格隆汇11月14日丨安阳钢铁(600569.SH)公布，为发挥合作方在港口大宗商品供应链领域的服务优势， 公司拟与港信资本开展合作，由港信资本为公司采购进口铁矿石提供供应链综合服务，双方合作额度不 超过3亿元人民币，服务价格由双方协商确定（不超过同类业务行业平均水平），使用情况根据公司实 际需求确定。公司以商业承兑汇票向港信资本支付进口铁矿石采购货款，同时，以公司等值中间产品钢 坯作为抵押物。 ...

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The ore inventory at the 15 ports monitored by SteelHome continued to accumulate, with a week-on-week increase of 404,650 tons and an expanding growth rate [1] - The inventory of mainstream varieties showed mixed changes. The inventory of Brazilian fines and medium-grade Australian fines increased by 47,020 tons and 17,710 tons week-on-week respectively, while the inventory of high-grade Australian fines and Australian lumps decreased by 23,510 tons and 38,140 tons respectively, and the pellet inventory was further reduced [1] - In general, the iron ore port inventory increased significantly, the industrial contradictions continued to accumulate, and there were no structural contradictions [1] Summary by Category Inventory Totals - The current inventory total is 11,826,850 tons, a week-on-week increase of 404,650 tons (3.54%), a month-on-month increase of 579,070 tons (5.15%), and a year-on-year decrease of 737,600 tons (-5.87%) [1] High-Grade Australian Fines - The current inventory is 1,594,850 tons, a week-on-week decrease of 23,510 tons (-1.45%), a month-on-month decrease of 58,830 tons (-3.56%), and a year-on-year decrease of 708,080 tons (-30.75%) [1] Brazilian Fines - The current inventory is 2,113,330 tons, a week-on-week increase of 41,020 tons (1.98%), a month-on-month increase of 47,590 tons (2.30%), and a year-on-year increase of 502,740 tons (31.21%) [1] Medium-Grade Australian Fines - The current inventory is 732,010 tons, a week-on-week increase of 17,710 tons (2.48%), a month-on-month increase of 131,840 tons (21.97%), and a year-on-year increase of 61,230 tons (9.13%) [1] Australian Lumps - The current inventory is 965,750 tons, a week-on-week decrease of 38,140 tons (-3.80%), a month-on-month increase of 2,530 tons (0.26%), and a year-on-year increase of 112,110 tons (13.13%) [1] Pellets - The current inventory is 31,760 tons, a week-on-week decrease of 4,970 tons (-13.53%), a month-on-month increase of 5,690 tons (21.83%), and a year-on-year decrease of 70,880 tons (-69.06%) [1]

Meeting Overview - The board meeting of Anyang Steel Co., Ltd. was held on August 16, 2025, in compliance with the Company Law and Articles of Association [1] Resolutions Passed - The board approved the 2025 semi-annual report and its summary, which was not audited by an accounting firm, with a unanimous vote of 9 in favor [1] - A proposal for the mortgaged purchase of imported iron ore was approved, allowing a subsidiary to collaborate with Shandong Portxin Capital Investment Co., Ltd. for a maximum amount of 50 million RMB, with payment made via commercial acceptance bills and equipment as collateral [1] Asset Restructuring - Due to historical issues with certain assets of Henan Angang Group Wuyuan Mining Co., Ltd., the original asset replacement plan was difficult to proceed with, leading to a change in strategy to sell subsidiary equity to the controlling shareholder, which aims to expedite the transaction process and optimize the company's asset structure [2][3] - The board's decision on the equity sale was supported by 6 votes in favor, with no opposition or abstentions [2]

Group 1 - A silicon iron plant in Gansu has halted production for maintenance, reducing daily silicon iron output by 110 tons, with the resumption date yet to be determined [1] - As of April 8, China's iron ore inventory at 47 ports totaled 149.05 million tons, a decrease of 979,800 tons from the previous week, primarily in East and North China, while South China, Northeast, and along the Yangtze River saw inventory increases [1] - Indonesia plans to adjust its crude palm oil export tax to alleviate the burden of U.S. tariffs on exporters, with the current maximum export tax set at $288 per ton, expected to reduce the burden by approximately 5% [1] Group 2 - The EU's soybean imports for the 2024/25 season reached 10.33 million tons, up from 9.85 million tons year-on-year; canola imports increased to 5.18 million tons from 4.55 million tons; while palm oil imports decreased to 2.08 million tons from 2.72 million tons [1] - Goldman Sachs forecasts that Brent crude oil and WTI prices will drop to $62 and $58 per barrel respectively by December 2025, and further decline to $55 and $51 by December 2026 [1] Group 3 - Two new photovoltaic glass furnaces have been ignited in China, adding a combined capacity of 2,400 tons per day, indicating an increase in domestic production capacity despite current supply shortages [2] - Domestic lithium carbonate production in March 2025 reached 80,200 tons, a month-on-month increase of 25.2%, while April's production is projected to decrease by 4.6% to 76,600 tons [2] - In March, global gold ETF inflows totaled $8.6 billion (equivalent to 92 tons), bringing the total for the first quarter to $21 billion (226 tons), marking the second strongest quarter on record [2]

Summary of Key Points Core Viewpoint - The report highlights the current trends in various sectors, including liquidity, infrastructure, real estate, industrial products, and export chains, providing insights into price movements, production levels, and economic indicators. Group 1: Liquidity - The London gold spot price decreased by 2.66% week-on-week [2] - The BCI small enterprise financing environment index for February 2025 is at 46.65, down 0.86% from the previous month [2] - The M1 and M2 growth rate difference was -6.6 percentage points in January 2025, with a month-on-month increase of 0.5 percentage points [2] Group 2: Infrastructure and Real Estate Chain - In mid-February, the average daily crude steel output of key enterprises reached a six-month high of 2.13 million tons [3] - Price changes for key materials include rebar down 2.65%, cement price index down 0.01%, rubber down 1.73%, coke down 3.60%, coking coal down 1.64%, and iron ore down 3.59% [3] - The national blast furnace capacity utilization rate increased by 0.17 percentage points, while the cement and asphalt operating rates changed by +1.00 percentage points and -2.3 percentage points, respectively [3] Group 3: Real Estate Completion Chain - The prices of titanium dioxide and flat glass changed by +1.38% and -0.74% respectively, with flat glass gross profit at 36 yuan/ton and titanium dioxide at -1015 yuan/ton [4] - The operating rate for flat glass this week remained stable at 76.09% [4] Group 4: Industrial Products Chain - The PMI new orders index for February is at 51.10%, an increase of 1.9 percentage points month-on-month [5] - Major commodity prices showed mixed results, with cold-rolled steel up 0.06%, copper down 0.80%, and aluminum down 1.01% [5] - The national semi-steel tire operating rate is at 82.51%, up 2.16 percentage points [5] Group 5: Subcategories - Iron ore prices have retreated from a seven-month high [6] - The price of graphite electrodes is stable at 18,000 yuan/ton, while electrolytic aluminum is at 20,620 yuan/ton, down 1.01% [6] - The price of tungsten concentrate is at 142,500 yuan/ton, down 0.70% from last week [6] Group 6: Price Comparison Relationships - The price ratio of rebar to iron ore is 4.03 this week [7] - The price difference between hot-rolled and rebar steel is 170 yuan/ton, while the price difference between Shanghai cold-rolled and hot-rolled steel is 620 yuan/ton, down 50 yuan/ton [7] - The price difference between盘螺 (mainly used in real estate) and rebar (mainly used in infrastructure) is 290 yuan/ton, up 11.54% from last week [7] Group 7: Export Chain - The new export orders PMI for China in February 2025 is at 48.60%, an increase of 2.2 percentage points [9] - The CCFI comprehensive index for container shipping rates is at 1250.65 points, down 5.16% [9] - The U.S. crude steel capacity utilization rate is at 74.50%, down 0.50 percentage points [9] Group 8: Valuation Percentiles - The CSI 300 index decreased by 2.22%, with the best-performing cyclical sector being ordinary steel, which increased by 5.34% [10] - The PB ratio of ordinary steel and industrial metals relative to the CSI 300 PB is 38.89% and 58.02%, respectively [10] - The current PB ratio of the ordinary steel sector relative to the CSI 300 PB is 0.54, with the highest value since 2013 being 0.82 [10]