Content Macro Economy & SteelElectricity ConsumptionRailway Transportation Aggregate Financing to Real Economy Notes Payable Discount RateExchange RateSteel PMI Operation Rate of Steel Mills in Tangshan CISA Crude Steel Output Crude Steel Output by National Statistics Bureau (NSB) Special Steel OutputGross Profit of Major Steel ProductsSteel Traders' Inventory in Major China Cities Mn Industry China Dry Bulk Import FreightMn Ore Vessels Line-up ex Tianjin PortMn Ore Import by Ports Mn Ore Import by OriginsPort Stock of Imported Mn Ore_MysteelCNFEOLCNFEOL2530Port stock data was all from port authorities as claimed by Mysteel. Part of the data CNFEOL use is from port authorities and the rest is from trading companies who collect port inventory data regularly. The biggest difference of both sources is in the data for Lianyungang Port. CNFEOL did not include the Mn ore pledged for financing (about 250 to 300kmt as claimed)Port Stock of Imported Mn Ore_CNFEOL2015SiMn Capacity & Production20152014SiMn Capacity & Production2014HCFeMn Capacity & ProductionEMM Capacity & ProductionSteel Mill Mn Alloy Tender PriceElectricity Rate

News WeekDateReal EstateWeek11/16/15link21(REITs)5%4.36%REITs7-8% REITs(21 Centuary Business Herald) Ministry of Housing and Urban-Rural Development had published the guideline to encourage securitization of real estate via Real Estate Investment Trusts (REITs). It also allows the local government to rent or procure commercial housing and change it to social housing. It's believed this will help to bring down the commercial housing inventory and release the financing pressure of realty developers. But at the same time, there will be less new social housing constructions. We intend to follow the implementation of the policy and the influence on housing constructionsWeek31/26/15link(Bloomberg) -- Chinas investment trusts are pulling financing for the real estate industry as Kaisa Group Holdings Ltd.s missed payments heighten default concerns.Issuance of property-related products, which channel money from wealthy individual investors, tumbled 62 percent from a year earlier to 38.5 billion yuan ($6.2 billion) in the fourth quarter, data compiled by research firm Use Trust show, while builders must repay 241 billion yuan of trusts in 2015, up from 178 billion yuan last year. A big portion of shadow bank funding, including trust financing, is borrowed by property developers, said David Cui, China strategist at Bank of America Corp. If there is a sharp rise of defaults by the developers, it may cause a shock to investor confidence in shadow banking, which will raise risks of a credit crunch.

The number of publicly traded real estate firms with debt exceeding equity has increased to 135 out of 336 from 57 in 2007, according to data compiled by Bloomberg.

Week31/27/15link1202014640%(20%)2015500040%2000100601006000610%12Ministry of Housing encouraged purchase of commercial housing rather than building new houses by local government in shanty town renovation projects, especially in cities with housing oversupply. This will help to destock about 60 million square meters of commercial housing as calculated by analysts, but at the same time reduce construction of new social housings, hence steel products. Week42/4/15link1715873%21600REITs() Electricity Pricing ReformWeek11/16/15link201520170.14350.14330.142820140.1558118825%(National Business Daily) Shenzhen had started electricity pricing reform on January 1, 2015. 2015-2017 power transition cost is fixed at around RMB0.143 per kwh, over 1 RMB cent cheaper than 2014. Also, Xinhua News Agent reported that Inner Mongolia power pricing reform had started on January 8, 2015. Inner Mongolia Power Co. Ltd. is the third largest power grid in China. Eastern Inner Mongolia grid is managed by the National Grid Group and Western Inner Mongolia grid is managed directly by Inner Mongolia Power Co., Ltd. As reported by media sources, about 25% of the electricity in Western Inner Mongolia was sold to large power consumers directly, and not through the National Grid. There was also trial running of direct power sales to large consumers in other provinces, but the quota was just 2% of total power consumption in the areaWeek5(CEIT Shanxi) Shanxi Provice had published 2015 list of the first group of qualified producers that could purchase power from power station directly rather than from the National Grid. Among the 62 producers, 5 are ferroalloys plants. Shanxi Jinneng Group Jinguang Ferroalloy Co., Ltd. and Jiaocheng Yiwang Ferroalloy Co., Ltd are the only two qualified manganese alloy producers on the list. According to Yiwang, direct power purchase price is RMB0.05/kwh lower than the National Grid price and quota of direct power purchase Yiwang's got is about 35% of its estimated 2015 power consumption.Week5(National Grid)Gansu Province also published 2015 direct power transaction details. But no price information available yet. 44 alloy producers in Gansu are allocated quota for direct power purchase. List of the alloy producers are attached (in Chinese). According to some reports, 2014 direct power purchase price was RMB0.03/kwh lower than National Grid price. EnvironmentWeek212/27/14linkThe State Council published the guideline on bringing in third independent party to treat environmental pollutions. NDRC, Ministry of Finance, Ministry of Environment & Ministry of Housing & Urban-Rural Development were asked to foster the implementation together. The guideline also urged to raise pollutant discharge fees and apply tiered pricing for power and water basing on companies' environmental performances. The influences on steel and alloy producers need to be observed.Week42/4/15link900-1100.150-200110/30 (Securities Daily) New environmental protection law had been in effect for over a month, but few steel mills were reported to be punished for failing to meet the pollutants discharge standards. Its reported over 70% of steel mills in China could not meet the new standards. According to calculations done by research institutes, to meet the new standards, an extra investment of RMB90 to 110bn is needed to update the facilities of all steel mills, and average environmental cost will be RMB150 to 200 per ton, but many steel mills are spending only RMB30/t under favouritism of local governments. Week5(MIIT) Ministry of Industry and Information Technology (MIIT) that is soliciting public opinions during 10 Feburary to 10 March on the 2015 version Ferroalloy Industry Admission Standards (draft). According to the draft, newly built SiMn and FeMn plants could only install fully-closed submerged arc furnaces with capacity above 25000kva ; newly built EMM plant capacity should be no lower than 30,000mt per year and capacity of each production line should be no lower than 10,000mt per year. For more criteria on power consumption and pullutant discharge, please refer to the full version of the draft attached (in Chinese only).Week63/4/15link57451215600(Futures Daily) 57 companies in Linyi City, Shandong Province were ordered to suspend production for rectification as they failed to meet environmental standards. The 15 furnaces of all steel mills were shut down. It's reported the capacity of these steel mills was 6 milltion tons. The term of the shut-down is not known yet. Belt & Road Strategy and InfrastructureWeek31/27/15link2015127 (Yahoo) China and the African Union agreed Tuesday on an ambitious plan to develop road, rail and air transport routes to link capitals across the continent. AU Commission chairwoman Nkosazana Dlamini-Zuma praised the proposal as "the most substantive project the AU has ever signed with a partner", although the ambitious project that includes highways and high speed railways is at present just a commitment to develop the infrastructure, and contains few details.Week42/2/15link(China Daily)Mexico's government has cut its 2015 budget by nearly 3 percent after a drop in global prices hurt public finances, and it is shelving a tainted $3.75 billion high-speed train tender as part of its austerity measures.Minister of Finance Luis Videgaray announced the decision on Friday, and the pinch will be felt with the high-speed train project.Videgaray cited plummeting oil prices as one of the main reasons behind the 2015 budget cut of $8.42 billion.

Week42/5/15link24 2014267.7()22.6%2014154.513.3%57.7%77.747%66.834.2%24.9%25.861.8%8.313.3% (China Daily) China exported 26.77 billion yuan ($4.36 billion) worth of railway equipment last year, surging 22.6 percent year on year, according to data from the General Administration of Customs (GAC).According to German transportation consultant firm, SCI Verkehr, China North Railway and China South Railway, two industry leaders, currently hold the lion's share of the world's HSR market, with their sales revenue equal to the other five top companies combined. China will lift sluggish exports by promoting rail, nuclear power and surplus products in overseas markets after trade growth fell short of its target last year.Week42/4/15link()23,14,15(China Stock)14 provinces had published their 2015 key projects investment plan by 3 February. Total investment is estimated to be RMB15 trillion. Given the slowing fiscal income growth and increasing local government debt, funding had become the key concern. Most local governments are placing hope in participation of private capital (Public Private Partnership model), but the implementation of the PPP model still need to be watched. Monetary & CreditWeek31/29/152015105%20%5%10%10.52015()()21CBH - As estimated by research institutes, China 2015 bank loans will be RMB10 to 10.5 trillion, with a 5 to 10 YoY growth. As estimated by analyst from China International Capital Corporation (CICC), loans of big state owned banks will remain flat out of risk control concerns and there will be a 5 to 20% loan increase by small and medium size banks. As agreed by researchers from most seceurities firms, the majority of the loans will be channeled to large construction projects (projects related to "One Belt & One Road", Yangtze River Economic Zone, and infrastructure) & consumption related projects (tourism, culture, communication & logistics etc).Week42/4/15link(Xinhua) -- China's central bank on Wednesday decided to lower the reserve requirement ratio (RRR), the minimum level of reserve banks must hold, by 50 basis points from February 5, 2015. The People's Bank of China (PBOC) also increased support to some target areas, cutting the RRR by an extra 50 basis points for certain commercial banks engaged in proportionate lending to small firms, the farming sector and major water projects, said the central bank's statement.The Agricultural Development Bank of China, the sole policy lender for agriculture, gets an RRR reduction of 4 percentage points.Week42/2/15link442015201420147669201336%201112(PwC) A PwC survey of 44 banks and financial institutions reflected that throughout 2014, the quality of credit assets held by Chinese banks showed signs of sharp deterioration. The total balance of non-performing loans (NPLs) across the entire banking industry hit RMB766.9billion (USD123.9bn) by the end of the third quarter, up 36% YoY, the sharpest rise recorded since 2011. Respondents held widely diverging views on the severity of the NPL situation. Most foreign banks gave a negative prognosis for the overall effects of rising bad debts, but believed a focus on top-tier borrowers would insulate them. Domestic banks also the acknowledged the problem, but showed confidence that the government will again mop up excess problem loans using Chinas asset management companies (AMCs). Week62/28/15link2015310.255.35%;0.252.5%1.21.3; 1.3 China's Central Bank cut 25 bp of prime interest rate and at the same time enlarged floating ceiling of deposit interest rate to 1.3 times of prime interest rate from the previous 1.2, effective from March 1st. It's said the purpose is to bring down loan costs. But to maintain and attract deposits, some banks lifted the deposit interest rate up to the ceiling level. And it's believed the narrowing spread between deposit and loan interest rate would further weaken banks' intention to expand credit lines. SteelWeek63/5/15link()2245.2998.69(55.12%)45.9675%19.88%630003002485.364.2%481.16(China Daily) The decision by the nation's largest private steelmaker, Shagang Group, to sell 55.1 percent of the shares in its Shenzhen-listed unit Jiangsu Shagang Group Co Ltd, was intended to raise funds for diversification beyond steel, analysts said. According to Shagang's announcement, it has signed agreements with nine parties to sell the shares at 5.29 yuan (86 cents) per share. After the transaction, Shagang Group will hold a 19.88 percent stake in the listed company, down from 75 percent previously. The parent company said it may reduce its stake further in the coming six months. Shagang will gain about 4.6 billion yuan from the transaction. Analysts speculated that the funds will be used in the group's e-commerce platform, logistics service and micro-credit company. MarketWeek42/2/15(Metal Pages)-Chinas imports of manganese ore and concentrate were down 2.36pc to 16,216,424t in 2014 against 2013, according to official customs data. Import costs were $2,720,696,807, down 14.76pc from the same period in 2013.Week42/4/15(Metal Pages)-Chinese manganese prices have been rangebound amid thin buying in the past few days, and some key stainless steelmakers have cancelled monthly tenders for manganese.Lianzhong Stainless Steel and Guangxi Chengde Group has cancelled their monthly purchases for February requirements due to equipment maintenance. Wuhang Stainless Steel has cut its tender volume by a third to 2,000t owing to their adequate stocks and slow consumption of stainless steel.Week42/5/15(CNFEOL) - Guizhou lowered electricity rate for power intensive industries from RMB0.55/kwh to RMB0.5 to 0.53/kwh. Power cost will be RMB80 to 200/t basing on average power consumption of 4,000kwh for each ton of SiMn produced. Week5(Metal Pages) Chinese mills cut silico-manganese purchase prices for February. Hebei Steel Mill's price is 100 yuan lower than January, and will purchase 27,000 tonnes. Tisco's price is 100 yuan lower than January, for 6,000 tonnes. Ma'anshan Steel Mill's price is 150 yuan lower than January, for 6,000 tonnes.Some silico-manganese factories in South China are cutting their output for the spring festival, which starts next week. They hope that will help to prevent the price of silico-manganese falling further," the analyst said.Week5(Metal Pages) The Chinese manganese market has been quiet this week as most consumers have completed their purchases before the Chinese New Year (18-24 February).Some small producers have halted production, but major producers will keep producing at low capacity during the holiday. The export market remains quiet, and producers have stopped offering prices for material delivered before the end of February due to the New Year holiday.Week6(Metal Pages) Hebei Iron and Steel Group (HBIS), the largest steelmaker in China, has issued its ferro-alloys tender prices for delivery in March. The company lowered its prices once again in line with tepid consumer demand. Although HBIS lowered its ferro-alloys tender prices in March, suppliers are still willing to deliver material as they have ample stocks and demand is tepid on the spot market. Most other steelmakers will make a similar move.The tender price for silico-manganese 65/17 grade is down RMB100/t and the tender volume is 24,720t. The tender price for high carbon ferro-manganese 65C7.0 grade is lowered by RMB50/t and the steelmaker intends to buy 3,640t. The tender price for medium carbon ferro-manganese 78C2.0 grade is cut by RMB100/t, and the tender volume is 1,100t. The tender price for medium carbon ferro-manganese 78C1.5 grade is down RMB50/t, and the tender volume is 1,260t.Week6(Metal Pages) The manganese flake market has been stable since the end of the New Year holiday on 24 February. Dealers have been sidelined and market sentiment is cautious against a weakening domestic steel market. In China, market flake prices are low enough to trouble profit margins. There has been persistent oversupply of manganese flake in China for many months. Manganese flake producers in China are often the major employer in their respective areas and so there are social and political consequences if they cut or shut production.

China ImportsChina Mn Ore Imports by Country (mt)Source: GTIS

Partner CountryJan-15Feb-15Mar-15Apr-15May-15Jun-15Jul-15Aug-15Sep-15Oct-15Nov-15Dec-152015World1,506,265941,4262,447,691South Africa618,595320,379938,974Australia411,798183,428595,226Brazil187,459229,266416,725Gabon215,28273,866289,148Malaysia17,78474,78892,572Cote d Ivoire28,56240,47169,033Morocco5,1709,42314,593Namibia6,3191,0017,320Myanmar6,3752206,595Turkey1,0255,4016,426Oman4,92404,924Zambia1,4181,8263,244Senegal01,3351,335Kenya1,00001,000Others554220000000000576

China Ore Imports and Port InventoriesABA-BDeduced apparent imported ore consumptionPort inv. expressed as # of months based on apparent consumption (RHS)Port inventory (LHS)Ore ImportsInventory changeDeduced apparent imported ore consumption6 month moving average6 month moving averageCrude Steel Output (mln mt)2007Sep1,035,000583,546583,546Oct1,035,000419,6460419,646583,5461.8Nov1,035,000861,0280861,028501,5962.1Dec1,305,000733,433270,000463,433621,4072.12008Jan1,305,000420,5210420,521581,9132.241.18Feb1,305,000660,9070660,907549,6352.438.53Mar1,200,000712,149-105,000817,149568,1802.145.25Apr1,200,000716,1380716,138607,1142.045.19May1,200,000636,0970636,097656,5291.846.20Jun1,270,000712,66770,000642,667619,0412.146.63Jul1,270,000906,6800906,680648,9132.045.02Aug1,270,000605,4840605,484729,9401.742.90Sep1,740,000664,147470,000194,147720,7032.439.39Oct1,740,000611,7030611,703616,8692.836.33Nov1,740,000437,8640437,864599,4632.934.41Dec1,810,000496,74870,000426,748566,4243.237.792009Jan1,540,000334,465-270,000604,465530,4382.940.94Feb1,396,000297,629-144,000441,629480,0692.941.11Mar1,375,000383,938-21,000404,938452,7593.044.88Apr1,450,000713,15175,000638,151487,8913.043.62May1,510,000617,14660,000557,146492,2993.146.53Jun1,290,000709,605-220,000929,605512,1802.549.31Jul1,350,000959,57760,000899,577595,9892.350.64Aug1,570,0001,122,295220,000902,295645,1742.452.23Sep1,530,0001,085,564-40,0001,125,564721,9522.150.96Oct1,760,0001,028,253230,000798,253842,0562.152.30Nov1,900,0001,079,277140,000939,277868,7402.247.86Dec1,980,0001,284,09980,0001,204,099932,4292.148.492010Jan1,970,000955,068-10,000965,068978,1782.051.84Feb1,930,000917,199-40,000957,199989,0932.049.52Mar1,780,000960,797-150,0001,110,797998,2431.854.52Apr1,910,0001,124,892130,000994,892995,7821.955.14May2,180,0001,140,211270,000870,2111,028,5552.155.88Jun2,470,000953,483290,000663,4831,017,0442.453.57Jul2,600,0001,056,449130,000926,449926,9422.851.74Aug2,650,000776,91050,000726,910920,5052.951.64Sep2,760,000754,920110,000644,920882,1243.147.95Oct2,680,000741,423-80,000821,423804,4783.350.30Nov2,940,0001,054,985260,000794,985775,5663.850.17Dec3,290,0001,161,197350,000811,197763,0284.351.522011Jan3,420,0001,152,237130,0001,022,237787,6474.359.87Feb3,640,000781,574220,000561,574803,6124.554.31Mar3,750,0001,098,901110,000988,901776,0564.859.42Apr3,880,0001,132,768130,0001,002,768833,3864.759.03May3,950,0001,307,00270,0001,237,002863,6104.660.25Jun3,970,0001,021,32020,0001,001,320937,2804.259.93Jul3,850,0001,024,900-120,0001,144,900968,9674.059.30Aug3,910,0001,256,50460,0001,196,504989,4114.058.75Sep3,800,0001,311,174-110,0001,421,1741,095,2333.556.70Oct3,890,000727,14490,000637,1441,167,2783.354.67Nov3,710,0001,252,074-180,0001,432,0741,106,3413.449.88Dec3,770,000918,45560,000858,4551,138,8533.352.162012Jan3,510,000683,697-260,000943,6971,115,0423.156.73Feb3,290,0001,223,872-220,0001,443,8721,081,5083.055.88Mar3,299,000992,0369,000983,0361,122,7362.961.58Apr2,970,000871,677-329,0001,200,6771,049,7132.860.58May2,780,0001,121,759-190,0001,311,7591,143,6352.461.23Jun2,777,000963,954-3,000966,9541,123,5832.560.21Jul2,747,0001,018,057-30,0001,048,0571,141,6662.461.69Aug2,606,0001,198,163-141,0001,339,1631,159,0592.258.70Sep2,507,6671,145,913-98,3331,244,2461,141,6082.257.95Oct2,378,667948,807-129,0001,077,8071,185,1432.059.10Nov2,352,3331,067,348-26,3341,093,6821,164,6642.057.47Dec2,427,3331,145,19675,0001,070,1961,128,3182.257.662013Jan2,382,0001,359,868-45,3331,405,2011,145,5252.166.79Feb2,499,000930,715117,000813,7151,205,0492.161.83Mar2,527,6671,390,40128,6671,361,7341,117,4752.368.71Apr2,387,1671,038,808-140,5001,179,3081,137,0562.167.42May2,582,1531,471,826194,9861,276,8401,153,9732.268.68Jun2,636,0001,190,28253,8471,136,4351,184,4992.264.66Jul2,618,6671,344,952-17,3331,362,2851,195,5392.265.47Aug2,400,0001,302,621-218,6671,521,2881,188,3862.066.28Sep2,454,2501,414,79954,2501,360,5491,306,3151.965.42Oct2,551,0001,952,27996,7501,855,5291,306,1172.065.08Nov2,803,2501,499,888252,2501,247,6381,418,8212.060.88Dec2,658,0001,733,245-145,2501,878,4951,413,9541.962.352014Jan2,754,7501,537,57696,7501,440,8261,537,6311.868.73Feb3,034,4001,122,419279,650842,7691,550,7212.062.08Mar3,178,5001,236,614144,1001,092,5141,437,6342.270.24Apr3,137,5001,220,837-41,0001,261,8371,392,9622.368.84May3,178,8001,352,95941,3001,311,6591,294,0132.570.43Jun3,299,4001,420,658120,6001,300,0581,304,6832.569.29Jul3,218,8501,523,149-80,5501,603,6991,208,2772.768.32Aug3,203,9501,449,247-14,9001,464,1471,235,4232.668.91Sep3,178,0001,553,744-25,9501,579,6941,338,9862.467.54Oct3,351,0001,346,239173,0001,173,2391,420,1822.467.52Nov3,397,0001,131,18246,0001,085,1821,405,4162.463.30Dec3,436,0001,339,31039,0001,300,3101,367,6702.568.092015Jan3,457,0001,506,26521,0001,485,2651,367,7122.565.50Feb3,505,000941,42648,000893,4261,347,9732.665.03

Vessels_Tianjin2015 2015 Mn Ore Vessels Line-up ex Tianjin Port Cargo Origin/Counter Party ETA DischargeETD Warehouse Receipt Weight(mt):Remarks Mn Ore S.Africa2014.12.42014.12.72014.12.716,200 Mn Ore S.Africa2014.12.262014.12.272014.12.2930,139 Mn Ore Australia2014.12.312015.1.42015.1.548,600 Mn Ore S.Africa2015.1.22015.1.82015.1.1080,428 Mn Ore Gabon2015.1.22015.1.22015.1.438,145 Mn Ore S.Africa2015.1.42015.1.42015.1.55,400 Mn Ore S.Africa2015.1.42015.1.72015.1.716,200 Mn Ore Australia2015.1.62015.1.62015.1.647,600 Mn Ore Singapore2015.1.72015.1.82015.1.1030,086 Origin to be confirmed, Mn Ore &Iron Ore Brazil2015.1.8101,034 Including Mn ore & Iron Ore Mn Ore Korea2015.1.92015.1.92015.1.1121,600 Mn OreS.Africa2015.1.92015.1.102015.1.1254,640 Origin to be confirmed Mn Ore Argentina2015.1.112015.1.132015.1.1344,000 Mn Ore Malaysia2015.1.1216,000 Origin to be confirmed Mn Ore Malaysia2015.1.132015.1.1415,000 Mn Ore S.Africa2015.1.142015.1.1454,025 Mn OreS.Africa2015.1.1525,500 Mn Ore Australia2015.1.1616,103, Mn Ore &Iron Ore Brazil2015.1.19147,450 Including Mn ore & Iron Ore

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MysteelPortInventory(000 mt)China Mn Ore Port Stocks/Total Port Stocks/Month/Tianjin/Lianyungang/Quinzhou/Fangcheng/Beihai/Zhanjiang/01/07/085001002501703004001,72001/08/085001002501703004001,72001/09/085001002501703004001,72001/10/086001002301002005601,79001/11/086001002301002005601,79001/12/086001002301002005601,79001/01/0955080200402004501,52001/02/0958090160401503601,38001/03/0957069180301004101,35901/04/096001303001101001851,42501/05/096501203101301002001,51001/06/09420150320701002101,27001/07/094401203401001502001,35001/08/095801004501501001501,53001/09/09600705001201001101,50001/10/095501006001902001201,76001/11/096001107001001501201,78001/12/096001307001501102501,94001/01/106501307301301002001,94001/02/106601407101401101501,91001/03/10650100650150901401,78001/04/107001106501801001701,91001/05/10900160670170901902,18001/06/101,0001806902301502202,47001/07/101,1001907002601102402,60001/08/101,2002006902301002302,65001/09/101,3501706502101002802,76001/10/101,370150750130802002,68001/11/101,3001201,0001301202702,94001/12/101,5001701,100140803003,29001/01/111,5801601,110130903503,42001/02/111,7001701,1001801003903,64001/03/111,7201801,230170703803,75001/04/111,7302001,350180703503,88001/05/111,7001901,400200803803,95001/06/111,6802001,2503001204203,97001/07/111,5002501,2502501504503,85001/08/111,4502501,2703001604803,91001/09/111,3002101,3403502004003,80001/10/111,4502801,2503701803603,89001/11/111,4002701,2003302003103,71001/12/111,3804001,1803501603003,77001/01/121,3004609603501303103,51001/02/121,2004208603801402903,29001/03/121,2953858403501093203,29901/04/121,265360725245952802,97001/05/121,2602956751951052502,78001/06/121,2272507372211362002,77001/07/121,2392707711631201852,74701/08/121,210297710160881412,60601/09/121,1203077321071031402,50801/10/121,11131765111790932,37901/11/121,1472977007573612,35201/12/121,1232777837186872,42701/01/131,09025075379731372,38201/02/131,16022082579701452,49901/03/131,11019797347691322,52801/04/131,14113687520471692,38701/05/131,31512588138521712,58201/06/131,39612682013442372,63601/07/131,47313082711391382,61901/08/131,37513070521391312,40001/09/131,44010575510361082,45401/10/131,44720069335371392,55101/11/131,56323380345421182,80301/12/131,4802688052838402,65801/01/141,5303258003149202,75501/02/141,600365965594233,03401/03/141,6882401,123457953,17901/04/141,6253651,0203464293,13801/05/141,6453701,0652655173,17901/06/141,7903251,0407254193,29901/07/141,7953309903852143,21901/08/141,8602909255949213,20401/09/141,8302759704837183,17801/10/141,9204309103217423,35101/11/141,9604509103815243,39701/12/142,000440950241663,43616/01/151,9704509703619123,45723/01/151,9504509803215163,44306/02/151,9604701,0202814133,50513/02/151,9704801,040299123,54028/02/152,0004801,0602617123,59506/03/152,0304701,0502413123,59913/03/152,0404801,030261973,602

CNFEOLPortInventory Unit: 000mt DateLianyungang Tianjin Zhanjiang Fangcheng Qinzhou Beihai TotalFriday, December 26, 201430199002597027.83042.8Friday, January 16, 2015251980060910222997Friday, January 23, 20152519703062830222939Friday, January 30, 201510204005580029.82934.8Friday, February 06, 201510193005075029.82769.8Friday, February 13, 2015101960305086029.82939.8Saturday, February 28, 2015141960315086029.82944.8Friday, March 06, 2015202000314595029.83075.8Friday, March 13, 2015352030314195029.83116.8

SiMn Capacity&Output2015 Regions Month Number of Smelters Surveyed Number of Smelters in OperationAnnual Capacity30Monthly Capaciy (30 day basis)Deduced Daily Capacity Daily OutputMonthly Output Cap Utilization Ratio2014 2014 Output YoY ChangeNingxiaJan34222,664,000222,0007,4003,530109,43047.7%136,400-20%Inner MongoliaJan30152,352,000196,0006,5333,253100,84349.8%120,900-17%HunanJan7361,843,200153,6005,12037011,4707.2%17,825-36%YunnanJan3522,292,000191,0006,3672808,6804.4%25,110-65%GuangxiJan74163,552,000296,0009,8672,22568,97522.6%86,831-21%GuizhouJan4192,458,800204,9006,83075023,25011.0%65,565-65%ShanxiJan145819,00068,2502,27593028,83040.9%27,4355%GansuJan1452,486,400207,2006,90761519,0658.9%30,845-38%SichuanJan142552,00046,0001,5331504,6509.8%4,960-6%NortheastJan145780,00065,0002,16770021,70032.3%26,505-18%XinjiangJan72396,00033,0001,1002407,44021.8%16,740-56%HenanJan174703,20058,6001,95364019,84032.8%32,550-39%ChongqingJan102420,00035,0001,1671153,5659.9%8,060-56%Total/Avrg3779521,318,6001,776,55059,21813,798427,73823.3%599,726-29%NingxiaFeb34202,664,000222,0007,4003,25091,00043.9%103,880-12%Inner MongoliaFeb30142,352,000196,0006,5333,19389,40448.9%102,480-13%HunanFeb7421,891,200157,6005,2531303,6402.5%11,200-68%YunnanFeb3522,292,000191,0006,3672807,8404.4%22,680-65%GuangxiFeb74133,552,000296,0009,8671,99055,72020.2%60,760-8%GuizhouFeb4152,458,800204,9006,83052014,5607.6%46,060-68%ShanxiFeb145819,00068,2502,2751,03028,84045.3%24,78016%GansuFeb1452,486,400207,2006,90761517,2208.9%25,200-32%SichuanFeb142552,00046,0001,5331504,2009.8%4,480-6%NortheastFeb145780,00065,0002,16770019,60032.3%23,940-18%XinjiangFeb72396,00033,0001,1002406,72021.8%8,400-20%HenanFeb172703,20058,6001,95350014,00025.6%23,520-40%ChongqingFeb102420,00035,0001,1671153,5659.9%8,060-56%Total/Avrg3787921,366,6001,780,55059,35212,713356,30921.4%465,440 -23%Ningxia115,010Inner Mongolia88,040Hunan11,470Yunnan25,110Guangxi61,380Guizhou50,995Shanxi29,295Gansu27,435Sichuan4,960Northeast26,505Xinjiang11,160Henan24,955Chongqing620Najor Region Total/AvrgNingxia114,450Inner Mongolia74,490Hunan9,600Yunnan24,300Guangxi59,400Guizhou43,680Shanxi30,750Gansu26,550Sichuan6,000Northeast25,650Xinjiang10,800Henan24,600Chongqing600Najor Region Total/AvrgNingxia123,225Inner Mongolia76,973Hunan14,570Yunnan26,040Guangxi42,315Guizhou41,850Shanxi30,380Gansu20,925Sichuan8,680Northeast20,460Xinjiang11,160Henan23,560Chongqing4,650Najor Region Total/AvrgNingxia122,850Inner Mongolia87,690Hunan15,900Yunnan59,100Guangxi47,400Guizhou61,800Shanxi29,400Gansu20,250Sichuan11,400Northeast19,800Xinjiang12,600Henan32,700Chongqing4,500Najor Region Total/AvrgNingxia131,285Inner Mongolia112,933Hunan17,050Yunnan61,070Guangxi80,600Guizhou69,440Shanxi30,380Gansu20,925Sichuan11,780Northeast20,460Xinjiang17,670Henan33,790Chongqing3,720Najor Region Total/AvrgNingxia131,285Inner Mongolia112,933Hunan16,120Yunnan61,845Guangxi106,640Guizhou79,918Shanxi27,900Gansu24,645Sichuan14,880Northeast23,560Xinjiang21,390Henan28,520Chongqing3,720Najor Region Total/AvrgNingxia118,200Inner Mongolia113,790Hunan16,500Yunnan45,750Guangxi106,800Guizhou80,640Shanxi27,900Gansu23,850Sichuan15,450Northeast19,800Xinjiang20,700Henan27,000Chongqing3,450Najor Region Total/AvrgNingxia120,900Inner Mongolia109,120Hunan15,500Yunnan30,070Guangxi93,000Guizhou85,188Shanxi26,970Gansu24,645Sichuan14,880Northeast17,980Xinjiang13,020Henan24,800Chongqing3,565Najor Region Total/AvrgNingxia121,500Inner Mongolia102,090HunanN/AYunnan29,100Guangxi67,200Guizhou31,200Shanxi27,900Gansu18,450Northeast12,600Xinjiang21,000Henan12,600Chongqing24,600Sichuan3,450Najor Region Total/Avrg
Auteur: Sophie: Cap Utilization rate will be 27.5%, assuming output in Hunan remain the same with OctNingxia125,550Inner Mongolia105,493HunanN/AYunnan15,190Guangxi69,440Guizhou32,240Shanxi28,830Gansu20,615Northeast13,020Xinjiang21,700Henan13,020Chongqing25,420Sichuan3,565Najor Region Total/Avrg
Auteur: Sophie: Cap Utilization rate will be 26.8%, assuming output in Hunan remain the same with Oct

SiMn Capacity&Output20142014 SiMn Capacity Utilization RatioSource:China Ferroalloy Online

Remarks:1.The 2013 output data highlighted in red is the sum of Jan & Feb 2013 output

2. Monthly capacity in 13 production regions are the sum of 30-day basis capacity of all smelters surveyed in the region basing on the size and numbers of furnaces.

3. Deduced daily capacity is the 30 day basis monthly capacity divided by 304. Annual Capacity is 30 day basis monthly capacity multiply 125. Monthly output at 13 production regions is the product of daily output and number of days of the month

6. Nationwide monthly output is quotient of total output of 13 production regions and 80%, basing on the assumption that smelters surveyed covers 80% of China's SiMn capacity

7. Capacity utilization is the quotient of daily output and deduced daily capacity8. The Capacity utilization ratio drop in Inner Mongolia in April was enlarged as 3 new smelters with huge capacity were included into the sample base. Adjusted cap utilization ratio should be 45%, 45% and 53% in April, May and June if the 3 new sample smelters were not considered

Regions2013 2013 Output Month2014 Number of Smelters in Operation2014 Number of Smelters SurveyedAnnual CapacityCapacity % by Region30Monthly Capaciy (30 day basis)Deduced Daily Capacity Daily OutputMonthly OutputOutput % by Region Cap Utilization Ratio YoY ChangeNingxia1322,316,000 11%193,000 6,433 4,400 136,400 23%68.4%Inner Mongolia1261,884,0009%157,0005,2333,900120,90020%74.5%Hunan1731,843,2009%153,6005,12057517,8253%11.2%Yunnan1362,064,00010%172,0005,73381025,1104%14.1%Guangxi1783,943,80020%328,65010,9552,80186,83114%25.6%Guizhou1512,736,00014%228,0007,6002,11565,56511%27.8%Shanxi114790,200 4%65,850 2,195 885 27,435 5%40.3%Gansu1122,012,400 10%167,700 5,590 995 30,845 5%17.8%Sichuan113516,0003%43,0001,4331604,9601%11.2%Northeast113660,000 3%55,000 1,833 855 26,505 4%46.6%Xinjiang17294,540 1%24,545 818 540 16,740 3%66.0%Henan118727,2004%60,6002,0201,05032,5505%52.0%Chongqing19372,0002%31,0001,0332608,0601%25.2%Others1Major Region Total/Avrg138220,159,340100%1,679,94555,99819,346599,726100%34.5%National Total/Avrg25,199,1752,099,93169,99824,183749,65834.5%Ningxia123,000 2322,316,00012%193,0006,433.333,710103,88023%57.7%Inner Mongolia133,000 2261,884,0009%157,0005,2333,660102,48022%69.9%Hunan298,000 2731,843,2009%153,6005,12040011,2002%7.8%Yunnan26,000 2362,064,00010%172,0005,73381022,6805%14.1%Guangxi384,000 2733,492,00018%291,0009,7002,17060,76013%22.4%Guizhou222,000 2512,736,00014%228,0007,6001,64546,06010%21.6%Shanxi56,000 214790,2004%65,8502,19588524,7805%40.3%Gansu71,700 2122,012,40010%167,7005,59090025,2006%16.1%Sichuan53,000 213516,0003%43,0001,4331604,4801%11.2%Northeast161,300 213660,0003%55,0001,83385523,9405%46.6%Xinjiang27396,0002%33,0001,1003008,4002%27.3%Henan218727,2004%60,6002,02084023,5205%41.6%Chongqing210420,0002%35,0001,167205600%1.7%OthersMajor Region Total/Avrg237819,857,000100%1,654,75055,15816,355457,940100%29.7%National Total/Avrg1,528,000 24,821,2502,068,43868,94820,444572,42529.7%-13.5%Ningxia662003322,316,00012%193,0006,4333,710115,01024%57.7%Inner Mongolia672003261,884,0009%157,0005,2332,84088,04018%54.3%Hunan1090003731,843,2009%153,6005,12037011,4702%7.2%Yunnan162003362,064,00010%172,0005,73381025,1105%14.1%Guangxi1845003733,516,00018%293,0009,7671,98061,38013%20.3%Guizhou890003512,736,00014%228,0007,6001,64550,99511%21.6%Shanxi28000314809,4004%67,4502,24894529,2956%42.0%Gansu213003122,012,40010%167,7005,59088527,4356%15.8%Sichuan15000313516,0003%43,0001,4331604,9601%11.2%Northeast20100313660,0003%55,0001,83385526,5056%46.6%Xinjiang1110037396,0002%33,0001,10036011,1602%32.7%Henan15000318727,2004%60,6002,02080524,9555%39.9%Chongqing12600310420,0002%35,0001,167206200%1.7%Others1320003Najor Region Total/Avrg655,200337819,900,200100%1,658,35055,27815,385476,935100%27.8%-27.2%National Total/Avrg787,200 324,875,2502,072,93869,09819,231596,16927.8%-24.3%Q1 National Subtotal2,315,200 1,918,251-17.1%Ningxia62,000 4322,316,00011%193,0006,4333,815114,45025%59.3%Inner Mongolia63,000 4292,232,00011%186,0006,2002,48374,49017%40.0%Hunan110,000 4731,843,2009%153,6005,1203209,6002%6.3%Yunnan16,500 4362,064,00010%172,0005,73381024,3005%14.1%Guangxi192,000 4733,516,00017%293,0009,7671,98059,40013%20.3%Guizhou92,000 4512,736,00013%228,0007,6001,45643,68010%19.2%Shanxi209,000 415857,4004%71,4502,3821,02530,7507%43.0%Gansu4122,012,40010%167,7005,59088526,5506%15.8%Sichuan413516,0003%43,0001,4332006,0001%14.0%Northeast413660,0003%55,0001,83385525,6506%46.6%Xinjiang47396,0002%33,0001,10036010,8002%32.7%Henan418727,2004%60,6002,02082024,6005%40.6%Chongqing410420,0002%35,0001,167206000%1.7%Others4Najor Region Total/Avrg438220,296,200100%1,691,35056,37815,029450,870100%26.7%N/ANational Total/Avrg744,500 425,370,2502,114,18870,47318,786563,58826.7%-24.3%Ningxia637005332,376,000 12%198,000 6,600 3,975 123,225 28%60.2%Inner Mongolia600005292,232,00011%186,0006,2002,48376,973 17%40.0%Hunan1010005731,843,2009%153,6005,12047014,570 3%9.2%Yunnan172005362,064,00010%172,0005,73384026,040 6%14.7%Guangxi1820005733,516,00017%293,0009,7671,36542,315 10%14.0%Guizhou950005512,736,00013%228,0007,6001,35041,850 9%17.8%Shanxi182000515857,400 4%71,450 2,382 980 30,380 7%41.1%Gansu5122,012,400 10%167,700 5,590 675 20,925 5%12.1%Sichuan513516,0003%43,0001,4332808,680 2%19.5%Northeast513660,000 3%55,000 1,833 660 20,460 5%36.0%Xinjiang57396,000 2%33,000 1,100 360 11,160 3%32.7%Henan518727,2004%60,6002,02076023,560 5%37.6%Chongqing510420,0002%35,0001,1671504,650 1%12.9%Others5Najor Region Total/Avrg538320,356,200100%1,696,35056,54514,348444,788100%25.4%N/A2,430,259 National Total/Avrg700,900 525,445,2502,120,43870,681.2517,935555,98525.4%-20.7%3,037,824 3,760,600 Ningxia82,900 625332,376,000198,0006,6004,095122,85023%62.0%Inner Mongolia67,200 615292,232,000186,0006,2002,92387,69017%47.1%Hunan89,000 67731,843,200153,6005,12053015,9003%10.4%Yunnan42,300 618362,064,000172,0005,7331,97059,10011%34.4%Guangxi198,100 616733,516,000293,0009,7671,58047,4009%16.2%Guizhou101,000 614522,772,000231,0007,7002,06061,80012%26.8%Shanxi216,700 6515857,40071,4502,38298029,4006%41.1%Gansu66122,012,400167,7005,59067520,2504%12.1%Sichuan6313516,00043,0001,43338011,4002%26.5%Northeast6513660,00055,0001,83366019,8004%36.0%Xinjiang637396,00033,0001,10042012,6002%38.2%Henan61418727,20060,6002,0201,09032,7006%54.0%Chongqing6310420,00035,0001,1671504,5001%12.9%Others6Najor Region Total/Avrg613438420,392,2000%1,699,35056,64517,513525,390100%30.9%N/A2,955,649 Total/Avrg797,200 625,490,2502,124,18870,806.2521,891656,73830.9%-17.6%3,694,561 4,557,800 -18.94%-17.6%Ningxia81000725332,376,000198,0006,6004,235131,28521%64.2%Inner Mongolia78900718302,352,000196,0006,5333,643112,93318%55.8%Hunan3200079731,843,200153,6005,12055017,0503%10.7%Yunnan55500718352,040,000170,0005,6671,97061,07010%34.8%Guangxi182000725733,516,000293,0009,7672,60080,60013%26.6%Guizhou104000715372,230,800185,9006,1972,24069,44011%36.1%Shanxi2290007514819,00068,2502,27598030,3805%43.1%Gansu76122,012,400167,7005,59067520,9253%12.1%Sichuan7313516,00043,0001,43338011,7802%26.5%Northeast7513660,00055,0001,83366020,4603%36.0%Xinjiang757396,00033,0001,10057017,6703%51.8%Henan71418727,20060,6002,0201,09033,7906%54.0%Chongqing7210420,00035,0001,1671203,7201%10.3%Others7Najor Region Total/Avrg715036819,908,6000%1,659,05055,30219,713611,103100%35.6%N/A3,566,752 Total/Avrg762,400 724,885,7502,073,81369,127.0824,641763,87935.6%0.2%4,458,440 5,320,200 -16.20%0.2%Ningxia81,000 825332,376,000198,0006,6004,235131,28520%64.2%Inner Mongolia80,400 818302,352,000196,0006,5333,643112,93317%55.8%Hunan34,000 89731,843,200153,6005,12052016,1202%10.2%Yunnan64,600 819352,040,000170,0005,6671,99561,8459%35.2%Guangxi185,000 827743,528,000294,0009,8003,440106,64016%35.1%Guizhou98,000 816382,350,800195,9006,5302,57879,91812%39.5%Shanxi186,000 8414819,00068,2502,27590027,9004%39.6%Gansu88142,486,400207,2006,90779524,6454%11.5%Sichuan8314588,00049,0001,63348014,8802%29.4%Northeast8614732,00061,0002,03376023,5604%37.4%Xinjiang867396,00033,0001,10069021,3903%62.7%Henan81118727,20060,6002,02092028,5204%45.5%Chongqing8210420,00035,0001,1671203,7201%10.3%Others8Najor Region Total/Avrg815437420,658,6000%1,721,55057,38521,076653,356100%36.7%N/A4,220,108 Total/Avrg729,000 825,823,2502,151,93871,73126,345816,69536.7%12%5,275,135 6,049,200 -12.80%12.0%Ningxia97350922342,400,000 200,000 6,667 3,940 118,200 19%59.1%Inner Mongolia70500919302,352,000196,0006,5333,793113,79018%58.1%Hunan36000910731,843,200153,6005,12055016,5003%10.7%Yunnan68300913352,040,000170,0005,6671,52545,7507%26.9%Guangxi205000927743,552,000296,0009,8673,560106,80017%36.1%Guizhou98600915382,350,800195,9006,5302,68880,64013%41.2%Shanxi2430009514819,000 68,250 2,275 930 27,900 5%40.9%Gansu98142,486,400 207,200 6,907 795 23,850 4%11.5%Sichuan9414588,00049,0001,63351515,4502%31.5%Northeast9513660,000 55,000 1,833 660 19,800 3%36.0%Xinjiang967396,000 33,000 1,100 690 20,700 3%62.7%Henan91018727,20060,6002,02090027,0004%44.6%Chongqing9210420,00035,0001,1671153,4501%9.9%Others9Najor Region Total/Avrg914637420,634,6000%1,719,55057,31820,661619,830100%36.0%N/A4,839,938 Total/Avrg818,750 925,793,2502,149,43871,64825,826774,78836.0%-5%6,049,923 6,867,950 -11.91%-5.4%Ningxia110,850 1022342,400,000200,0006,6673,900120,90021%58.5%Inner Mongolia111,900 1016302,352,000196,0006,5333,520109,12019%53.9%Hunan54,000 108731,843,200153,6005,12050015,5003%9.8%Yunnan74,100 1010352,040,000170,0005,66797030,0705%17.1%Guangxi106,700 1022743,552,000296,0009,8673,00093,00016%30.4%Guizhou94,900 1015392,386,800198,9006,6302,74885,18815%41.4%Shanxi279,000 10514819,00068,2502,27587026,9705%38.2%Gansu108142,486,400207,2006,90779524,6454%11.5%Sichuan10314588,00049,0001,63348014,8803%29.4%Northeast10413660,00055,0001,83358017,9803%31.6%Xinjiang1037396,00033,0001,10042013,0202%38.2%Henan10918727,20060,6002,02080024,8004%39.6%Chongqing10210420,00035,0001,1671153,5651%9.9%Others10Najor Region Total/Avrg1012737520,670,6000%1,722,55057,41818,698579,638100%32.6%N/A5,419,576 Total/Avrg831,450 1025,838,2502,153,18871,77323,373724,54832.6%-13%6,774,470 7,699,400 -12.01%-12.9%Ningxia1084001123342,664,000222,0007,4004,050121,50026%54.7%Inner Mongolia814001116302,352,000196,0006,5333,403102,09022%52.1%Hunan5820011N/A731,843,200153,6005,120N/AN/AN/AN/AYunnan474001110352,160,000180,0006,00097029,1006%16.2%Guangxi985001117743,552,000296,0009,8672,24067,20014%22.7%Guizhou930001111402,458,800204,9006,8301,04031,2007%15.2%Shanxi2340011514819,00068,2502,27593027,9006%40.9%Gansu23200115142,486,400207,2006,90761518,4504%8.9%Northeast2190011414588,00049,0001,63342012,6003%25.7%Xinjiang1980011614780,00065,0002,16770021,0004%32.3%Henan177001137396,00033,0001,10042012,6003%38.2%Chongqing980011617703,20058,6001,95382024,6005%42.0%Sichuan12600011210420,00035,0001,1671153,4501%9.9%Others11Najor Region Total/Avrg1110837621,222,6000%1,768,55058,95215,723471,690100%26.7%
Auteur: Sophie: Cap Utilization rate will be 27.5%, assuming output in Hunan remain the same with OctN/A5,891,266 Total/Avrg728,700 1126,528,2502,210,68873,69019,654589,61326.7%-19%7,364,083 8,428,100 Ningxia108,400 1223342,664,000222,0007,4004,050125,55026%54.7%Inner Mongolia85,000 1216302,352,000196,0006,5333,403105,49322%52.1%Hunan28,200 12N/A731,843,200153,6005,120N/AN/AN/AN/AYunnan31,000 125352,160,000180,0006,00049015,1903%8.2%Guangxi95,500 1217743,552,000296,0009,8672,24069,44015%22.7%Guizhou58,000 1211402,458,800204,9006,8301,04032,2407%15.2%Shanxi29,500 12514819,00068,2502,27593028,8306%40.9%Gansu28,600 126142,486,400207,2006,90766520,6154%9.6%Northeast25,000 12414588,00049,0001,63342013,0203%25.7%Xinjiang19,800 12614780,00065,0002,16770021,7005%32.3%Henan17,700 1237396,00033,0001,10042013,0203%38.2%Chongqing8,700 12617703,20058,6001,95382025,4205%42.0%Sichuan126,000 12210420,00035,0001,1671153,5651%9.9%Others12Najor Region Total/Avrg1110437621,222,6000%1,768,55058,95215,293474,083100%25.9%
Auteur: Sophie: Cap Utilization rate will be 26.8%, assuming output in Hunan remain the same with OctN/A6,365,349 Total/Avrg661,400 1226,528,2502,210,68873,69019,116592,60425.9%7,956,686 9,089,500 2014 Monthly Capacity Utilization Ratio in Major SiMn Production RegionsJanFebMarAprMayJunJulAugSepOctNovDecNingxia68.4%57.7%57.7%59.3%60.2%62.0%64.2%64.2%59.1%58.5%54.7%54.7%Inner Mongolia74.5%69.9%54.3%40.0%40.0%47.1%55.8%55.8%58.1%53.9%52.1%52.1%Hunan11.2%7.8%7.2%6.3%9.2%10.4%10.7%10.2%10.7%9.8%N/AN/AYunnan14.1%14.1%14.1%14.1%14.7%34.4%34.8%35.2%26.9%17.1%16.2%8.2%Guangxi25.6%22.4%20.3%20.3%14.0%16.2%26.6%35.1%36.1%30.4%22.7%22.7%Guizhou27.8%21.6%21.6%19.2%17.8%26.8%36.1%39.5%41.2%41.4%15.2%15.2%Shanxi40.3%40.3%42.0%43.0%41.1%41.1%43.1%39.6%40.9%38.2%40.9%40.9%Gansu17.8%16.1%15.8%15.8%12.1%12.1%12.1%11.5%11.5%11.5%8.9%9.6%Sichuan11.2%11.2%11.2%14.0%19.5%26.5%26.5%29.4%31.5%29.4%25.7%25.7%Northeast46.6%46.6%46.6%46.6%36.0%36.0%36.0%37.4%36.0%31.6%32.3%32.3%Xinjiang66.0%27.3%32.7%32.7%32.7%38.2%51.8%62.7%62.7%38.2%38.2%38.2%Henan52.0%41.6%39.9%40.6%37.6%54.0%54.0%45.5%44.6%39.6%42.0%42.0%Chongqing25.2%1.7%1.7%1.7%12.9%12.9%10.3%10.3%9.9%9.9%9.9%9.9%Weighted Average34.5%29.7%27.8%26.7%25.4%30.9%35.6%36.7%36.0%32.6%27.5%26.8%

Special Steel56283.512/1/14Sources:SSEA,Guojin Securities278.111/1/14303.99/1/14285.112/1/132.0%-6.7%-0.6%3,664.3-0.0439.2

35 35 Special Steel MillsPlanned ProductionMoM GrowthActual ProductionYoY GrowthActual/Plan RatioInventory (x10,000mt) (x10,000mt) (x10,000mt)2011/10263.7261.499.1%73.92011/11219.1-16.9%232.1105.9%61.02011/12251.014.6%250.499.8%51.72012/01254.51.4%244.696.1%74.92012/02269.25.8%260.496.7%48.42012/03283.25.2%235.383.1%54.62012/04271.6-4.1%276.3101.7%60.22012/05282.94.1%278.998.6%86.12012/06268.7-5.0%271.4101.0%80.82012/07259.5-3.4%293.8113.2%121.92012/08290.712.0%254.487.5%119.42012/09247.2-15.0%243.098.3%80.12012/10252.01.9%243.796.7%75.52012/11261.03.6%255.097.7%69.72012/12261.10.0%284.0108.8%66.22013/01282.58.2%280.114.5%99.2%64.32013/02290.52.8%292.112.2%100.6%94.82013/03303.04.3%292.024.1%96.4%118.42013/04302.4-0.2%291.45.5%96.4%110.32013/05309.02.2%303.08.6%98.1%122.82013/06308.0-0.3%290.67.1%94.3%97.52013/07304.1-1.3%281.1-4.3%92.4%83.02013/08314.03.3%305.820.2%97.4%86.32013/09327.44.2%312.228.5%95.4%106.72013/10324.7-0.8%310.627.5%95.7%111.42013/11313.8-3.3%283.611.2%90.4%89.82013/12285.1-9.1%287.51.2%100.8%75.82013 Subtotal3664.33242.32014/01310.18.8%293.24.7%94.6%104.72014/02285.7-7.9%285.8-2.1%100.1%124.32014/03300.95.3%298.02.1%99.0%115.22014/04299.3-0.5%314.37.9%105.0%106.42014/05318.36.3%311.82.9%98.0%106.32014/06313.2-1.6%294.21.2%93.9%101.672014/07296.6-5.3%289.63.0%97.6%88.442014/08305.02.8%284.7-6.9%93.3%97.262014/09303.9-0.4%296.1-5.2%97.4%98.262014/10296.7-2.4%281.01-9.5%94.7%99.262014/11278.1-6.3%274.75-3.1%98.8%85.852014/12283.52014subtotal3591.23223.4-2.0%-0.6%

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SteelOperationRate_TS217ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!

ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!Sources:Guojin Securities Blast Furnace & Rolling Mill Operation Rate Blast Furnaces Rolling Mills Wire Rebar (145mm) Strip (above 145mm) (232mm) Strip (above 232mm) Structural Steel Sample Number15551492425612011/1/594.7%56.8%60.8%45.0%64.6%2011/1/1294.7%53.8%60.8%36.0%64.6%2011/1/1994.7%51.3%52.0%46.0%56.0%2011/1/2694.7%29.5%32.0%27.3%29.1%2011/2/994.7%29.5%32.0%27.3%29.1%2011/2/1694.7%29.5%32.0%27.3%29.1%2011/2/2395.3%64.3%75.0%50.0%68.0%2011/3/296.0%64.7%69.0%55.0%70.0%2011/3/997.3%63.1%67.3%55.0%67.0%2011/3/2395.3%71.2%79.6%68.0%66.0%2011/3/3095.0%73.4%79.6%71.0%69.6%2011/4/695.0%73.4%79.6%71.0%69.6%2011/4/1395.0%75.8%79.0%75.0%73.4%2011/4/2094.7%73.3%77.1%68.0%74.7%2011/4/2796.0%69.3%77.0%64.0%67.0%2011/5/496.9%69.3%77.0%64.0%67.0%2011/5/1196.9%67.3%77.0%64.0%60.8%2011/5/1896.9%59.2%56.5%61.5%59.5%2011/5/2596.9%63.1%64.6%61.5%63.3%2011/6/196.9%62.6%60.4%61.5%65.8%2011/6/896.9%57.5%37.5%73.1%62.0%2011/6/1596.9%68.4%68.8%73.1%63.3%2011/6/2296.0%68.0%68.8%73.1%62.0%2011/6/2995.0%60.8%62.5%63.0%57.0%2011/7/694.7%64.7%73.0%69.2%51.9%2011/7/1396.0%62.0%62.5%61.5%62.0%2011/7/2096.0%68.4%68.8%58.0%78.5%2011/7/2796.0%65.0%68.8%58.0%68.4%2011/8/396.0%64.6%68.8%58.0%67.1%2011/8/1096.0%63.3%68.8%54.0%67.1%2011/8/1796.0%67.5%73.5%62.0%67.1%2011/8/2496.0%63.5%73.5%46.0%70.9%2011/8/3196.0%62.6%69.4%50.0%68.4%2011/9/796.0%61.0%74.0%42.0%67.1%2011/9/1496.0%60.9%66.0%52.0%64.6%2011/9/2195.3%54.1%54.0%53.8%54.4%2011/9/2895.3%58.9%61.8%55.6%59.5%2011/10/1294.0%61.9%74.5%48.0%63.3%2011/10/1989.4%59.2%64.7%52.0%60.8%2011/10/2684.0%53.6%60.8%52.0%48.1%2011/11/286.7%56.5%60.8%48.0%60.8%2011/11/990.7%51.3%62.0%30.0%62.0%2011/11/1694.0%56.6%76.0%37.0%56.9%2011/11/2394.0%57.5%76.0%37.0%59.5%2011/11/3096.0%56.1%64.0%41.0%63.3%2011/12/796.0%51.3%52.0%41.0%60.8%2011/12/1496.7%49.0%55.0%30.0%62.0%2011/12/2196.7%42.2%43.0%33.0%50.6%2011/12/2896.7%47.8%43.0%41.0%59.5%2012/1/496.0%47.2%41.0%41.0%59.5%2012/1/1196.0%33.7%31.0%29.6%40.5%2012/1/1896.0%21.6%15.0%29.6%20.3%2012/1/2595.3%21.6%15.0%29.6%20.3%2012/2/195.3%21.9%13.0%26.0%26.6%2012/2/895.3%40.1%37.0%30.0%53.2%2012/2/1595.3%49.2%51.9%30.0%65.8%2012/2/2295.3%53.7%51.9%41.0%68.3%2012/2/2995.5%60.8%68.0%41.0%73.4%2012/3/796.0%60.4%68.0%41.0%72.2%2012/3/1496.0%64.9%79.0%41.0%74.6%2012/3/2196.7%62.8%77.0%43.0%68.3%2012/3/2897.0%60.4%70.0%43.0%68.3%2012/4/497.3%60.4%70.0%43.0%68.3%2012/4/1198.7%62.6%67.0%50.0%70.9%2012/4/1898.7%57.7%67.0%39.0%67.1%2012/4/2597.3%61.1%67.0%48.0%68.3%2012/5/297.3%58.7%67.0%48.0%61.0%2012/5/996.7%58.7%70.0%45.0%61.0%2012/5/1694.7%55.7%70.0%41.0%56.0%2012/5/2394.7%55.7%67.0%48.0%52.0%2012/5/3094.0%60.7%76.0%48.0%58.0%2012/6/692.0%58.3%72.0%45.0%58.0%2012/6/1392.0%59.9%75.0%46.7%58.0%2012/6/2092.7%60.9%78.0%46.7%58.0%2012/6/2795.3%54.6%62.0%46.7%55.1%2012/7/495.3%54.6%62.0%46.7%55.1%2012/7/1196.5%58.6%69.4%46.0%60.4%2012/7/1896.5%59.9%76.5%36.0%67.2%2012/7/2590.3%54.7%55.3%39.0%69.8%2012/8/186.2%57.2%66.0%42.0%63.5%2012/8/884.1%56.4%56.8%50.0%62.5%2012/8/1586.9%55.5%56.0%46.0%64.6%2012/8/2286.9%57.7%60.0%42.0%71.0%2012/8/2986.9%60.2%58.0%54.0%68.6%2012/9/786.2%58.2%60.0%50.0%64.6%2012/9/1487.6%61.0%66.0%50.0%67.0%2012/9/2184.1%61.8%66.0%50.0%69.4%2012/9/2884.1%63.4%59.2%58.0%72.9%2012/10/1288.3%65.6%59.2%62.5%75.0%2012/10/1988.3%68.3%67.4%62.5%75.0%2012/10/2489.7%73.3%79.6%58.3%82.1%2012/10/3191.8%74.4%75.5%62.5%85.1%2012/11/791.1%73.6%75.5%58.0%87.4%2012/11/1493.2%74.7%75.5%62.0%86.5%2012/11/2195.2%68.0%67.4%50.0%86.7%2012/11/2895.3%66.0%66.0%54.0%78.1%2012/12/595.3%67.5%69.4%58.0%75.0%2012/12/1295.3%68.0%63.3%58.0%82.8%2012/12/1996.0%66.2%56.3%62.0%80.3%2012/12/2696.6%62.4%43.8%62.0%81.3%2013/1/296.6%62.4%43.8%62.0%81.3%2013/1/997.3%62.9%58.0%33.3%54.0%88.0%81.3%2013/1/1698.0%61.0%58.0%33.3%46.0%88.0%79.5%2013/1/2398.0%63.1%58.0%43.8%50.0%88.0%75.7%2013/1/3098.7%56.8%54.0%33.3%45.8%84.0%66.8%2013/2/698.0%50.7%48.0%27.1%46.0%84.0%48.6%2013/2/2296.7%54.9%56.0%50.0%50.0%84.0%34.4%2013/3/194.7%61.8%64.0%58.3%42.0%88.0%56.8%2013/3/892.7%64.2%66.7%62.5%42.0%88.0%61.9%2013/3/1594.7%58.3%60.8%39.6%42.0%84.0%65.0%2013/3/2294.1%67.9%71.0%60.4%42.0%88.0%77.9%2013/3/2991.6%67.2%72.5%58.3%38.0%84.0%83.1%2013/4/392.9%67.2%72.5%58.3%42.0%80.0%83.3%2013/4/1491.6%68.8%74.5%63.3%42.0%84.0%80.4%2013/4/1996.8%69.8%76.5%65.3%38.0%88.0%81.4%2013/4/2696.8%69.6%76.5%69.4%33.0%88.0%81.2%2013/5/397.4%68.3%76.5%63.3%33.0%88.0%81.0%2013/5/1096.2%66.6%72.5%59.2%38.0%88.0%75.4%2013/5/1794.9%63.3%64.7%55.1%33.0%88.0%75.9%2013/5/2493.0%62.9%64.7%55.1%38.0%80.0%76.7%2013/5/3193.0%60.8%62.7%49.0%33.0%80.0%79.4%2013/6/791.0%61.1%62.7%49.0%38.0%80.0%75.6%2013/6/1491.0%67.2%68.6%53.1%58.0%72.0%84.2%2013/6/2191.0%65.2%62.7%49.0%54.0%76.0%84.3%2013/6/2891.0%66.6%60.8%49.0%58.0%84.0%81.1%2013/7/591.7%60.7%58.2%40.8%54.0%84.0%66.5%2013/7/1290.4%70.6%72.5%63.3%54.0%80.0%83.2%2013/7/1990.4%66.6%64.7%57.1%54.0%76.0%81.2%2013/7/2691.7%64.4%61.2%61.2%46.0%76.0%77.6%2013/8/291.7%67.2%70.6%59.2%54.0%76.0%76.2%2013/8/991.0%65.2%66.7%51.0%54.0%80.0%74.3%2013/8/1691.0%64.1%64.7%49.0%50.0%84.0%72.6%2013/8/2389.7%64.4%64.7%53.1%50.0%80.0%74.0%2013/8/3089.7%65.3%66.7%53.1%50.0%80.0%76.7%2013/9/689.1%66.4%70.6%59.2%54.0%72.0%76.4%2013/9/1389.1%67.6%70.6%55.1%54.0%80.0%78.5%2013/9/2290.3%64.7%64.7%51.0%54.0%76.0%77.9%2013/9/2789.0%65.3%66.7%46.9%54.0%80.0%78.8%2013/10/1287.7%62.3%64.7%46.9%54.0%72.0%73.7%2013/10/1891.6%62.5%66.7%46.9%54.0%64.0%80.7%2013/10/2489.6%65.4%64.7%51.0%58.0%72.0%81.2%2013/11/189.6%64.7%62.7%49.0%58.0%72.0%81.8%2013/11/891.6%64.7%62.7%49.0%58.0%72.0%81.9%2013/11/1591.6%62.6%62.7%46.9%50.0%72.0%81.5%2013/11/2290.3%59.4%60.8%46.9%46.0%64.0%79.4%2013/11/2990.3%62.0%60.8%49.0%54.0%68.0%78.1%2013/12/690.3%58.8%60.8%49.0%50.0%68.0%66.1%2013/12/1388.3%58.8%62.7%49.0%50.0%64.0%68.1%2013/12/2088.3%60.7%62.7%53.1%46.0%68.0%73.7%2013/12/2788.3%57.0%60.8%40.8%54.0%60.0%69.3%2014/1/389.0%60.9%62.7%40.8%54.0%68.0%78.9%2014/1/1088.3%59.6%62.7%44.9%50.0%68.0%72.6%2014/1/1789.0%57.1%60.8%36.7%54.0%68.0%66.1%2014/1/2488.3%52.6%52.9%30.6%50.0%68.0%61.5%2014/2/785.7%52.6%2014/2/1488.3%47.7%50.1%27.7%46.0%68.0%46.8%2014/2/2189.0%54.0%52.9%47.5%42.0%68.0%59.3%2014/2/2887.0%52.9%50.1%46.4%50.0%64.0%54.2%2014/3/784.4%62.2%58.8%58.2%58.0%64.0%71.8%2014/3/1484.4%64.8%58.8%56.7%58.0%76.0%74.3%2014/3/2183.8%64.1%56.9%56.7%58.0%72.0%76.8%2014/3/2883.8%63.7%56.9%56.7%58.0%73.0%74.1%2014/4/482.5%64.6%63.6%55.4%58.0%73.0%72.9%2014/4/1185.1%66.2%60.0%55.4%58.0%76.9%80.7%2014/4/1886.4%66.1%60.0%55.4%58.0%76.9%80.2%2014/4/2585.7%67.2%60.0%59.9%62.5%76.9%76.8%2014/5/287.0%66.5%58.2%55.8%62.5%80.7%75.1%2014/5/885.1%67.5%65.5%51.0%60.0%80.7%80.2%2014/5/1686.4%68.5%69.0%52.8%60.0%80.7%80.0%2014/5/2387.0%65.4%69.0%52.8%52.0%76.9%76.2%2014/5/3089.5%65.6%69.0%52.8%60.0%80.7%65.7%2014/6/691.8%65.8%69.0%55.2%60.0%76.9%68.1%2014/6/1392.6%66.4%69.0%55.2%60.0%73.0%74.6%2014/6/2093.3%66.7%67.3%55.2%60.0%73.0%78.0%2014/6/2794.7%66.9%69.1%55.2%60.0%74.0%76.3%2014/7/395.3%66.6%67.3%55.2%64.0%77.7%68.7%2014/7/1095.8%65.6%67.3%55.2%60.0%77.7%67.7%2014/7/1796.3%65.6%69.1%53.3%52.0%81.4%72.2%2014/7/2496.9%67.2%69.1%61.4%56.0%77.7%72.0%2014/7/3196.5%70.8%73.7%61.4%68.0%77.7%73.4%8/8/1495.4%70.9%69.1%58.7%68.0%81.4%77.3%8/14/1496.1%68.3%69.1%58.7%60.0%77.7%75.9%8/22/1496.8%67.0%69.1%58.7%52.0%81.4%73.8%8/29/1496.1%68.0%73.7%61.4%60.0%77.7%67.0%9/5/1496.3%67.4%73.7%61.4%60.0%77.7%64.4%9/12/1496.7%67.6%71.9%61.4%64.0%77.7%63.2%9/19/1495.8%68.9%71.9%61.4%64.0%74.0%73.4%9/26/1495.0%68.4%68.4%59.9%64.0%77.7%71.8%2014/10/995.8%68.4%70.2%61.4%64.0%77.7%69.0%2014/10/1694.4%64.3%63.2%58.1%59.3%68.0%73.0%2014/10/2492.7%65.6%63.2%58.1%59.3%75.7%71.6%2014/10/3194.1%65.5%66.7%59.9%59.3%74.3%67.3%2014/11/793.8%60.7%65.5%56.9%55.8%75.0%50.3%2014/11/1344.4%27.3%33.0%23.0%27.6%41.9%11.0%2014/11/2095.3%68.8%81.0%52.4%59.3%81.0%70.6%2014/11/2796.2%69.6%81.0%56.3%59.3%81.6%69.9%2014/12/496.1%70.9%81.0%60.9%61.1%81.6%69.8%2014/12/1197.9%69.4%77.0%58.9%62.5%81.2%67.4%2014/12/1898.3%68.8%75.6%56.0%63.7%81.6%67.2%2014/12/2598.3%66.7%69.2%55.2%63.7%80.7%64.9%2015/1/497.6%65.2%63.6%55.2%63.7%81.6%61.9%2015/1/897.0%64.9%63.6%53.8%63.7%77.5%65.6% 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CISA_CrudeSteel CISA Members' Crude Steel Output Sources: CISA, Qilu Securites Unit: x 10,000mt Members' 10day OutputEstimated China 10day Output Members' Steel Products Inventory China Monthly Crude Steel Output DaysAverage Daily Output of members Estimated China Average Daily Output Estimated Non-member Average Daily Output201211491.921690.590.88882.155673.310149.19169.0619.872012M11475.101668.640.88955.4010147.51166.8619.352012M11630.451839.770.891098.3811148.22167.2519.032012M121564.471695.740.921157.885588.310156.45169.5713.132012M21567.931699.210.921245.7010156.79169.9213.132012M21392.461510.610.921108.269154.72167.8513.132012M231571.531898.000.831077.286158.110157.15189.8032.652012M31599.471918.510.831119.3610159.95191.8531.902012M31737.662079.050.841081.8311157.97189.0031.042012M341659.292030.790.821121.846057.510165.93203.0837.152012M41617.152005.180.811146.4510161.71200.5238.802012M41669.072034.990.821099.0010166.91203.5036.592012M451697.972045.330.831122.056123.410169.80204.5334.742012M51692.142039.500.831209.8010169.21203.9534.742012M51773.422155.520.821149.0511161.22195.9634.742012M561684.711999.350.841150.626021.310168.47199.9431.462012M61655.441970.460.841214.9610165.54197.0531.502012M61650.191965.220.841138.4510165.02196.5231.502012M671657.441958.060.851179.046169.310165.74195.8130.072012M71651.221993.350.831244.9210165.12199.3434.222012M71767.002144.340.821232.0111160.64194.9434.302012M781620.461969.890.821240.28587010162.05196.9934.942012M81580.291930.420.821248.6010158.03193.0435.012012M81673.542058.650.811185.2311152.14187.1535.012012M891565.401894.600.831205.98579510156.54189.4632.922012M91522.701856.500.821160.1310152.27185.6533.382012M91509.001842.800.821061.5510150.90184.2833.382012M9101583.601916.200.831077.40591010158.36191.6233.262012M101606.101999.200.801103.5410160.61199.9239.312012M101671.452118.270.791038.2011151.95192.5740.622012M10111637.701956.700.841005.80574710163.77195.6731.902012M111632.801951.800.841064.4910163.28195.1831.902012M111640.901959.900.841039.8610164.09195.9931.902012M11121656.901945.000.851033.10576610165.69194.5028.812012M121623.301910.900.851085.7610162.33191.0928.762012M121774.412090.770.85945.8811161.31190.0728.762012M12201311674.901944.200.861000.43636210167.49194.4226.932013M11612.501914.400.841072.1510161.25191.4430.192013M11764.402105.620.841059.1811160.40191.4231.022013M121701.401988.900.861144.47618310170.14198.8928.752013M21718.632006.100.861296.7910171.86200.6128.752013M21385.841627.360.851264.988173.23203.4230.192013M231675.502084.600.801284.52663010167.55208.4640.912013M31667.602063.700.811451.3610166.76206.3739.612013M31843.382279.090.811370.5611167.58207.1939.612013M341697.302123.900.801373.34656510169.73212.3942.662013M41689.102115.800.801366.2110168.91211.5842.672013M41702.102128.700.801286.9810170.21212.8742.662013M451748.102192.900.801309.05670210174.81219.2944.482013M51740.502185.400.801368.0510174.05218.5444.492013M51880.452369.840.791296.4011170.95215.4444.492013M561731.802156.300.801284.70646610173.18215.6342.452013M61745.502164.300.811355.0010174.55216.4341.882013M61762.402181.200.811267.9010176.24218.1241.882013M671694.802083.000.811275.24654710169.48208.3038.822013M71718.402130.300.811309.9510171.84213.0341.192013M71839.752292.840.801235.0411167.25208.4441.192013M781764.602143.700.821216.20662810176.46214.3737.912013M81739.002118.100.821282.6910173.90211.8137.912013M81914.222331.120.821245.0511174.02211.9237.902013M891762.502129.400.831259.50654210176.25212.9436.692013M91779.502143.500.831322.0010177.95214.3536.402013M91788.002152.000.831261.3110178.80215.2036.402013M9101764.102128.100.831350.22650810176.41212.8136.402013M101711.702106.800.811378.8010171.17210.6839.512013M101873.632308.240.811287.6111170.33209.8439.512013M10111763.002144.000.821292.60608810176.30214.4038.102013M111750.402131.900.821393.4010175.04213.1938.152013M111709.002091.000.821295.4010170.90209.1038.202013M11121695.102012.900.841321.13623510169.51201.2931.782013M121692.102014.300.841382.2210169.21201.4332.222013M121801.802157.100.841287.0011163.80196.1032.302013M1262503.00201411674.601996.800.841214.1810167.46199.6832.222014M11701.902006.600.851304.3810170.19200.6630.472014M11825.342160.400.841360.5011165.94196.4030.462014M121761.520660.851632.8410176.15206.630.452014M21688.81966.40.861726.610168.88196.6427.762014M21443.21665.360.871625.338180.4208.1727.772014M231660.62096.80.791666.22702510166.06209.6843.622014M31691.720960.811703.8810169.17209.640.432014M31835.92280.30.81154211166.9207.340.42014M341747.32151.50.811513.910174.73215.1540.422014M41749.42280.20.771581.4910174.94228.0253.082014M41795.91433.9210179.592014M451824.11429.8310182.412014M51800.51499.7910180.052014M51944.031385.211176.732014M561832.61452.9410183.262014M61836.71511.2610183.672014M617781391.510177.82014M671814.41447.310181.442014M71807.71480.810180.772014M71932.591408.3711175.692014M7818201456.9101822014M81829.51525.110182.952014M81844.481424.1611167.682014M891795.41513.5810179.542014M917871589.810178.72014M91785.81491.1410178.582014M91018001568.9101802014M101762.91565.6310176.292014M101631.51414.311163.152014M10111634.91399.810163.492014M111642.11445.910164.212014M111713.31431.410171.332014M111217491470.910174.92014M121781.91488.2710178.192014M1217221324.211172.22014M1263,446.541.5% 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CrudeSteel_NSB Crude Steel Output Sources: NSB Date () Accumulated Output(%) YoY Growth () Monthly Output2005-01-012,509.530024.30002,509.53002005-02-015,009.010022.90002,480.64002005-03-017,778.600023.80002,754.39002005-04-0110,593.870024.80002,808.58002005-05-0113,615.480027.40002,972.96002005-06-0116,486.370028.30002,854.74002005-07-0119,375.280028.10002,924.38002005-08-0122,484.950028.20003,045.63002005-09-0125,528.550027.40003,035.71002005-10-0128,679.280026.50003,167.29002005-11-0131,765.280025.50003,047.76002005-12-0135,323.980024.86003,204.14002006-01-013,016.640016.60003,016.64002006-02-015,962.850016.80002,946.21002006-03-019,218.990017.60003,288.90002006-04-0112,624.060018.00003,371.11002006-05-0116,268.490018.60003,593.41002006-06-0119,946.960018.30003,661.88002006-07-0123,603.650018.90003,609.06002006-08-0127,250.630018.60003,670.02002006-09-0130,843.780018.40003,616.18002006-10-0134,614.010018.40003,768.39002006-11-0138,153.850018.40003,795.73002006-12-0141,878.200018.50003,808.06002007-01-013,811.930026.10003,811.93002007-02-017,425.420023.10003,613.51002007-03-0111,470.410022.30004,015.70002007-04-0115,509.280021.20004,031.80002007-05-0119,562.040020.00004,130.36002007-06-0123,758.060018.90004,212.06002007-07-0127,891.250018.50004,125.23002007-08-0132,052.540017.70004,158.31002007-09-0136,273.210017.60004,271.23002007-10-0140,851.840018.10004,292.20002007-11-0144,783.180016.70003,969.13002007-12-0148,924.080015.70004,131.41002008-01-014,056.40005.80004,056.40002008-02-017,944.76006.40003,888.36002008-03-0112,493.63008.60004,486.84002008-04-0116,977.78009.10004,467.56002008-05-0121,611.28009.40004,601.25002008-06-0126,319.48009.60004,694.44002008-07-0130,829.20009.30004,488.64002008-08-0135,109.20008.30004,256.77002008-09-0139,095.27006.20003,961.42002008-10-0142,728.81003.90003,590.12002008-11-0146,296.19002.60003,518.89002008-12-0150,048.80001.10003,779.16002009-01-014,119.23550.04154,119.23552009-02-018,161.48002.40004,042.24002009-03-0112,744.35001.40004,510.08002009-04-0117,066.93000.10004,341.26002009-05-0121,719.09000.40004,645.97002009-06-0126,658.29001.20004,942.47002009-07-0131,731.29002.90005,067.60002009-08-0136,965.11005.20005,232.70002009-09-0142,040.06007.50005,071.08002009-10-0147,247.380010.50005,174.69002009-11-0151,817.730012.10004,726.23002009-12-0156,784.240013.50004,766.43002010-01-015,253.779628.32195,253.77962010-02-0110,289.200025.40005,035.70002010-03-0115,801.000024.50005,496.80002010-04-0121,386.500025.40005,540.30002010-05-0126,890.300023.80005,614.30002010-06-0132,317.200021.10005,376.60002010-07-0137,547.800018.20005,174.30002010-08-0142,577.400015.30005,163.60002010-09-0147,453.200012.70004,794.50002010-10-0152,509.500010.70005,030.40002010-11-0157,725.300010.10005,017.30002010-12-0162,665.40009.30005,152.40002011-01-015,987.108415.48095,987.10842011-02-0111,417.800012.60005,430.70002011-03-0116,991.00008.70005,941.80002011-04-0122,971.10008.30005,903.20002011-05-0129,034.50008.50006,024.50002011-06-0135,054.30009.60005,993.20002011-07-0141,036.400010.30005,930.00002011-08-0146,928.300010.60005,875.20002011-09-0152,573.500010.70005,670.00002011-10-0158,078.700011.10005,467.30002011-11-0163,098.40009.80004,988.30002011-12-0168,326.50008.90005,216.40002012-01-015,673.3000-5.24135,673.30002012-02-0111,261.60002.20005,588.30002012-03-0117,421.80002.50006,158.10002012-04-0123,399.30001.90006,057.50002012-05-0129,626.10002.20006,123.40002012-06-0135,719.70001.80006,021.30002012-07-0141,945.80002.10006,169.30002012-08-0148,157.30002.30005,870.30002012-09-0154,234.30001.70005,794.60002012-10-0160,222.50002.10005,909.60002012-11-0166,012.50002.90005,747.10002012-12-0171,654.20003.10005,765.60002013-02-0112,545.200010.6000--2013-03-0119,189.00009.10006,629.60002013-04-0125,815.20008.40006,565.00002013-05-0132,524.50008.00006,703.40002013-06-0138,987.30007.40006,466.40002013-07-0145,579.90007.10006,547.40002013-08-0152,184.20007.80006,627.60002013-09-0158,737.50008.00006,542.20002013-10-0165,248.20008.30006,507.90002013-11-0171,286.20007.80006,087.80002013-12-0177,904.10007.50006,235.30002014-02-0113,080.30001.7000--2014-03-0120,269.90002.40007,024.70002014-04-0127,186.30002.70006,883.50002014-05-0134,251.80002.70007,043.40002014-06-0141,191.00003.00006,929.30002014-07-0148,076.40002.70006,832.40002014-08-0155,010.10002.60006,891.30002014-09-0161,799.70002.30006,754.20002014-10-0168,534.80002.10006,751.90002014-11-0174,866.80001.90006,330.3000

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MajorSteelProductProfit/Gross Profit of Major Steel Products (Unit: RMB/t)

Date Hot-Rolled Plate Rebar Cold-Rolled Plate Medium & Heavy Plate: Sources: Qilu Securities11/1/02855.3460.91314.6693.011/8/02834.7486.41322.1687.811/15/02843.9486.71336.0683.011/22/02840.3529.61365.9672.411/29/02816.8563.51358.1660.512/6/02851.8583.21344.2688.712/13/02945.8612.81237.0838.512/20/021079.6570.71093.9924.512/27/021120.6519.41167.01030.31/3/031119.8520.51286.11086.01/10/031096.2501.71369.51075.71/17/031183.5532.11385.21037.61/24/031203.7576.01390.11115.11/31/031203.6619.51389.11122.62/7/031159.6596.11359.71076.72/14/031176.9557.41402.21137.32/21/031153.6530.71407.71144.92/28/031122.1516.01401.01130.73/7/031101.2518.61379.31118.03/14/031004.9497.41380.21094.83/21/03911.2478.41358.31022.73/28/03920.5478.11226.31020.14/4/03766.1454.41168.5964.34/11/03688.7473.91081.8925.14/18/03618.4496.7946.4918.34/25/03587.3519.9863.2920.75/2/03554.2542.7843.1889.35/9/03542.4590.1876.1887.95/16/03535.1601.7872.0904.85/23/03527.3601.5866.2902.05/30/03508.6587.4823.1909.76/6/03501.4639.2773.8921.96/13/03497.0738.7761.4963.16/20/03532.3775.7708.61015.96/27/03649.6886.1696.81099.17/4/03722.01028.3727.81173.07/11/03759.8938.4809.61192.07/18/03760.8861.5876.31166.37/25/03742.6774.1878.71173.08/1/03704.0687.2855.61178.68/8/03677.0628.4841.51112.38/15/03666.3633.3837.81071.98/22/03658.6595.4827.31007.28/29/03692.6590.6793.9967.59/5/03737.8587.3773.4946.79/12/03728.0576.5760.9948.79/19/03761.0570.4752.0900.49/26/03799.7573.9754.3905.710/3/03803.4573.8797.4903.810/10/03801.5545.5751.9896.210/17/03863.0556.4778.8880.310/24/03889.3714.5786.8944.610/31/03927.1829.9743.2916.111/7/03954.0707.7720.8926.611/14/03928.4615.4671.3940.211/21/03901.1605.7639.8899.211/28/03899.5667.5618.9878.112/5/03956.7813.5594.2886.212/12/031009.6940.1640.0922.212/19/031082.51142.5680.0960.312/26/031109.01077.8683.11024.81/2/041131.41048.5665.61100.61/9/041223.1981.2689.81128.21/16/041234.3912.9663.31096.01/23/041215.3919.6643.01067.81/30/041301.1918.2910.81102.32/6/041282.0977.3820.81094.82/13/041307.0906.2896.71150.72/20/041407.2868.8919.41218.62/27/041461.3816.4883.91268.23/5/041411.4776.8933.81307.53/12/041383.7775.3958.11323.23/19/041431.3776.7902.61311.93/26/041532.7748.6940.61390.14/2/041586.6720.3984.21477.44/9/041597.5655.01054.71518.34/16/041577.9541.41032.21489.04/23/041530.9411.71047.41488.14/30/041535.1321.51066.11438.75/7/041509.5199.31140.41522.45/14/041269.4260.21204.51492.85/21/041093.1485.11079.21123.35/28/041161.9491.51023.91105.86/4/041052.4606.7981.81017.46/11/041042.2736.6993.1952.26/18/041060.7556.11080.21022.56/25/041141.6545.61091.71083.07/2/041190.2556.71104.71113.97/9/041152.5566.71075.31067.47/16/041156.4655.41100.41035.07/23/041249.4847.31141.41062.27/30/041283.3735.81169.81180.78/6/041377.0568.01185.81289.38/13/041407.4629.61204.91282.08/20/041420.9561.61209.91236.28/27/041447.9606.31243.81256.59/3/041487.0595.51265.41278.39/10/041520.3532.91303.91337.79/17/041516.0510.81322.51323.79/24/041487.3511.11333.31286.510/1/041484.4515.31303.91262.410/8/041492.5527.21293.21252.310/15/041474.4534.61320.91207.310/22/041431.3560.61339.31158.610/29/041430.1577.91352.31114.711/5/041465.9566.41353.41083.511/12/041534.6538.91381.71100.811/19/041546.3478.91404.41103.711/26/041552.9453.61413.31099.412/3/041622.0430.91461.61093.112/10/041677.9443.61526.51101.512/17/041729.5480.41561.41137.212/24/041750.0472.81656.91179.112/31/041756.1497.91774.11211.71/7/051764.7538.61871.81250.41/14/051774.2574.91987.31265.71/21/051772.0557.62156.71285.21/28/051763.8527.32216.01277.22/4/051748.7491.22197.51253.52/11/051743.2526.52196.31248.42/18/051744.5474.62195.71230.12/25/051773.5490.12305.01207.03/4/051832.3710.72349.21219.43/11/051970.4669.62393.51291.13/18/052087.8595.12403.41394.13/25/052090.8616.62464.21399.04/1/052016.4408.32403.91330.44/8/051935.5379.12354.11347.44/15/051899.8328.42224.11338.44/22/051890.8406.02146.31255.84/29/051922.9426.02160.21286.75/6/051859.4354.92031.51184.75/13/051844.9300.92045.11202.85/20/051727.0296.82053.21216.25/27/051656.2225.31999.61210.36/3/051511.6199.01952.41219.86/10/051186.0219.61854.11164.36/17/051138.2188.71628.3978.26/24/05879.2271.11586.7880.67/1/05664.2457.11583.2719.67/8/05940.9438.21623.4782.07/15/05793.5492.61617.5764.17/22/05856.4485.91587.2725.97/29/05865.8497.71545.0677.08/5/05896.5482.31533.7659.98/12/05921.0440.91512.9625.08/19/05906.4387.81510.1562.68/26/05908.6357.81522.2534.89/2/05912.3376.41486.8501.79/9/05912.5368.01402.2447.19/16/05856.2330.51325.8360.29/23/05852.3335.11248.7291.49/30/05732.2305.11195.4188.210/7/05716.5192.51151.8154.510/14/05678.7188.11086.539.510/21/05472.5272.9970.1-80.510/28/05516.8330.5819.0-53.811/4/05545.2281.6753.8224.511/11/05424.0288.8726.4129.911/18/05365.4284.6599.3125.011/25/05322.0313.3426.4181.012/2/05269.5383.7266.7183.712/9/05251.7393.9257.9181.212/16/05231.1371.1341.1172.812/23/05257.2343.2384.6167.812/30/05269.8330.8418.1130.81/6/06266.5295.7489.0119.51/13/06321.1289.3568.5107.41/20/06417.0320.6589.976.81/27/06457.2352.8607.088.02/3/06472.1338.9698.385.82/10/06545.2333.3719.2101.22/17/06680.0294.5808.2154.82/24/06771.4299.7854.6179.93/3/06935.4385.31073.0266.43/10/061103.2330.71259.2410.73/17/061082.0299.81183.6428.83/24/061098.1329.91092.5436.63/31/061151.4406.61105.1509.94/7/061168.4352.31017.3555.84/14/061174.2311.81009.7605.34/21/061190.8318.2953.7594.54/28/061204.9343.6938.2623.85/5/061188.3368.1933.1609.85/12/061191.1501.2951.4707.55/19/061230.6516.8954.2755.55/26/061313.0550.91039.2794.06/2/061479.9556.91081.81017.76/9/061665.9415.11102.61215.36/16/061707.3291.01069.61214.56/23/061688.7237.11073.61169.76/30/061515.1184.71060.81086.77/7/061405.7182.31028.2940.67/14/061156.9205.5884.2692.27/21/061097.8225.7727.0464.37/28/061043.5251.2683.8371.38/4/061008.5213.1692.8493.98/11/061008.4230.1687.7473.38/18/061002.8243.1640.2466.38/25/061001.3247.8585.4465.39/1/061040.9235.0522.7501.29/8/061067.0237.7544.0536.19/15/061057.2246.3598.6540.79/22/061073.0264.4684.2554.59/29/061082.0257.0695.5558.510/6/061081.2226.5721.5582.110/13/061089.2188.4727.1585.310/20/061084.9189.5655.2541.610/27/061015.8250.1622.0496.411/3/06883.9261.0595.3463.411/10/06844.1254.5601.5475.411/17/06829.7247.3605.9471.611/24/06757.1254.7613.6465.612/1/06767.9252.2613.1475.112/8/06827.2263.3721.0521.012/15/06829.8257.5766.8525.212/22/06824.9251.3831.7523.412/29/06883.8269.3867.9586.41/5/07950.4281.3861.3730.71/12/071023.5301.0877.2790.21/19/071034.9352.6853.4742.11/26/071108.6366.5785.9712.92/2/071124.1343.9740.8718.02/9/071181.8330.9749.1729.02/16/071210.8334.0755.7732.52/23/071206.8337.1752.8753.93/2/071217.6291.3757.0780.43/9/071227.5272.1760.0785.33/16/071196.9272.8704.6760.13/23/071112.7263.2681.4737.23/30/071064.5251.2637.0788.04/6/071075.2287.0600.2755.34/13/071080.0343.6596.0758.14/20/071062.2333.8594.9736.84/27/071033.8419.9609.4729.95/4/07964.4362.4566.4656.25/11/07941.2243.9588.0726.05/18/07941.3158.1536.4700.25/25/07951.9153.8512.5624.56/1/07965.6153.7468.2672.26/8/07918.8204.8482.2667.66/15/07792.2242.9514.9648.26/22/07742.3241.1456.4589.36/29/07733.6259.6417.0596.57/6/07729.3274.4407.1649.67/13/07706.2362.4384.6671.37/20/07700.4427.9375.5690.97/27/07641.1384.5386.1660.38/3/07661.8354.6364.7689.08/10/07620.1448.2392.3732.18/17/07603.2479.1407.9789.88/24/07661.6608.3442.3841.28/31/07703.5496.3429.6819.59/7/07681.3307.3370.2733.09/14/07825.6308.8490.8839.69/21/07722.1331.6577.0823.19/28/07639.0306.1539.8794.210/5/07596.1275.1507.6747.310/12/07550.4277.3458.4729.210/19/07530.3297.0381.1667.910/26/07529.5496.3330.8636.411/2/07510.6450.2289.0634.211/9/07623.6546.9231.9582.111/16/07640.4714.0231.5575.911/23/07654.2673.8248.9590.211/30/07634.4500.0271.5599.112/7/07731.6294.8311.5634.512/14/07760.1333.5347.6665.512/21/07797.9371.4385.0661.112/28/07813.4329.5402.5677.11/4/08843.7253.5333.7628.51/11/08872.1264.5446.7701.41/18/08919.2320.6545.5776.51/25/08941.1378.0577.7813.62/1/08897.8598.5554.1804.52/8/08893.9682.2551.3829.92/15/08908.7738.0549.1820.12/22/08937.5553.1739.1948.12/29/08952.4377.3890.71084.13/7/08974.1306.8847.41103.83/14/08930.3434.1838.21140.33/21/08878.5506.6876.71165.63/28/08876.5507.0880.31184.94/4/08724.2410.5762.61012.64/11/08770.3633.7760.41045.24/18/08777.2714.5785.81074.74/25/08752.2666.6779.51030.05/2/08819.7523.3816.81074.15/9/08834.9417.0838.51092.95/16/08868.8464.9965.51177.55/23/08884.8455.61022.81227.55/30/08888.0326.71010.51235.96/6/08943.4229.41043.41222.66/13/08958.4209.71121.51247.26/20/08976.5274.31075.61225.46/27/08964.1260.0998.41158.57/4/08895.9145.5931.01036.17/11/08933.4122.7888.61035.37/18/08995.366.9783.31001.48/1/08905.337.5697.8939.58/8/08978.744.0557.1903.68/15/08905.5-92.9393.8820.58/22/08819.287.5259.4796.28/29/08805.1147.8292.5833.29/5/08846.6101.0435.9873.39/12/08952.0149.7605.61010.99/19/08706.9426.1687.8951.89/26/08463.7425.8674.9866.010/10/08303.5364.5493.2845.610/17/0855.6-126.3151.9545.310/24/08168.7205.5265.3725.710/31/0886.3201.7222.7711.911/7/08107.3233.051.8482.511/14/08260.3418.545.6443.811/21/08356.6401.956.3380.811/28/08474.7434.0147.4409.712/5/08448.8395.6211.2342.412/12/08450.6401.0224.0336.812/19/08411.7335.6151.7304.812/26/08396.4261.4170.1233.912/31/08520.5267.9208.6224.31/9/09641.1301.7148.2126.71/16/09660.2332.1152.6149.61/23/09680.5332.6195.9144.62/6/09605.2313.3111.2196.82/13/09511.9276.757.9211.72/20/09306.8183.0-22.2164.82/27/09244.887.4-40.848.03/6/09224.2108.320.695.33/13/09219.1163.082.0104.33/20/09240.2113.4138.4140.33/27/09208.4114.2115.0108.44/3/09216.4217.3214.4220.04/10/09173.0226.0203.7216.74/17/09118.4265.2195.1198.84/24/09181.4284.3222.7182.14/30/09234.4318.4231.8191.05/8/09230.9304.7221.5156.35/15/09315.0363.5248.8133.65/22/09362.7389.6348.2144.45/27/09318.6385.7348.2126.06/5/09349.0403.8354.091.86/12/09409.9389.9396.148.46/19/09422.1383.6434.652.06/26/09461.3483.0482.8103.97/3/09489.0469.3501.6130.47/10/09487.3548.2461.898.67/17/09513.4568.1560.098.87/24/09612.4570.0721.6202.47/31/09645.6659.1720.3234.08/7/09743.5870.5921.5458.18/14/09698.9625.2903.2462.88/21/09518.2543.1689.0270.78/28/09479.4403.7668.4221.39/4/09431.5334.4636.1195.49/11/09433.8326.6634.9147.69/18/09375.9334.5683.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SteelTraderInventoryChina Steel Traders' Inventories(000 mt)Long SteelFlat SteelWeek ending:rebarwire rodHot rolled flat steelPlate Cold rolled flat steel12/10/104,1669884,9031,3451,47212/17/104,1671,0214,8411,3231,45312/24/104,3111,0984,8321,3231,47912/31/104,4131,1664,8181,3691,4701/7/114,5861,2574,7971,3871,4941/14/114,7511,3734,7791,4081,4921/21/114,9061,4474,7561,4281,5111/28/115,3181,6464,7821,4511,5272/11/116,6892,1585,0311,6511,5942/18/117,3732,3865,0971,6541,1232/25/117,6192,4965,1201,6511,6453/4/117,7372,5845,1561,7351,6883/11/117,6282,4985,1101,6971,6863/18/117,4292,4064,9821,5921,6833/25/117,3062,3764,9501,5891,6644/1/117,0172,2364,7841,5841,6464/8/116,8472,1334,7031,5651,6354/15/116,6142,0384,6431,5591,6154/22/116,3721,9304,5411,5231,6394/29/116,1011,8044,4191,4691,6205/6/116,0771,7244,3911,4731,6435/13/115,9871,6534,4241,5101,6835/20/115,8351,5844,3591,5031,6935/27/115,6231,4924,3111,4971,6896/3/115,4711,4384,3141,5361,6656/10/115,4971,4004,3011,5571,6776/17/115,4901,3544,2751,5551,6626/24/115,5031,3034,2851,5511,6757/1/115,4931,2794,2881,5351,6797/8/115,4541,2314,2101,5051,6597/15/115,3191,1904,1831,5041,6367/22/115,3261,1374,2661,5161,6137/29/115,3261,1024,3041,5011,6218/5/115,4001,0674,3071,4761,6358/12/115,3471,0364,3231,4801,6088/19/115,3259964,3081,4921,6128/26/115,4311,0374,3041,4771,5879/2/115,4991,0654,3011,4721,5709/9/115,5461,0744,3491,5051,5679/16/115,6791,1514,3711,4791,5709/23/115,7691,1854,4491,4811,5579/30/115,8191,2034,4431,4611,53710/7/116,1431,3434,6261,5191,56310/14/116,1221,3054,6621,4761,56110/21/115,9331,2724,6341,4841,54910/28/115,6611,1214,5691,4581,52811/4/115,3889934,4921,4671,53311/11/115,1399154,3901,4621,52211/18/114,9829064,3551,4301,49011/25/114,9229124,3501,4411,51112/2/114,8369054,2811,4301,49812/9/114,8599724,1831,4141,50212/16/114,8361,0094,1321,4031,50112/23/114,7441,0664,0741,3981,48912/30/114,8671,1214,0351,3861,4921/6/125,1721,2114,0411,4131,5071/13/125,4431,3174,0581,4231,5121/20/125,8241,4754,0921,4511,5271/27/126,6591,7784,3001,5231,5812/3/127,4272,1534,5271,6251,6412/10/128,1062,4044,6481,6641,6682/17/128,4952,5044,6861,6161,6982/24/128,4482,5154,6591,6031,7143/2/128,4722,4414,6151,5801,7103/9/128,3882,3914,6051,5491,7313/16/128,2532,3234,5701,5271,7383/23/128,1482,2694,5131,5161,7253/30/128,0652,1894,4201,5101,7044/6/128,0492,1704,3321,5141,6894/13/127,8372,1364,2591,5241,6944/20/127,6482,0474,1481,5221,6984/27/127,5132,0364,0331,5041,6915/4/127,3681,9903,9631,5051,7065/11/127,2861,9643,8961,5101,7175/18/127,1251,9303,8851,4921,7135/25/126,9071,8603,8211,5061,6996/1/126,8251,8333,7721,4941,6916/8/126,7741,7883,7701,4841,6836/15/126,7051,7623,7741,4971,7016/21/126,6681,7653,7801,5241,6906/29/126,7131,7763,8281,5311,6997/6/126,7251,7653,8091,5491,7017/13/126,7231,7223,7831,5421,6907/20/126,7081,7713,8331,4911,6827/27/126,6211,7343,8461,4981,6818/3/126,5071,6743,9081,5041,7078/10/126,4141,6113,9181,4971,7038/17/126,1981,4983,9191,4931,6848/24/126,0301,4763,9031,4801,6748/31/125,9051,3943,8951,4821,6579/7/125,9111,3483,9241,4421,6529/14/125,5861,2803,8001,4251,6389/21/125,2991,1713,5811,3831,6329/28/124,9891,0623,5211,3461,62010/8/125,5861,2623,5971,4501,61910/12/125,3151,2103,5871,4201,62210/19/125,0531,1593,4591,4111,62510/26/124,9001,1373,3561,4131,62611/2/124,9271,1493,2601,3831,61811/9/124,8931,1553,1481,2871,60111/16/124,8991,1893,1211,2791,60311/23/124,8861,1883,0301,2431,58111/30/124,9841,2102,9601,2091,59212/7/125,0381,2482,8561,1861,55712/14/125,0461,2082,7851,1531,53212/21/125,0991,2302,7531,1541,53812/28/125,2001,2342,7481,1591,5391/4/135,8591,3913,4301,4151,5521/11/136,0651,4983,5221,4021,5501/18/136,3191,5423,5411,4051,5451/25/136,6211,6143,5861,4481,5342/1/137,0601,7723,6501,4801,5362/17/137,4721,8643,7691,5111,5552/22/139,6212,7644,5711,7691,6683/1/1310,3453,1644,7221,8111,7183/8/1310,7983,3024,7331,7791,7123/15/1310,9493,3744,7561,7251,7123/22/1310,7953,2124,7171,6671,6973/29/1310,7133,1294,7261,6571,7104/5/1310,4873,0494,7611,6381,6984/12/1310,2782,9544,7841,6181,6874/19/139,9512,8314,8251,6031,6404/26/139,5522,7124,7911,5571,6315/3/139,3992,6514,8201,5381,6545/10/139,1432,5904,8201,5181,6535/17/138,7442,4934,7241,4731,6385/24/138,4422,3694,6861,4521,6735/31/138,1242,2664,6981,4621,6546/7/137,9692,1654,5821,4811,6526/14/137,8402,1124,5601,4671,6366/21/137,6262,0254,4931,5031,6246/28/137,4161,9524,4341,4841,6307/5/137,1781,8704,3561,4601,6417/12/137,0331,7624,2981,4371,6237/19/136,7801,6344,2961,4271,5987/26/136,5481,5394,2761,4251,6148/2/136,5001,4704,2331,4421,6278/9/136,3321,4614,1761,4501,6408/16/136,2351,3664,1711,4621,6118/23/136,2071,3804,1151,4811,6288/30/136,0681,4044,1071,5041,6339/6/135,9571,4034,0711,5321,6259/13/135,9701,4044,0741,5531,6219/20/136,0811,4894,0621,5741,6319/27/135,9801,4914,0221,5591,62310/8/136,1801,6054,2211,6441,64910/11/136,0641,5984,2001,6591,63710/18/135,8071,5164,1421,6241,64710/25/135,6471,4564,0981,5951,64711/1/135,4641,4014,0141,5541,61511/8/135,2761,3343,9921,5211,61511/15/135,2351,3203,9941,5171,60711/22/135,1141,3213,9961,5011,58711/29/135,1511,3133,9621,4781,59712/6/135,1631,3073,9581,4731,59212/13/135,0861,3023,9211,4331,58612/20/135,1551,3523,9001,4291,58312/27/135,2841,3733,8471,4331,5801/3/145,4131,4233,8621,4401,5781/10/145,6891,4873,8301,4461,5771/17/146,2101,6163,8221,4641,5631/24/146,8721,8203,8851,4651,5632/7/148,2222,2614,1371,6681,6092/14/149,5352,6714,3531,6791,6532/21/1410,1342,8174,3721,6541,6622/28/1410,3782,8544,3481,6181,6713/7/1410,3362,8104,2981,6121,6593/14/1410,2232,7334,2281,5621,6363/21/149,9122,6344,1991,5081,6253/28/149,5742,5344,2091,4781,6204/4/149,3062,3794,0921,4541,5854/11/148,9022,1813,9711,4211,5724/18/148,5172,0813,8301,3941,5524/25/148,1831,9223,6931,3961,5175/2/148,0361,8503,7091,4031,5245/9/147,7541,7563,6161,3761,5265/16/147,4471,6423,4831,3401,5175/23/146,9891,5373,3881,3411,5095/30/146,6401,4693,3021,3391,4986/6/146,5481,3943,2551,3411,5016/13/146,3801,3543,2061,3491,4926/20/146,1721,3603,1931,3491,4906/27/146,0541,4063,1581,3351,4917/4/146,0101,4493,1351,3321,4797/11/145,9721,4183,1171,3161,4827/18/145,8691,4023,1041,3011,4967/25/145,7931,3973,0511,2921,5088/1/145,7781,3863,0061,2751,5018/8/145,7751,3962,9331,2351,4838/15/145,6431,3902,8911,1881,4818/22/145,6071,4012,8731,1491,4818/29/145,5031,3922,8491,1301,4699/5/145,3691,3702,8651,0851,4559/12/145,2941,3372,8451,0891,4619/19/145,1481,2582,7991,0741,4629/26/145,0831,1912,7631,0601,44710/3/145,3181,2362,9751,1141,48910/10/145,2411,2572,9571,1001,49310/17/144,8051,1192,8791,0771,47310/24/144,4641,0382,8021,0381,46910/31/144,2349792,7371,0311,46211/7/144,1259182,7041,0271,46511/14/144,0978652,6131,0061,43711/21/143,9918632,5619891,44811/28/143,8978922,4819771,46312/5/143,8369572,4249491,46612/12/143,8189902,3869281,45712/19/143,8189712,3779451,44612/26/143,8969742,3679541,4481/4/154,2141,0972,4229771,4501/19/154,4841,0572,4361,0081,4231/26/154,6891,1372,4661,0271,4151/30/154,8351,1712,4991028.51434.82/6/155,0961,2632,5451,0141,4402/28/157,2761,8512,9041184.51524.7

AFRE()Annual Aggregate Financing to the Real Economy AFRE)/Unit: 00 million Yuan Of whichAFRERMB loansForeign currency-denominated loansEntrusted loans Trust loansUndiscountedNet financing of corporate bondsEquity financing on the domestic stock market by non-financial enterprises(RMB equivalent)bankers' acceptances2002.01-472240-11-12-7550402002.022895309216-4020272002.033136255465-331501732002.041151937541195110-562002.0517741110737442610502002.06262129298818-58978552002.0781362033453610342002.0815851736-15-14-23323482002.093507288588-23296581622002.1079572216-27-6187272002.111805153942-1610760342002.1231092673205011330342003.013386326610637-11325292003.0299810915318-27756202003.034041372527123-410262003.04262219452276828012472003.05297125342652121582003.06584252502991761316402003.071344106210322-3458922003.0833212808247100-555732003.09404030354007843214342003.101218616148-1037815362003.111832102520266355341102003.1224981295-3721902210442004.0121142540180133-8514702004.024382085287138-217445202004.036557372631398231610452004.04273119951719933119702004.05244311321511316-26323422004.0632292821209144-119171032004.07590-19-659932941942004.081501115750162-327592004.092981250216115134130252004.10483256-1059810570162004.1119771495175358-1513752004.123586298313575882232005.0136202810727187-19020162005.02824959-653-2510292005.034189360717227769062005.04199914209120017747102005.0519681089206109921512742005.064723465315289-3238552005.07629-31418620217233002005.0820971897-155153509002005.0960413453-30171212625302005.10-974264287215-214134702005.1123682251-136123-20826502005.1225241454-8018445042202006.016323567411434531-20830302006.02173714917111926-22120402006.03747254021592043811762991272006.043325316312841927-75227102006.05378520941082578788628962006.06384336551712975-4202091042006.0722541634-65194981001161142006.0833621900353201682531533572006.09307722011422894415-8522006.10894169-12155107128237442006.112788193523325468-1792121832006.12383722043411881073222654820064269731522146126938261500231115352007.0169085663-208211124913-391582007.0230834138197162108-1573-80652007.03631144172111006511431771282007.04610342201184601111006-411452007.0538242473265230245346521372007.06704245156842