中国材料2026年实地需求监测系列75：钢材库存与消耗数据

China Materials 2026 On-ground Demand Monitor Series #75 – Steel Inventory andConsumption Data CITI’S TAKEIn this series of notes, we aim to track and analyze high-frequency on- ground demand trends in China – market expectation on demand recoveryhas been largely cautious. In this note, we enclose weekly data from Jack Shang, CFAAC+852-2501-2441jack.shang@citi.com Production— According to data from Mysteel, during last week, total China steelproduction was 8.6mt, -1.0% WoW and -2.5% YoY, of which rebar/HRC/CRCproduction was 2.1/3.0/0.9mt, -2.5%/-0.7%/-0.3% WoW and +2.1%/-8.2%/-0.7%YoY, respectively. From the beginning of the year to 25th June, total China steel Anna Wang+852-2501-2739anna.d.wang@citi.com Jimmy Feng+852-2501-7588jimmy.feng@citi.com Cynthia Wu+852-2868-7813cynthia.d.wu@citi.com Inventory— According to Mysteel data, China’s steel inventory was 16mt on 25thJune, +2.8% WoW and +19.5% YoY, of which steel mills/traders’ inventory was4.6mt/11.4mt, +5.8%/+1.7% WoW and +5.2%/+26.3% YoY, respectively. The totalinventory of rebar/HRC/CRC was 6.8/4.3/1.5mt, +3.7%/+2.0%/+1.1% WoW and Apparent consumption— Based on our calculations, during last week, China’s steelapparent consumption was 8.1mt, -6.5% WoW and -7.4% YoY, -7.6% YoY on thelunar calendar, of which rebar/HRC/CRC apparent consumption was 1.9/2.9/0.9mt.YTD apparent consumption was 213.9mt, -2.5% YoY, of which rebar/HRC/CRC © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.Source: Citi Research, MySteel © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.Source: Citi Research, MySteel © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.Source: Citi Research, MySteel © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.Source: Citi Research, MySteel © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.Source: Citi Research, MySteel © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.Source: Citi Research, MySteel If you are visually impaired and would like to speak to a Citi representative regarding the detailsof the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside the Appendix A-1 ANALYST CERTIFICATIONThe research analysts primarily responsible for the preparation and content of this research report are either (i) designated by “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple ACanalysts are designated in the author block, each analyst is certifying with respect to the entire research report other than(a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solelywith respect to a specific issuer which are attributable to another AC certifying analyst identified in the price charts orrating history tables for that issuer shown below. Each of these analysts certify, with respect to the sections of the report IMPORTANT DISCLOSURESAnalysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based upon activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receivecompensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, and For financial instruments recommended in the Product in which the Firm is not a market maker, the Firm is a liquidity providerin such financial instruments (and any underlying instruments) and may act as principal in connection with transactions insuch instruments. The Firm is a regular issuer of traded financial instruments linked to securities that may have been Unless stated otherwise neither the Research Analyst nor any member of their team has viewed the material operations of theCompanies for which an investment view has been provided within the past 12 months. For important disclosures (including copies of historical disclosures) regarding the companies that are the subject of this CitiResearch product ("the Product"), please contact Citi Research, 388 Greenwich Street, 6th Floor, New York, NY, 10013,Attention: Legal/Compliance [E6WYB6412478]. In addition, the same important disclosures, with the exception of the https://www.citivelocity.com/cvr/eppublic/citi_research_disclosures.Valuation and Risk assessments can be found in thetext of the most recent research note/report regarding the subject company. Pursuant to the Market Abuse Regulation ahistory of all Citi Research recommendations published during the preceding 12-month period can be accessed via Citi Velocity Guide to Citi Research Fundamental Research Investment Ratings:Citi Research stock recommendations include an investment rating and an opt