中国原材料行业_2025 年实地需求监测系列第 43 期 —— 钢铁库存与消费数据

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the China Materials industry, specifically tracking high-frequency demand trends in the steel sector [1] Core Insights and Arguments - Demand Recovery Expectations: Market expectations for demand recovery in China remain cautious, with a revised ranking of materials demand: Steel > Cement > Battery > Aluminum > Gold > Copper > Lithium > Coal [1] - Steel Production Data: - Total steel production in China for the week of March 28 to April 3 was 8.7 million tons (mt), reflecting a 0.3% week-over-week (WoW) increase and a 1.9% year-over-year (YoY) increase. Year-to-date production stands at 116.8 mt, down 1.2% YoY [2] - Breakdown of production: Rebar at 2.3 mt, Hot-Rolled Coil (HRC) at 3.2 mt, and Cold-Rolled Coil (CRC) at 0.9 mt [2] - Steel Inventory Levels: - As of April 3, total steel inventory in China was 16.9 mt, down 2.7% WoW and 24.6% YoY. Inventory levels for steel mills and traders were 4.7 mt and 12.2 mt, respectively [3] - Specific inventory for Rebar, HRC, and CRC was 8.2 mt, 3.9 mt, and 1.5 mt, showing declines of 30.9%, 9.4%, and 23.4% YoY respectively [3] - Apparent Consumption Trends: - Apparent steel consumption for the week was 9.2 mt, a 0.1% WoW increase but a 4.0% YoY decrease. Year-to-date apparent consumption is 111 mt, down 6.6% YoY [4] - Breakdown of apparent consumption: Rebar at 2.5 mt, HRC at 3.3 mt, and CRC at 0.9 mt, with respective YoY changes of -11%, -4.1%, and -1.2% [4] Additional Important Information - The report emphasizes the importance of monitoring these metrics closely as they provide insights into the overall health of the steel market in China, which is critical for understanding broader economic trends [1][2][3][4]