华创证券指出，钢铁行业目前面临着需求转型阶段，整体需求强度仍处于逐步下降阶段。面对需求端的变化，供给端相对过剩，使得行业景气度较为低迷。该行认为，我国钢铁工业经过长年的高速发展，部分产能或已无法满足现阶段发展，叠加绿色发展为企业提高了准入门槛，部分企业经营困难。8月份工业和信息化部已暂停公示、公告新的钢铁产能置换项目，堵上新增产能的入口，未来若相关产能退出及联合重组机制逐步完善，行业供给有望明显改善。Steel stocks surged across the board yesterday, with the biggest decline today. As of the deadline, Chongqing Iron (01053) fell by 7.89%, to 1.05 Hong Kong dollars; IRC (01029) fell by 4.17%, to 0.092 Hong Kong dollars; maanshan iron (00323) fell by 3.79%, to 1.27 Hong Kong dollars; angang steel (00347) fell by 3.07%, to 1.58 Hong Kong dollars.
According to the Zhitong Finance APP, steel stocks surged across the board yesterday, with the biggest decline today. As of the deadline, Chongqing Iron (01053) fell by 7.89%, to 1.05 Hong Kong dollars; IRC (01029) fell by 4.17%, to 0.092 Hong Kong dollars; maanshan iron (00323) fell by 3.79%, to 1.27 Hong Kong dollars; angang steel (00347) fell by 3.07%, to 1.58 Hong Kong dollars.
On the news front, the China Steel Industry Association recently stated that it will accelerate research to promote capacity governance and joint reorganization. The CISA has started to expedite relevant research, conduct special investigations, and put forward a series of policy recommendations to promote joint reorganization and improve the exit mechanism. In addition, the China Steel Industry Association held an economic operation symposium for some steel enterprises in Peking in the third quarter. Steel company representatives stated that steel prices are expected to see a phased rebound opportunity in the fourth quarter, but it is not a reversal, and the "strong supply weak demand" situation in steel will persist in the long term.
Huachuang Securities pointed out that the steel industry is currently facing a stage of demand transformation, with overall demand intensity still gradually decreasing. Faced with changes in demand, the supply side is relatively overabundant, leading to a relatively low industry prosperity. The firm believes that after years of rapid development in China's steel industry, some production capacity may no longer meet the current stage of development. Coupled with the requirement for green development, the threshold for entry for enterprises to improve has increased, leading to operational difficulties for some companies. In August, the Ministry of Industry and Information Technology temporarily suspended the public announcement of new steel production capacity replacement projects, closing the door to new capacity additions. If related capacity exits and joint reorganization mechanisms are gradually improved in the future, industry supply is expected to significantly improve.
