8%，累计日产234万吨；生产钢材12.18亿吨、同比增长4.7%，累计日产400.52万吨。 （文章来源：每日经济新闻） ...

1-10月，全国累计生产粗钢8.18亿吨，同比下降3.9%，累计日产269.04万吨；生产生铁7.11亿吨、同比 下降1.8%，累计日产234万吨；生产钢材12.18亿吨、同比增长4.7%，累计日产400.52万吨。 2025年10月，重点统计钢铁企业共生产粗钢6369.16万吨、同比下降6.7%，日产205.46万吨、环比增长 1.9%；生产生铁5927.67万吨、同比下降4.5%，日产191.22万吨、环比增长1.8%；生产钢材6619.83万 吨、同比下降4.4%，日产213.54万吨、环比下降3.2%。 智通财经APP获悉，11月17日，中国钢铁工业协会数据显示，10月份全国生产粗钢7200万吨、同比下降 12.1%，日产232.26万吨/日、环比下降5.2%；生产生铁6555万吨、同比下降7.9%，日产211.45万吨/日、 环比下降4%；生产钢材11864万吨、同比下降0.9%，日产382.71万吨/日、环比下降7.6%。 1-10月，重点统计钢铁企业累计生产粗钢6.82亿吨、累计同比下降1.8%，粗钢累计日产224.44万吨；累 计生产生铁6.16亿吨、累计同比下降0.8%，生铁累计日产202. ...

国家统计局数据显示：2025年10月，中国粗钢产量7200万吨，同比下降12.1%；生铁产量6555万吨，同 比下降7.9%；钢材产量11864万吨，同比下降0.9%。 1-10月，中国粗钢产量81787万吨，同比下降3.9%；生铁产量71137万吨，同比下降1.8%；钢材产量 121759万吨，同比增长4.7%。 ...

Group 1 - The core point of the article highlights the production statistics of key steel enterprises in early November 2025, indicating a mixed performance in steel production metrics [1] Group 2 - The total crude steel production reached 19.26 million tons, with an average daily output of 1.926 million tons, reflecting a month-on-month increase of 6.0% [1] - The production of pig iron was 18.04 million tons, with an average daily output of 1.804 million tons, showing a month-on-month increase of 3.5% [1] - Steel product output was 18.84 million tons, with an average daily output of 1.884 million tons, which represents a month-on-month decrease of 5.5% [1]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $699 million, a decrease of 13% year-over-year, driven by lower sales volumes and unfavorable pricing for TiO2 and zircon [8][9] - Loss from operations was $43 million, with a net loss attributable to Tronox of $99 million, including $27 million in restructuring charges [8][9] - Adjusted EBITDA was $74 million, representing a 48% decline year-on-year, with an adjusted EBITDA margin of 10.6% [8][11] - Free cash flow was a use of $137 million, including $80 million in capital expenditures [8][9] Business Line Data and Key Metrics Changes - TiO2 revenues decreased by 11% year-over-year, driven by an 8% decrease in volumes and a 5% decline in average selling prices [9][10] - Zircon revenues decreased by 20% compared to the prior year, due to a 16% decrease in price and a 4% decline in volumes [10] - Revenue from other products decreased by 21% year-over-year, but increased by 18% sequentially due to higher sales of pig iron and heavy mineral concentrate tailings [10] Market Data and Key Metrics Changes - The zircon market faced unexpected headwinds, particularly in China, where both pricing and volumes continued to decline [3][4] - Europe, the Middle East, and North America experienced sharper seasonal declines amid market weakness and competitive pressures [9] - Latin America saw typical seasonal uplift, although weaker than expected, while Asia-Pacific growth was muted by competition and a temporary stay on India anti-dumping duties [10] Company Strategy and Development Direction - The company is focused on cost improvement programs, targeting over $60 million in annualized savings by the end of 2025 and $125-$175 million by the end of 2026 [4][20] - Tronox is reinforcing its operational foundation and cash flow management through temporary idling of certain plants and adjusting production rates [4][21] - The company is also advancing its rare earth strategy, with mining operations in Australia and South Africa containing substantial amounts of monazite [7][18] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing challenges from weaker demand, downstream destocking, and heightened competition, but expressed optimism about future sales volumes due to competitors' insolvency proceedings [3][4] - The company expects Q4 2025 revenue and adjusted EBITDA to be relatively flat compared to Q3, driven by weaker pricing but improving volumes [19][20] - Management remains confident in the ability to navigate the current downturn and deliver long-term shareholder value [23] Other Important Information - The company raised $400 million in senior secured notes to enhance liquidity and repay borrowings [5][12] - Liquidity as of September 30 was $664 million, with $185 million in cash and cash equivalents [12][13] - The company returned $20 million to shareholders in the form of dividends in Q3 [14] Q&A Session Summary Question: Impact of anti-dumping measures and market size - Management acknowledged that the Brazil and Saudi Arabia markets are lower than India, but expressed confidence that India's duties will be reinstated soon, which would stabilize volumes [25][27] Question: Rare earths opportunity and refining capabilities - Management confirmed ongoing mining of monazite in Australia and South Africa, with plans for further development in refining and separation through partnerships [30][32] Question: Duration of idling plants and potential permanence - The Fuzhou plant is idled to preserve cash, with decisions on its future dependent on market conditions, while Stallingborough is expected to return to full rates in Q4 [37][39] Question: 2026 earnings potential and cost savings impact - Management indicated that the Sustainable Cost Improvement Program is expected to yield significant savings in 2026, with a focus on operational efficiencies [40][42] Question: Destocking and inventory rebuilding expectations - Management noted that destocking occurred earlier than expected, but anticipated a return to normal buying patterns in Q4, indicating a potential recovery [51][53]

Core Insights - The China Iron and Steel Association (CISA) released a report on the steel production of key enterprises for late October 2025, indicating a decline in crude steel and pig iron production while steel product output showed a slight increase [1] Production Data Summary - In late October 2025, key steel enterprises produced 19.99 million tons of crude steel, with an average daily output of 1.817 million tons, reflecting a 9.8% decrease in daily production compared to the previous period [1] - Pig iron production reached 19.18 million tons, with an average daily output of 1.744 million tons, marking a 5.8% decline in daily production [1] - Steel products totaled 21.94 million tons, with an average daily output of 1.995 million tons, showing a 0.9% increase in daily production [1] - National estimates for crude steel production indicate a daily output of 2.22 million tons, down 9.8% from the previous period, while pig iron is estimated at 2.05 million tons, down 5.8%, and steel products at 3.99 million tons, down 2.3% [1]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating [1][2][3] 2. Core View of the Report - The report indicates that both rebar and hot-rolled coil are experiencing repeated macro sentiments and wide-range fluctuations [2][3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: For RB2601, the closing price was 3,106 yuan/ton, down 12 yuan/ton (-0.38%), with trading volume of 1,440,978 lots and an open interest of 1,894,916 lots (up 909 lots). For HC2601, the closing price was 3,318 yuan/ton, down 11 yuan/ton (-0.33%) [3] - **Spot Price**: Rebar prices in Shanghai, Hangzhou, Beijing, and Guangzhou were 3230, 3290, 3180, and 3340 yuan/ton respectively, with price changes of -10, -10, 10, and 10 yuan/ton. Hot-rolled coil prices in Shanghai, Hangzhou, Tianjin, and Guangzhou were 3330, 3370, 3260, and 3340 yuan/ton respectively, with price changes of -30, -20, 0, and 0 yuan/ton. The price of Tangshan billet remained unchanged at 3000 yuan/ton [3] - **Basis and Spread**: The basis of RB2601 was 124 yuan/ton, and that of HC2601 was 12 yuan/ton. The spreads such as RB2601 - RB2605, HC2601 - HC2605, HC2601 - RB2601, HC2605 - RB2605, and spot coil - rebar spread all had corresponding changes [3] 3.2 Macro and Industry News - **Steel Union Weekly Data (Oct 30)**: Rebar production increased by 5.52 tons, hot-rolled coil production increased by 1.1 tons, and the total production of five major varieties increased by 9.97 tons. Rebar inventory decreased by 19.59 tons, hot-rolled coil inventory decreased by 8.33 tons, and the total inventory of five major varieties decreased by 41.09 tons. Rebar apparent demand increased by 6.17 tons, hot-rolled coil apparent demand increased by 5.16 tons, and the total apparent demand increased by 23.65 tons [4] - **Policy News**: Five departments including the Ministry of Commerce support eligible commercial real estate projects to issue real estate investment trust funds (REITs). The 15th Five - Year Plan proposes directions for the high - quality development of the steel industry, such as promoting the quality improvement and upgrading of key industries and enhancing the independent controllability of the industrial chain [4][5] - **Production Data**: In September 2025, China produced 7349 million tons of crude steel (down 4.6% year - on - year), 6605 million tons of pig iron (down 2.4% year - on - year), and 12421.00 million tons of steel (up 5.1% year - on - year). From January to September, the cumulative production of crude steel was 7.46 billion tons (down 2.9% year - on - year), pig iron was 6.46 billion tons (down 1.1% year - on - year), and steel was 11.04 billion tons (up 5.4% year - on - year) [5] - **Inventory Data**: In early October 2025, the steel inventory of key steel enterprises was 1588 million tons, up 121 million tons (8.2%) from the previous ten - day period, 351 million tons (28.4%) from the beginning of the year, 6 million tons (0.6%) from the same ten - day period of last month, 115 million tons (7.8%) from the same ten - day period of last year, and down 48 million tons (2.9%) from the same ten - day period of the year before last [5] 3.3 Trend Intensity - The trend intensity of rebar is 0, and that of hot - rolled coil is 0, both indicating a neutral trend [5][6]

Overall Situation of Steel Products Import and Export - In September 2025, China exported 10.465 million tons of steel, a month-on-month increase of 10.0%, with an average export price of $679.1 per ton, down 2.7% from the previous month [2][3] - Cumulatively, from January to September, China exported 87.955 million tons of steel, a year-on-year increase of 9.0%, with an average export price of $696.7 per ton, down 9.5% year-on-year [2][3] - In September, China imported 548,000 tons of steel, a month-on-month increase of 9.7%, with an average import price of $1,623.1 per ton, down 1.8% from the previous month [2][3] - Cumulatively, from January to September, China imported 4.532 million tons of steel, a year-on-year decrease of 12.6%, with an average import price of $1,692.3 per ton, up 1.1% year-on-year [2][3] Export Situation of Steel Products - In September, the export volume of major steel varieties increased, with significant growth in hot-rolled sheets and coated sheets [5] - Exports to ASEAN, African Union, and Gulf Cooperation Council countries saw notable increases, while exports to the European Union decreased [5][10] - Among 22 major steel varieties, only three showed a month-on-month decline in export volume, while several key varieties saw increases of over 10% [7][8] Import Situation of Steel Products - In September, the import scale of steel continued to rise, with a stable overall import structure [12][17] - 15 out of 22 major steel varieties saw a month-on-month increase in import volume, with significant growth in cold-rolled wide steel strips [15] - The import volume from major countries, except Germany, generally increased month-on-month [17] Future Outlook - The export volume of steel and steel billets remains high, with September's monthly steel export volume exceeding 10 million tons [18] - Exports to Southeast Asia and the Middle East are increasing, but competition in these markets is intensifying [18] - Emerging economies are imposing trade restrictions on Chinese steel products, prompting recommendations for exporters to manage their export pace and protect their rights [18]