美银-中国基础原材料行业概览：铜库存下降铝价攀升钢价反弹-Copper Inventories Decline;Aluminum Advances;Steel Rebounds-20260427

Accessibleversion

BasicMaterials-China

CopperInventoriesDecline;AluminumAdvances;SteelRebounds

IndustryOverview

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CopperInventoriesDecline,LMEAluminumPricesRise

Thisweek,copperpricesstayedrangeboundatelevatedlevels,asUS–Irannegotiation

headlinesandStraitofHormuztensionsdrovevolatileriskappetite,whileastrongerUSdollarcappedupside.Fundamentally,inventoriescontinuedtodeclineamidtight

domesticsupply,thoughdownstreamdemandremainedcautiouswithpurchaseslargelylimitedtoessentialrestocking.LMEcopperedgedup0.1%WoWtoUSD13,301/t,whileChinaspotcopperpricesrose0.6%WoWtoRMB102,810/t.SpotTC/RCfelltoarecordlowof–USD83/t,highlightingpersistenttightnessincopperconcentratesupply.LME

aluminumgained2.8%WoWtoUSD3,692/t,howevertheChangjiangspotpricefellby1.6%WoWtoRMB24,750/t,withmarginsnarrowingtoRMB8,608/t.Golddecreasedby2.8%WoWtoUSD4,696/oz.Lithiumcarbonateroseby2.1%WoWtoRMB173,000/t;

U3O8rose2.2%WoWtoUSD86.9/lb;andShanghaicobaltspotpricefellby0.5%to

RMB414,000/t;NdProxidepricesrose1%toRMB782,600/t,whiletungstenpricesfellby4%toRMB858k/t.

Steel:Pricesroseonsupply‑sidereformexpectations

Thisweek,theferrouscomplexextendeditsrebound,withfinishedsteeloutperformingrawmaterials.EarlygainsweredrivenbyrawmaterialsamidMiddleEastuncertaintiesandspeculationofrestrictedMongoliancoalshipments.Mid‑week,policysignalson

energyconservationandcarbonreductionliftedexpectationsforsupply‑sidereform.Laterintheweek,strongersupply‑demanddataandinventorydestockingfurther

supportedfinishedsteelprices.AsofApril24,rebarandHRCpricesrose1.1%WoWtoRMB3,354/tandRMB3,406/t,respectively,whileironoreinchedup0.14%WoWto

US$107.6/t.Finished‑steelinventoriesdeclined3.5%WoW,apparentconsumption

increased2.4%WoWto9.3mnt,andsteelmarginsimprovedmodestly,withrebarandHRCmarginsat–RMB245/tand–RMB217/t.

Cement/Glass/Paper:Weakperformance

Cement:Theaveragenationalcementpricedecreasedby1.9%WoWtoRMB318/tasofApr24th.Thenationwideshipmentratioroseby1.7pptsWoWto41.3%,andthe

inventoryratioremainedflatas64.3%.InlateApril,domesticend-demandforcement

remainsweak.Amidmuteddemandandpoorenforcementofstaggeredproductionin

someregions,cementpricesinmanyareashavefallentolowlevels.Glass:National

averagefloatglassprice(incl.VAT)decreasedby1.5%WoWtoRMB1,163/tamid

supply–demanddynamicsremainchallenging.OuranalysisshowsXinyifloatglassGPMnarrowedby1.8pptsto13.9%.Paper:Paperpricesedgedup0.2%WoWtoRMB3,609/tasofApr22amidsmallersupply-demandgap.Solarglass:Spot3.2mmand2.0mm

coatedsolarglassmid-pointpricesdownRMB0.5/sqmandRMB0.25/sqmto

RMB15.25/sqmandRMB9.25/sqm.OurcalculationshowsFlatGlassGPM(2.0mm)andXinyiSolarGPM(2.0mm)down15.7%/8.0%WoW.Solarglassdailycapacitydownby

1.36%WoWto86,800t/dayandinventorydaysexpanded3.8%WoWto48.08duringtheweek-endedon23Apr2026.

27April2026

EquityChina

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Seeglossaryattheendofthereport

BofAGLOBALRESEARCH

2BasicMaterials-China|27April2026

Keycharts

Exhibit1:Copperandaluminumspotprices

LMEcopperprice+0.1%WoWtoUS$13,301/tandLMEaluminumpricewas+2.8%WoWatUSD3,692/tasof24Apr

RMB/tSHFECopperprice

SHFEAluminiumprice80,000

40,000

0

20112013201520172019202120232025

120,000

Source:Bloomberg,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit3:DomesticmonthlytreatmentchargesonCuconcentrate

Domesticmonthlytreatmentchargesoncopperconcentrate:-US$83/tasof24Apr

150

100

50

0

-50

-100

US$/tDomesticmonthlyCutreatmentcharges

2026

2025

2024

2023

2022

2021

2020

2019

2018

Source:Wind,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit5:COMEXgoldspotprice

6,200

5,600

5,000

4,400

3,800

3,200

2,600

2,000

1,400

800

200

COMEXgold(spot)pricewas-2.8%WoWtoUS$4,696/ozasof24Apr

US$/oz

GoldSpot

4,696

200020052010201520202025

Source:Bloomberg,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit2:Coppersocialinventory

Asof24Apr,Shanghaibondedwarehouseinventory/Shanghaisocialinventorywas-12.5%/-9%WoW;Guangdongbondedwarehouseinventory/Guangdongsocialinventorywas-11.1%/flattishWoW

ShanghaiBondedWarehouseInventorySocialInventoryShanghai

GuangdongBondedWarehouseInventorySocialInventoryGuangdong

0

Jan-23Jul-23Jan-24Jul-24Jan-25Jul-25Jan-26

400,000

300,000

200,000

100,000

Source:Bloomberg,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit4:Avg.nationalaluminummargin(60%captiveplant)

Avg.nationalaluminummarginfellbyRMB373/tWoWtoRMB8,608/t

RMB/tAvg.nationalaluminummargin(60%captive

1,,plant,40%on-grid)8,608

6,000

4,000

2,000

-

-2,000

-4,000

20192020202120222023202420252026

Source:Bloomberg,SMM,Wind,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit6:Spotcashmarginsatsteelmills

ByApr24,spotrebarcashmarginsrosebyRMB1/tto–RMB245/t,whilespotHRCcashmarginsalsoincreasedbyRMB35/tto–RMB217/t

Rmb/t

2,000

1,500

1,000

500

0

-500

-1,000

Rebar-spotmills——HRC-spotmills

-245

-217

151617181920212223242526

Source:Wind,BofAGlobalResearch

BofAGLOBALRESEARCH

BasicMaterials-China|27April20263

Exhibit7:Containerboardmargintracker

NineDragonsmargintrackerisnowindicatingNP/tofRMB158/tforthisweek

RCH

Rmb/t

400

300158

200

100

0

-100

-200

-300

Aug-22Feb-23Aug-23Feb-24Aug-24Feb-25Aug-25Feb-26

Source:Wind,BofAGlobalResearch

BofAGLOBALRESEA

Exhibit9:Chinanationalcementshipmentratio

Thenationwideshipmentratioroseby1.7pptsWoWto41.3%asof24Apr

%20222023202420252026

100

90

80

70

60

50

40

30

20

10

0

JanFebMarAprMayJunJulAugSepOctNovDec

Source:Digitalcement,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit10:NationalFloatGlassPriceandXinyiFloatGlassGPM

AsofApr23th,thenationalaveragefloatglasspricedecreasedby1.5%WoWtoRMB1,163/t.OuranalysisshowsXinyifloatglassGPMfellby1.8pptsto13.9%

RMB/t

3,500

3,000

2,500

2,000

1,500

1,000

500

0

70%

60%

50%

40%

30%

20%

10%

0%

-10%

GPM(LHS)ASP(RHS)

2019

2020

2021

2022

2023

2024

2025

Source:SCI99,Wind,BofAGlobalResearch,SCI99

BofAGLOBALRESEARCH

Exhibit8:ASPatQinhuangdaoport(Kcal5,500)

ASPofQHD5,500kcalspotpriceroseby0.7%WoWtoRMB770/tasof22Apr

1,800

1,600

1,400

1,200

1,000

800

600

400

200

20122014201620182020202220242026

QHDprice(5,500Kcal/kg)

Source:Sxcoal,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit5:Lithiumcarbonateunitrefiningmargin

Currentlithiumcarbonaterefiningmarginbasedonspodumenehasnarrowedandstayednegativeamidincreasingspodumeneprice

Unitmargin-Li2CO3(SC)

Unitmargin-Li2CO3(Brine)

202020212022202320242025

RMB/t500,000400,000300,000200,000100,000

0

-100,000

2019

Source:SMM,BofAGlobalResearch,SCI99

BofAGLOBALRESEARCH

Exhibit11:ChinaSolarGlassPricevsGPM(%)

Spot3.2mmand2.0mmcoatedsolarglassmid-pointpricesdownRMB0.5/sqmandRMB0.25/sqmtoRMB15.25/sqmandRMB9.25/sqm

RMB/t

45

30

15

0

FlatGlassGPM%(2.0mm)XinyiSolarGPM%(2.0mm)

70%

60%

50%

40%

30%

20%

10%

0%

-10%-20%

-30%

Jan-21

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22

Jul-22

Oct-22

Jan-23

Apr-23

Jul-23

Oct-23

Jan-24

Apr-24

Jul-24

Oct-24

Jan-25

Apr-25

Jul-25

Oct-25

Jan-26

Apr-26

Source:Wind,SCI99,BofAGlobalResearch

BofAGLOBALRESEARCH

4BasicMaterials-China|27April2026

BofAGLOBALRESEARCH

CopperInventoriesDecline,LME

AluminumPricesRise

Thisweek,copperpricesstayedrangeboundatelevatedlevels,asUS–Irannegotiation

headlinesandStraitofHormuztensionsdrovevolatileriskappetite,whileastrongerUSdollarcappedupside.Fundamentally,inventoriescontinuedtodeclineamidtight

domesticsupply,thoughdownstreamdemandremainedcautiouswithpurchaseslargelylimitedtoessentialrestocking.LMEcopperedgedup0.1%WoWtoUSD13,301/t,whileChinaspotcopperpricesrose0.6%WoWtoRMB102,810/t.SpotTC/RCfelltoarecordlowof–USD83/t,highlightingpersistenttightnessincopperconcentratesupply.LME

aluminumgained2.8%WoWtoUSD3,692/t,howevertheChangjiangspotpricefellby1.6%WoWtoRMB24,750/t,withmarginsnarrowingtoRMB8,608/t.Golddecreasedby2.8%WoWtoUSD4,696/oz.Lithiumcarbonateroseby2.1%WoWtoRMB173,000/t;

U3O8rose2.2%WoWtoUSD86.9/lb;andShanghaicobaltspotpricefellby0.5%to

RMB414,000/t;NdProxidepricesrose1%toRMB782,600/t,whiletungstenpricesfell

by4%toRMB858k/t.

Exhibit12:PricecomparisoninLME&Changjiangcopper

LMEcopperprice+0.1%WoWtoUS$13,301/tandChangjiangprice+0.6%WoWtoRMB102,810/t(US$12,669/tex.VAT)asof24Apr

US$/t——ChangjiangCopper(US$/t)-ex.VAT

LMECopperspot(US$/t)

15,500

12,500

9,500

6,500

3,500

13,301

12,669

20112013201520172019202120232025

Source:Bloomberg,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit14:Coppersocialinventory

Asof24Apr,Shanghaibondedwarehouseinventory/Shanghaisocialinventorywas-12.5%/-9%WoW;Guangdongbondedwarehouseinventory/Guangdongsocialinventorywas-11.1%/flattishWoW

ShanghaiBondedWarehouseInventorySocialInventoryShanghai

GuangdongBondedWarehouseInventorySocialInventoryGuangdong

0

Jan-23Jul-23Jan-24Jul-24Jan-25Jul-25Jan-26

400,000

300,000

200,000

100,000

Source:Bloomberg,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit13:DomesticmonthlytreatmentchargesonCuconcentrate

Domesticmonthlytreatmentchargesoncopperconcentrate:-US$83/tasof24Apr

150

100

50

0

-50

-100

US$/tDomesticmonthlyCutreatmentcharges

2026

2025

2024

2023

2022

2021

2020

2019

2018

Source:Wind,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit15:Copperinventoryatexchanges

Asof24Apr,SHFEcopperinventorydown16.3%WoWto201kt;LME

copperinventoryalsodown1.1%WoWto396kt;COMEXcopperinventoryroseby1.8%WoWto605kt

Jan-23

Apr-23

Jul-23

Oct-23

Jan-24

Apr-24

Jul-24

Oct-24

Jan-25

Apr-25

Jul-25

Oct-25

Jan-26

Apr-26

1,350

1,500LMEinventorySHFEinventoryComexinventory

1,200

1,050

900

750

600

450

300

150

0

(kt)

Source:Bloomberg,BofAGlobalResearch

BofAGLOBALRESEARCH

BofAGLOBALRESEARCH

BasicMaterials-China|27April20265

Exhibit16:PricecomparisoninLME&ChangjiangAluminum

LMEaluminumpricewas+2.8%WoWatUSD3,692/ttandChangjiangprice-1.6%wowtoRMB24,750/t(USD3,204/tex.VAT)asof24Apr

ChangjiangAluminium(US$/t)-ex.VAT

4,150

3,650

3,150

2,650

2,150

1,650

1,150

——LMEAluminiumspot(US$/t)

3,692

3,204

US$/t

20112013201520172019202120232025

Source:Bloomberg,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit17:Avg.nationalaluminummargin(60%captiveplant)

Avg.nationalaluminummarginfellbyRMB373/tWoWtoRMB8,608/t

RMB/tAvg.nationalaluminummargin(60%captive

1,,plant,40%on-grid)8,608

6,000

4,000

2,000

-

-2,000

-4,000

20192020202120222023202420252026

Source:Bloomberg,SMM,Wind,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit18:Aluminumingotinventory

Domesticaluminumingotinventorywas+3.1%WoWat1,441ktasofApr24

kt

2023202420252026

1,400

1,200

1,000

800

600

400

200

JanFebMarAprMayJunJulAugSepOctNovDec

Source:SMM,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit19:Domesticaluminaprices

DomesticaluminapricesettledloweratRMB2,661/tasof24Apr

6,000

RMB/t

5,000

4,000

3,000

2,000

1,000

2012201420162018202020222024

Source:Wind,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit20:COMEXgoldspotprice

6,200

5,600

5,000

4,400

3,800

3,200

2,600

2,000

1,400

800

200

COMEXgold(spot)pricewas-2.8%WoWtoUS$4,696/ozasof24Apr

US$/oz

GoldSpot

4,696

200020052010201520202025

Source:Bloomberg,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit21:GlobalgoldETFmonthlyflows

GlobalgoldETFhad84tnetoutflowsinMar2026,-426%mom

140(tons)

120

100

80

60

40

20

0

-20

-40

-60

04-202310-202304-202410-202404-202510-2025

160

Source:WorldGoldCouncil,BofAGlobalResearch

BofAGLOBALRESEARCH

BofAGLOBALRESEARCH

6BasicMaterials-China|27April2026

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

Jul-23

Jan-24

Jul-24

Jan-25

Jul-25

Jan-26

Exhibit22:Chinacentralbankgoldreserves

Chinagoldreserveswasslightlyincreasedmomto74.38mnounceinMar2026

80

70

60

50

Source:ChinaStateAdministrationofForeignExchange,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit24:Domesticbattery-gradelithiumcarbonateASP

AsofApr24,domesticbattery-gradelithiumcarbonate(99.5%)priceincreasedby2.1%WoWtoRMB173,000/t

RMB/tBattery-grade(99.5%)lithiumcarbonateASP

SpodumeneConcentrateASP(6%,CIFChina)U-t

600,0006000

400,0004000

200,0002000

002020202120222023202420252026

Source:SMM,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit23:Lithiumcarbonateunitrefiningmargin

Currentlithiumcarbonaterefiningmarginbasedonspodumenehasnarrowedandstayednegativeamidincreasingspodumeneprice

EARCH

Unitmargin-Li2CO3(SC)

Unitmargin-Li2CO3(Brine)

202020212022202320242025

RMB/t500,000400,000300,000200,000100,000

0

-100,000

2019

Source:SMM,BofAGlobalResearch

BofAGLOBALRES

Exhibit25:Domesticlithiumcarbonateinventory

Chinalithiumcarbonateinventorywasup0.64%WoWto103.5kt

Jan-26

Oct-25

Jul-25

Apr-25

Jan-25

Oct-24

Jul-24

Apr-24

Jan-24

Oct-23

Jul-23

Li2CO3Stocks:Others

Li2CO3Stocks:Downstream

Li2CO3Stocks:SmelterInventorydays

000'tonne

160

120

80

40

00

120

80

40

Source:SMM,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit26:UxCUraniumU3O8WeeklySpotPrice(USD/lbs)UraniumU3O8spotprice+2.2%WoWtoUS$86.9/lbs

USD/lbs

120

80

40

0

19202122232425

Source:Bloomberg,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit27:ChinaShanghaiChangjiangCobaltSpotPrice(RMB/ton)ChinaShanghaiChangjiangCobaltSpotPrice-0.5%WoWtoRMB414k/t

EARCH

8,0Bon

600,000

400,000

200,000

0

19202122232425

Source:Bloomberg,BofAGlobalResearch

BofAGLOBALRES

BasicMaterials-China|27April20267

Exhibit28:NationalaverageNdProxideprice

NationalaverageNdProxideprice+1%WoWtoRMB782,600/t

AverageNationalNdPrPrice

800,000

400,000

0

2020202120222023202420252026

1,200,000

Source:Wind,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit29:Natioanlaverageblacktungstenconcentrate(Wolframite)price,(65%WO₃,RMB/ton)

Nationalaverageblacktungstenconcentrateprice-4%WoWtoRMB858k/t

120.00110.00100.0090.0080.0070.0060.0050.0040.0030.0020.00

10.000.00

2020202120222023202420252026

Source:Wind,BofAGlobalResearch

BofAGLOBALRESEARCH

8BasicMaterials-China|27April2026

BofAGLOBALRESEARCH

Steel:Pricesroseonsupply‑sidereform

expectations

Thisweek,theferrouscomplexextendeditsrebound,withfinishedsteeloutperformingrawmaterials.EarlygainsweredrivenbyrawmaterialsamidMiddleEastuncertaintiesandrumorsofrestrictedMongoliancoalshipments.Mid‑week,policysignalsonenergyconservationandcarbonreductionliftedexpectationsforsupply‑sidereform.Laterintheweek,strongersupply‑demanddataandinventorydestockingfurthersupported

finishedsteelprices.AsofApril24,rebarandHRCpricesrose1.1%WoWtoRMB

3,354/tandRMB3,406/t,respectively,whileironoreinchedup0.14%WoWto

US$107.6/t.Finished‑steelinventoriesdeclined3.5%WoW,apparentconsumption

increased2.4%WoWto9.3mnt,andsteelmarginsimprovedmodestly,withrebarand

HRCmarginsat–RMB245/tand–RMB217/t.

Exhibit30:Chinadomesticsteelpricesatkeycities

ByApr24,domesticrebarpricesacrossmajorcities(Beijing,Guangzhou,Shanghai,Shenyang,Wuhan)roseby1.1%WoWtoRMB3,354/t,and

domesticHRCpricesalsoincreasedby1.1%WoWtoRMB3,406/t

3,406

3,354

121314151617181920212223242526

4,800

3,300

1,800

6,300Rmb/t

Averagerebar

AverageHRC

Source:Wind,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit32:WeeklyChinaSteelOutput

Finished‑steeloutput(rebar,HRC,wirerod,CRCandplate)fortheweekendingApr24roseby0.9%WoWto8.6mnt.Rebaroutputincreasedby0.8%WoWto2mnt,whileHRCoutputroseby1%WoWto3mnt

202220232024

20252026

FebMarAprMayJunJulAugSepOctNovDec

mnt

12

11

10

9

8

7

Jan

Source:Wind,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit31:ImportedironoreCFR62%pricesatTianjinPort

AsofApr23,ironore+0.14%WoWtoUSD107.6/t,whilethelong‑termaverageremainedstableatUSD106.3/t

US$/t

230

190

150

110

ImportironoreCFR62%(ex-VAT)——Average

Average=106.3

107.6

70

30

111213141516171819202122232425

Source:Wind,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit33:Ironoreinventoryatlarge-mediumsteelmillsandatportsAsofApr24,ironoreportinventoriesacross45portsdeclinedby0.5%WoWto166.6mnt

45

35

25

15

180mntIOportinv.(45ports)(LHS)

IOinv.dayatmedium-largesteelmills(RHS)

160

140

120

100

80

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Source:Mysteel,BofAGlobalResearch

BofAGLOBALRESEARCH

BofAGLOBALRESEARCH

BasicMaterials-China|27April20269

Exhibit34:Spotcashmarginsatsteelmills

ByApr24,spotrebarcashmarginsrosebyRMB1/tto–RMB245/t,whilespotHRCcashmarginsalsoincreasedbyRMB35/tto–RMB217/t

Rmb/t

2,000

1,500

1,000

500

0

-500

-1,000

Rebar-spotmills——HRC-spotmills

-245

-217

151617181920212223242526

Source:Wind,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit36:Utilizationratesofblastfurnacesacrossthenation

AccordingtoMysteel,nationalblast‑furnaceutilizationedgeddown0.06pptsWoWto89.7%asofApr24,whiletheoperatingrateacross247surveyed

steelmillsfellby0.15%WoWto83%

JanFebMarAprMayJunJulAugSepOctNovDec

100.095.0

90.0

85.0

80.0

75.0

70.0

2021

2025

2022

2026

2020

2024

2023

Source:Mysteel,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit38:Steelinventory

ByApr24,finished‑steelinventories(rebar,wirerod,HRC,CRCandplate)declinedby3.52%WoWto17mnt

mnt

40.0

30.0

20.0

10.0

JanFebMarAprMayJunJulAugSepOctNov

2021

2025

2022

2026

2020

2024

2023

Dec

Source:Mysteel,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit35:Cashmarginsatlargemills(inventorylag)

ByApr24,rebarcashmarginsatlargemillsedgedupbyRMB4/tto–RMB268/t,whileHRCcashmarginsrosebyRMB38/tto–RMB240/t

Rmb/t

2,000

1,500

1,000

500

0

-500

-1,000

Rebar-largemillsHRC-largemills

-268

-240

151617181920212223242526

Source:Wind,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit37:OperatingrateofElectric-arc-furnace(EAF)mills

TheoperatingrateofEAFmillsfellby0.14pptsWoWto55.21intheweekendingApr24

202120222023

70.0202420252026

55.0

40.0

25.0

JanFebMarAprMayJunJulAugSepOctNovDec

Source:Custeel,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit39:Steelapparentconsumption

Steelapparentconsumption(rebar,wirerod,HRC,CRCandplate)roseby2%WoWto9.3mnt

mnt20222023202420252026

12.0010.008.006.00

4.00

JanFebMarAprMayJunJulAugSepOctNovDec

Source:Mysteel,BofAGlobalResearch

BofAGLOBALRESEARCH

10BasicMaterials-China|27April2026

Cement:Pricesunderpressureamidlow

demand

Theaveragenationalcementpricedecreasedby1.9%WoWtoRMB318/tasofApr24th.Specifically,pricesinShandong,HenanandHainanrosebyRMB10-30/t,whilepricesinEast,CentralandSouth,alsoNortheastareasdeclinedbyRMB10-30RMB/t.The

nationwideshipmentratioroseby1.7pptsWoWto41.3%,andtheinventoryratio

remainedflatas64.3%.InlateApril,domesticend-demandforcementremainsweak.Amidmuteddemandandpoorenforcementofstaggeredproductioninsomeregions,

cementpricesinmanyareashavefallentolowlevels.

Exhibit27:NationalaverageCementprice

Theaveragenationalcementprice-1.9%WoWtoRMB318/tasof24Apr

Exhibit40:EastChinaaveragecementprice

Asof24Apr,EastChinacementpricesfellby1.8%WoWtoRMB325/tWoW

RMB/ton202220232024

55020252026500450400

350300250

200JanFebMarAprMayJunJulAugSepOctNovDec

Source:DigitalCement,BofAGlobalResearch

BofAGLOBALRESEARCH

RMB/ton202220232024

60020252026

550

500

450

400

350

300

250

200

JanFebMarAprMayJunJulAugSepOctNovDec

Source:DigitalCement,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit41:ChinanationalaveragecementpricesvsinventoryPricesedgeddownwhileinventorytrendedthesameWoW

Exhibit27:CentralSouthChinaaveragecementprice

Asof24Apr,CentralSouthChinacementpricesedgeddown0.8%WoWtoRMB302/t

RMB/ton——2022——2023——2024

55020252026500450400350

300250

200