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中国材料行业_2025 年实地需求监测- 钢铁库存与消费数据-China Materials_ 2025 On-ground Demand Monitor Series #138 – Steel Inventory and Consumption Data
2025-09-23 02:34

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the steel industry in China, tracking high-frequency demand trends and production data [1][2]. Core Insights - Production Data: - Total steel production in China for the week of September 12 to September 18 was 8.6 million tons (mt), reflecting a -0.2% week-over-week (WoW) change and a +5.9% year-over-year (YoY) increase. - Breakdown of production: - Rebar: 2.1 mt, -2.6% WoW, +6.3% YoY - Hot Rolled Coil (HRC): 3.3 mt, +0.4% WoW, +8.4% YoY - Cold Rolled Coil (CRC): 0.9 mt, +0.8% WoW, +0.8% YoY - Year-to-date total steel production reached 326 mt, +0.7% YoY [1]. - Inventory Levels: - As of September 18, China's steel inventory stood at 15.2 mt, +0.3% WoW, +9.9% YoY. - Inventory composition: - Steel mills: 4.2 mt, -0.3% WoW, +4.7% YoY - Traders: 11 mt, +0.6% WoW, +12.1% YoY - Specific inventory for rebar, HRC, and CRC: - Rebar: 6.5 mt, -0.5% WoW, +39.7% YoY - HRC: 3.8 mt, +1.3% WoW, -10.4% YoY - CRC: 1.5 mt, +1.4% WoW, -16.7% YoY [1]. - Apparent Consumption: - For the week of September 12 to September 18, apparent consumption of steel was 8.5 mt, +0.9% WoW, +0.7% YoY, but down -6.9% YoY on a lunar calendar basis. - Breakdown of apparent consumption: - Rebar: 2.1 mt, +6% WoW, -5.6% YoY - HRC: 3.2 mt, -1.3% WoW, +3.6% YoY - CRC: 0.8 mt, -1% WoW, -4.3% YoY - Year-to-date apparent consumption totaled 322 mt, +2.3% YoY [2]. Additional Insights - The report indicates a cautious market expectation regarding demand recovery, with a pecking order of demand recovery for various materials: copper > battery > gold > aluminum > cement > steel > lithium > thermal coal [1]. - The data suggests a mixed outlook for the steel industry, with production and consumption showing some growth but also indicating volatility and potential challenges in specific segments [1][2]. This summary encapsulates the key points from the conference call regarding the steel industry in China, highlighting production, inventory, and consumption trends along with market expectations.