Twenty provinces including Hebei and Shandong have intensively released their five-year steel industry plans, with the PMI registering at highly consistent levels, down month-on-month, marking the second consecutive month below the 50% threshold.
Demand Side:Hebei Province is transitioning toward "material-grade" production and promoting the "Hebei Green Steel" brand. Shandong Province is increasing its coastal crude steel capacity ratio to over 65%, with high-end specialty steel exceeding 50%.
Supply Side:Guangxi has listed advanced steel materials among its top ten pillar industries, targeting a 500 billion yuan industry scale. Sichuan is promoting "vanadium-titanium + steel" integration to build a world-class vanadium-titanium industry base.
Cost Pressure:Five government departments jointly issued the "Steel Industry Stable Growth Work Plan (2025-2026)," implementing precise production capacity controls and advancing tiered management.
Market Outlook:Ultra-low emissions retrofitting will be fully completed by end of 2025, and the steel industry will be incorporated into the national carbon emissions trading market. Electric furnace short-process production will replace blast furnace long-process, with the market expected to remain range-bound. Galaxy Futures anticipates the "AI + Steel" development and accelerated industrial operating system upgrades.
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