成材：原料走强 钢价跟涨 逻辑：中钢协数据显示，8 月中旬重点钢企粗钢平均日产 211.5 万吨， 日产环比增长 2.0%；钢材库存量 1567 万吨，环比上一旬增加 60 万吨， 增长 4.0%。8 月 25 日，上海市住建委、市财政局等六部门联合印发《关 于优化调整本市房地产政策措施的通知》，出台包括调减住房限购、优化 住房公积金、优化个人住房信贷以及完善个人住房房产税等政策。据国际 船舶网，8 月 18 日至 8 月 24 日，全球船厂共接获 16+4 艘新船订单。其 中中国船厂接获 8+3 艘新船订单；韩国船厂接获 6 艘新船订单，美国船厂 也获得相关新船订单。 证监许可【2011】1452 号 成 材：武秋婷 成材昨日反弹上涨，一方面焦煤涨幅较大带动成材跟涨，另一方面上 海优化调整本市地产政策措施，A 股地产板块异动，间接带动成材价格上 行。目前成材面临的问题是下游偏弱，是否地产政策的调整能带动价格走 强仍需进一步观察，且近期钢价走势受原料影响较大。 观点：短期波动较大，震荡偏弱运行。 后期关注/风险因素：宏观政策；供给侧减产情况；下游需求情况。 整理 投资咨询业务资格： 晨报 成材 原材料： 冯艳 ...

4500 5500 6500 7500 8500 9500 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 72%FeSi：市场价：内蒙古（日） 2021 2022 2023 2024 2025 4000 5000 6000 7000 8000 9000 10000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 72%FeSi：市场价：青海 2021 2022 2023 2024 2025 4000 5000 6000 7000 8000 9000 10000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 72%FeSi：市场价：宁夏 2021 2022 2023 2024 2025 4500 5500 6500 7500 8500 9500 01/01 02/01 03/01 04/01 05/01 06/01 07/0 ...

"十四五"期间，新发布国家标准1.3万余项，国家标准总数已达到4.7万余项。重要科技计划项目形成标 准的比率超过57%。实施新产业标准领航和高端装备制造标准化强基工程，发布人工智能、智能制造等 重点领域国家标准2400余项，让新领域新赛道有新标准。新修订的粗钢能耗限额标准实施后，可实现年 节能1000多万吨标准煤。出台安全生产、消费品安全等强制性国家标准500余项，今年上半年，新立项 强制性国家标准148项、新发布106项，同比分别增长131%和58%，燃气用具、电动自行车等一批重要 标准先后出台实施，新修订的人造板甲醛释放限量提升到E0级，达到全球最严要求。另外，"十四五"期 间，我国牵头制定国际标准1079项，采用国际标准6900余项。中吉乌、中老、印尼雅万高铁等8个铁路 合作项目建设使用中国标准，中国标准海外影响力持续增强。（央视新闻） ...

Report Title - "Iron Alloy Morning Report" [1] Report Date - August 22, 2025 [2] Key Information on Silicon Iron Price - For natural silicon iron blocks: in Ningxia 72, the spot price is 5330 with no daily change and a weekly decrease of 170; in Inner Mongolia 72, it's 5300, down 50 daily and 150 weekly; in Qinghai 72, 5300, down 50 daily and 200 weekly; in Shaanxi 72, 5300, no daily change and a 150 weekly decrease; in Shaanxi 75, 5900, no daily change and a 100 weekly increase [2]. - For qualified silicon iron blocks in Jiangsu 72, the spot price is 5600, with no daily change and a 50 weekly decrease [2]. - For silicon iron export prices in Tianjin 72, it's 1055, no daily change and a 30 weekly increase; in Tianjin 75, it's 1110, up 10 daily and 35 weekly [2]. Futures - The main contract price of silicon iron is 5638, up 16 daily and down 106 weekly; the 01 contract is 5614, up 14 daily and down 290 weekly; the 05 contract is 5734, up 6 daily and down 304 weekly; the 09 contract is 5454, up 8 daily and down 290 weekly [2]. Spreads - The main - month basis is - 8, down 16 daily and 64 weekly; the 1 - 5 month spread is - 120, up 8 daily and 14 weekly; the 5 - 9 month spread is 280, down 2 daily and 14 weekly; the 9 - 1 month spread is - 160, down 6 daily and no weekly change; the double - silicon main spread is - 200, up 14 daily and 106 weekly [2]. Key Information on Silicon Manganese Price - For silicon manganese production areas: in Inner Mongolia 6517, the ex - factory price is 5750, no daily change and a 50 weekly decrease; in Ningxia 6517, it's 5570, down 30 daily and 300 weekly; in Guangxi 6517, 5780, down 20 daily and 120 weekly; in Guizhou 6517, 5730, down 20 daily and 140 weekly; in Yunnan 6517, 5730, down 20 daily and 140 weekly; in Guangxi 6014, 5250, down 50 daily and 50 weekly [2]. Futures - The main contract price of silicon manganese is 5838, up 2 daily and down 212 weekly; the 01 contract is 5838, up 2 daily and down 306 weekly; the 05 contract is 5888, up 2 daily and down 290 weekly; the 09 contract is 5746, down 10 daily and 304 weekly [2]. Spreads - The main - month basis is 132, down 32 daily and up 82 weekly; the 1 - 5 month spread is - 50, no daily change and a 16 weekly decrease; the 5 - 9 month spread is 142, up 12 daily and 14 weekly; the 9 - 1 month spread is - 92, down 12 daily and up 2 weekly [2]

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]

Core Insights - In July 2025, China's crude steel production reached 79.658 million tons, representing a year-on-year decrease of 4.0% [1] - From January to July 2025, the cumulative crude steel production was 594.465 million tons, down 3.1% compared to the same period last year [1] Provincial Production Data - In the first seven months of 2025, Hebei ranked first in crude steel production with 127.684 million tons, followed by Jiangsu with 71.953 million tons and Shandong with 41.625 million tons [3] - The July 2025 provincial crude steel production rankings showed Hebei leading with 16.520 million tons, Jiangsu second with 9.350 million tons, and Liaoning third with 5.982 million tons [2]

晨报 成材 成材：受原料拖累 钢价回调 整理 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 成 材：武秋婷 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 逻辑：中钢协：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%。据奥维云网(AVC) 线下市场监测数据显示，7 月彩电线下零售额规模同比增长 13.6%；冰箱 同比增长 15.7%；洗衣机同比增长 15.7%；空调同比增长 36.5%8 月 18 日， Mysteel 统计 76 家独立电弧炉建筑钢材钢厂平均成本为 3352 元/吨，日 环比减少 3 元/吨，平均利润为-76 元/吨，谷电利润为 25 元/吨，日环比 减少 7 元/吨。8 月 18 日，唐山迁安普方坯资源出厂含税下调 20，报 3050。 证监许可【2011】1452 号 成材昨日震荡回落，双 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Directory Price - For silicon ferroalloy, the latest prices for different regions and types on August 19, 2025, are presented, including natural blocks in Ningxia (72 at 5480 yuan), Inner Mongolia (72 at 5450 yuan), etc., with corresponding daily and weekly changes. For silicon manganese, the prices of different regions and types are also given, such as Inner Mongolia 6517 at 5820 yuan, with price changes [2]. - Multiple price - related historical data charts for silicon ferroalloy and silicon manganese from 2021 - 2025 are presented, including market prices, export prices, and contract closing prices [3][4][6]. Supply - For silicon ferroalloy, data on the production of 136 enterprises in China (monthly and weekly), capacity utilization in Inner Mongolia, Ningxia, and Shaanxi, and the export volume of China are provided. For silicon manganese, the production in China (weekly), procurement volume and price of Hebei Iron and Steel Group are presented [4][6]. Demand - Data on the demand for silicon manganese in China (in ten thousand tons, according to Steel Union's caliber), the production forecast of crude steel in China (monthly, in ten thousand tons), and the procurement volume of silicon ferroalloy by Hebei Iron and Steel Group are provided [4][7]. Inventory - For silicon ferroalloy, the inventory data of 60 sample enterprises in China (weekly), warehouse receipt quantity, effective forecast, and inventory average available days in different regions are provided. For silicon manganese, the warehouse receipt quantity, effective inventory, and inventory of 63 sample enterprises in China (weekly, in tons) are presented [5][7]. Cost and Profit - For silicon ferroalloy, data on electricity prices in different regions, the market price of semi - coke, production cost in Ningxia and Inner Mongolia, and corresponding profits are provided. For silicon manganese, the profits in Inner Mongolia, Guangxi, and different regions, as well as the profit of Guangxi silicon manganese converted to the main contract are presented [5][7].

Economic Data Trends - Industrial added value growth in July was 5.7% year-on-year, slowing by 1.1 percentage points from June[1] - Fixed asset investment growth was 1.6% year-on-year, down 1.2 percentage points from the first half of the year[1] - Retail sales of consumer goods increased by 3.7% year-on-year, a decline of 1.1 percentage points from June[1] Market Performance - The Shanghai Composite Index surpassed 3700 points, increasing by 1.7% week-on-week[1] - Daily trading volume in the two markets consistently exceeded 2 trillion yuan[1] - The 10-year government bond yield approached 1.80%, indicating a downward trend in bond prices[1] Factors Influencing Asset Prices - The slowdown in economic growth is not a new marginal change, as weak investment and consumption have been anticipated by the market[1] - Nominal growth may have replaced real growth as a key driver of market trends, with CPI and PPI showing signs of improvement on a month-on-month basis[1] - Increased market risk appetite is evident, with advancements in AI and biomedicine reducing perceived risks from U.S.-China trade disputes[1] Monetary Policy and Foreign Investment - Expectations for a U.S. Federal Reserve rate cut in September may support the appreciation of the yuan, attracting foreign investment in RMB-denominated assets[1] - The positive feedback loop between currency appreciation and foreign capital inflow could sustain a moderate upward trend in A-shares[1] Risks to Consider - Geopolitical risks, domestic policy implementation falling short of expectations, and global recession concerns remain potential threats to market stability[1]

4500 5500 6500 7500 8500 9500 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 72%FeSi：市场价：内蒙古（日） 2021 2022 2023 2024 2025 4000 5000 6000 7000 8000 9000 10000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 72%FeSi：市场价：青海 2021 2022 2023 2024 2025 4000 5000 6000 7000 8000 9000 10000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 72%FeSi：市场价：宁夏 2021 2022 2023 2024 2025 4500 5500 6500 7500 8500 9500 01/01 02/01 03/01 04/01 05/01 06/01 07/0 ...