智通财经网·2025-11-24 03:16Group 1 - The core viewpoint of the report is that the steel industry is rated as "overweight," with expectations for long-term development driven by increased industry concentration and high-quality growth. Companies with product structure and cost advantages are expected to benefit significantly [1] - The apparent demand for steel from the five major steel mills increased by 3.90% week-on-week to 8.94 million tons, while year-on-year demand decreased by 2.01%. The production of steel was 8.5 million tons, a decrease of 16,000 tons week-on-week, and total inventory fell by 440,000 tons to 14.33 million tons [1] - In October, crude steel production was 71.8 million tons, down 12.10% year-on-year, and pig iron production was 65.55 million tons, down 7.9% year-on-year. Cumulative steel exports reached 97.74 million tons, an increase of 6.6% year-on-year [1] Group 2 - The average gross profit for rebar was 61 yuan per ton, down 20 yuan per ton from the previous week, while hot-rolled coil had an average gross profit of -65 yuan per ton, down 48 yuan per ton [2] - The profitability rate of 247 surveyed steel companies was 37.66%, a decrease of 1.30 percentage points from the previous week, indicating an expansion of losses among steel companies due to reduced demand [2] - The new construction in the real estate sector has decreased by over 70% from its peak, significantly reducing the impact on total domestic steel demand. However, demand from infrastructure and manufacturing sectors has remained stable [3] Group 3 - The steel demand is expected to stabilize gradually, while supply is anticipated to continue contracting. Over 60% of surveyed steel companies reported losses, indicating a market clearing process is beginning [3] - The recently released "Steel Industry Stabilization and Growth Work Plan (2025-2026)" emphasizes the continuation of production reduction policies to support advanced enterprises and phase out inefficient capacities, promoting dynamic balance between supply and demand [3]