钢铁ETF（515210）涨超1.0%，供需矛盾下短期钢价或承压

Group 1 - The core viewpoint indicates that the cost of raw materials continues to decline, leading to an increase in high furnace profit per ton of steel, with a notable 14.81% week-on-week increase in rebar high furnace profit [1] - As of June 20, the spot price index for Australian powder ore (62% Fe) at Rizhao Port was 711 RMB/ton, reflecting a week-on-week decrease of 0.97%, while the price of coking coal at Jingtang Port remained stable [1] - The average daily pig iron output increased to 2.4218 million tons, a year-on-year increase of 28,700 tons, indicating a positive trend in production [1] Group 2 - The social inventory of five major steel products decreased by 1.55% week-on-week, and factory inventory saw a slight decline of 0.30%, while consumption volume increased by 1.85% week-on-week [1] - The impact of overseas tariffs has been minimal for ordinary steel companies with a low export ratio, and under the "stabilizing growth" policy, demand for steel in real estate and infrastructure sectors is expected to improve marginally, suggesting significant potential for performance recovery in ordinary steel companies [1] - The Steel ETF tracks the China Securities Steel Index, which reflects the overall performance of listed companies in the steel production, processing, and related services sectors, showcasing the structural characteristics and market trends of China's steel industry [1]