中国钢铁 - 渠道调研 - 生产大幅放缓 - 是季节性因素还是反内卷政策的首个信号；7 月出口创月度历史新China Steel - Channel checker_ Production slows sharply - seasonality or first signal of anti-involution policy_ Exports at highest on record for month of July

J P M O R G A N Europe Equity Research 07 August 2025 China Steel - Channel checker Production slows sharply - seasonality or first signal of anti-involution policy? Exports at highest on record for month of July Dominic O'Kane AC 10-day China steel output 934Mt annualised, -7% vs previous: Latest China daily crude steel output (10 days to 31 July) is -7% vs previous 10-days and is -4% YoY. This represents the sharpest high-frequency slowdown since Chinese New Year. The annualised run-rate is 934Mt and this ...