钢铁行业盈利修复,信用风险保持稳定——2025年下半年钢铁行业信用风险展望

中债资信
Sep 15

内容摘要回顾2025年上半年,制造业贡献增量需求,但基建需求增长放缓,地产需求疲软,上半年钢材需求表现继续弱化。供给方面,政策对产量压减的预期加强,市场传导效应显现,部分钢企调整生产策略、维持较低库存水平,供给端有所收窄。供需基本面弱势运行导致钢价震荡下行,但受益于成本下降幅度较高,行业利润空间修复,景气度有所改善。展望下半年,基建及制造业用钢需求韧性较强,但受地产用钢需求持续回落影响,预计国内...

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