本文对 13 家国内重点钢铁集团 8-9 月经营情况进行了跟踪，结果显示：跟踪 企业预计钢铁市场整体需求 9 月开始得到改善，8 月大钢企产量出现季节性恢 复向上，企业预期未来铁矿采购价格持续下降。1）需求端，调研显示 9 月份 开始企业预计需求开始全面改善。随着宏观稳增长政策持续加码，所跟踪大部 分企业预期后续汽车行业和造船行业用钢需求有望持续上升。2）跟踪数据显示1，大型钢铁集团 8 月份产量出现季节性恢复向上，且预计产能利用率有所提 高。随着原料成本的明显下移，部分钢材生产利润扭亏为盈。预计 9 月产量继 续恢复。3）原材料方面，澳大利亚铁矿石产量的恢复和俄罗斯煤炭商产能对 亚洲的转移，导致企业对于未来 3 个月 62%澳洲进口粉矿进口价格区间的预测 下降到 86.54-121.92 美元/吨。

This data equals output data for the following ISIC Rev. 4 code: 2410 Manufacture of Basic Iron and Steel This class includes: Operation of blast furnaces, steel converters, rolling and finishing mills Production of pig iron and spiegeleisen in pigs, blocks or other primary forms Production of ferro-alloys Production of ferrous products by direct reduction of iron and other spongy ferrous products Production of iron of exceptional purity by electrolysis or other chemical processes Production of granular iron and iron powder Production of steel in ingots or other primary forms Remelting of scrap ingots of iron or steel Production of semi-finished products of steel Manufacture of hot-rolled and cold-rolled flat-rolled products of steel Manufacture of hot-rolled bars and rods of steel Manufacture of hot-rolled open sections of steel Manufacture of steel bars and solid sections of steel by cold drawing, grinding or turning Manufacture of open sections by progressive cold forming on a roll mill or folding on a press of flat-rolled products of steel Manufacture of wire of steel by cold drawing or stretching Manufacture of sheet piling of steel and welded open sections of steel Manufacture of railway track materials (unassembled rails) of steel Manufacture of seamless tubes, pipes and hollow profiles of steel, by hot rolling, hot extrusion or hot drawing, or by cold drawing or cold rolling Manufacture of welded tubes and pipes of steel, by cold or hot forming and welding, delivered as welded or further processed by cold drawing or cold rolling or manufactured by hot forming, welding and reducing Manufacture of tube fittings of steel, such as: Flat flanges and flanges with forged collars Butt-welded fittings

发债钢企债务规模持续增长。截至2022 年6 月末（下同），发债钢企有息负债总规模为1.7 万亿，较2021 年末增长10%，较全面供给侧改革前的2015 年大幅增长了约41%，主要源于大型钢企的资产合并与重组。供给侧改革以来，钢企期限结构、偿债能力均以改善为主。

Steel sector is both the backbone of Indian economy as well as a growth promising sector. The growth of the sector is well supported by the availability od raw material such as iron ore and cost effective labour in the country. The government has always realized the importance of the sector for manufacturing sector growth and the overall GDP growth and therefore, initiated various schemes and policies for the development of steel sector along with promoting public private partnership. Since the last couple of the decades, the sector has been moving towards modernizing itself with plants upgradation, adoption of advanced technology and building of state-of-the-art mills. Leveraging on the high demand with resurging economy, the India has witnessed continuous rise in the steel production, which has made India a second largest crude steel producer of the world (since 2018).

2022年6月，世界钢铁工业协会和国际回收局相继发布《世界钢铁统计数据2022》和《全球钢铁循环统计数据2017-2021》。本刊编辑部梳理归纳2021年全球主要国家钢铁生产、废钢使用以及进出口情况。

硅锰、硅铁都是炼钢行业中的原料，其用量及成本占比虽然不大，但在炼钢中却不可或缺。同时，二者也均为郑商所上市交易的期货品种（注：硅锰在郑商所中的交易品种名称为锰硅），并且在郑商所存在二者的价差套利指令。由于市场格局发生改变，硅锰、硅铁价格已由2021年前的硅锰高于硅铁转变为硅锰低于硅铁。虽然市场上对铁合金价格分析的文章较多，但对硅锰、硅铁的价差进行分析的文章较少。本文拟对硅锰、硅铁的价差及演变逻辑进行分析，并对二者未来的价差运行进行展望。

上半年房地产数据“泼冷水”，钢价下行，钢铁行业感觉格外“冷”。市场人士强调，下半年钢铁行业要做好过紧日子的思想准备，要积极利用期货工具对冲市场风险，利用期现点价、基差贸易来升级销售模式，不要建立太高库存，要确保现金流安全和稳定，努力度过“寒冬期”。上半年钢价下行导致钢铁行业感觉格外“冷”，尤其是房地产数据“泼冷水”，部分房企出现债务危机累及钢铁行业。近期上市钢企纷纷亮出2022年上半年“成绩单”，也体现出钢铁行业的困境。

受国际形势、疫情、“双碳”政策等影响，近两年进口铁矿石、煤炭等钢铁行业原燃料价格持续突破新高，钢企盈利空间逐渐受到挤压；同时，一些钢铁企业在内部降本增效工作上又面临思想懈怠、思路局限、工作壁垒等一系列问题，使企业效益提升步履维艰。在此背景下，结合某钢铁公司降本增效实践，提出新形势下“聚、深、细、实、透、精、亮”的七字系统化降本增效工作建议。

2022年上半年，国际地缘冲突持续发酵，欧美等主要经济体通胀高企，全球钢铁需求走弱，钢铁价格急剧暴跌。我国疫情散发多发，国家一揽子稳增长、促投资政策落地，刺激钢铁市场需求，但房地产业景气度大幅下跌，钢铁需求复苏不及预期，钢铁行业市场形势非常严峻，钢铁行业固定资产投资低位运行，钢铁产量、营业收入、利润总额持续下滑，钢铁行业PMI指数急速下行。展望2022年下半年，世界经济仍面临多重下行风险，预计国家经济促进政策有望增量落地，对钢铁需求形成支撑，在市场和政策机制双重驱动下，钢铁行业景气度有望在下行中逐步止跌走稳。

2022年7月，我国钢铁行业主要运行指标具体呈现以下特点：投资方面，钢铁行业投资累计增速回升缓慢，继续低位运行。生产方面，全国生铁、粗钢、钢材当月产量环比减少，2022年1-7月累计产量持续同比下降。需求方面，钢材累计表观消费量继续同比下降，但降幅有所收窄。库存方面，由于五个主要耗钢行业钢铁需求有所恢复以及钢铁产量减少，国内钢材社会库存整体下降。价格方面，钢材综合价格指数继续大幅下行。进出口方面，钢材累计出口量、进口量延续下降趋势，当月进口量再创新低。经营方面，钢铁行业累计营业收入、累计利润总额均呈同比快速下降态势，且降幅进一步扩大。