Jun. 23, 2025 - In May, the added value of industrial enterprises above designated size in China increased by 5.8% year-on-year and 0.61% month-on-month. From January to May, the added value of industrial enterprises above designated size in China increased by 6.3% year-on-year. Although the economy has maintained an overall stable and progressive development trend, there are still many external unstable factors. The internal driving force required for the expansion of domestic demand still needs to be strengthened, and the foundation for the sustained recovery and improvement of the economy still needs to be consolidated.

The output of half of the major downstream consumption industries of refractories showed a downward trend in May, including major consumption industries such as pig iron, crude steel, cement, and flat glass. The cumulative output of these industries from January to May also slightly declined. Industries that saw year-on-year growth in both May output and cumulative output from January to May include ferroalloys, alumina, electrolytic aluminum, electrolytic copper, ten non-ferrous metals, and coke. On the whole, the main manifestations are a narrowing of the growth rate, an expansion of the decline rate, and a turn for the growth rate to decline, with the specific data shown in the following table:

Industry	Output in May 2025 (Million Ton)	YoY Growth Rate (%)	Output in Jan-May, 2025 (Million Ton)	YoY Growth Rate (%)
Pig iron	74.114	-3.3	362.743	-0.1
Crude steel	86.545	-6.9	431.631	-1.7
Cement	164.997	-8.1	659.393	-4.0
Flat glass	81.678 (mln weight case)	-5.7	401.768 (mln weight case)	-4.9
Ferroalloy	3.020	1.0	15.365	6.9
Alumina	7.488	5.0	37.401	9.5
Electrolytic aluminum	3.828	5.0	18.590	4.0
Electrolytic copper	1.254	13.6	6.053	8.0
Lead	0.649	-5.7	3.216	-1.0
Zinc	0.583	-2.3	2.919	-3.0
Ten non-ferrous metals	6.827	2.9	33.404	2.8
Coke	42.376	2.4	207.227	3.3