钢铁行业周报：钢价筑底企稳，关注旺季需求成色

Investment Rating - The report maintains an "Overweight" rating for the steel industry, with specific recommendations for companies such as Baosteel, Hualing Steel, and Nanjing Steel [1][2][3]. Core Insights - The steel market is showing signs of stabilization after a period of decline, with expectations for demand to improve during the peak season. The apparent demand for rebar has increased to 2.1837 million tons, a week-on-week rise of 190,300 tons [2][3]. - The report highlights that the supply-demand structure for rebar is improving, while the hot-rolled steel market still requires monitoring due to potential inventory pressures [2][3]. - Iron ore inventory at ports has reached historical highs, and the average daily iron water output has decreased to 2.2089 million tons, down by 35,700 tons week-on-week, indicating a weak demand environment [2][3]. Summary by Sections 1. Market Performance Review - The steel sector has seen a 0.7% increase, outperforming the Shanghai Composite Index by 1.13 percentage points [6]. 2. Fundamental Tracking 2.1 National Steel Price Recovery - National steel prices have shown an overall recovery, with rebar prices in major cities like Beijing and Shanghai increasing by 68 and 92 yuan per ton respectively [10]. 2.2 Decrease in Blast Furnace Operating Rates - The operating rate of blast furnaces has decreased to 76.41%, a week-on-week decline of 1.06 percentage points, indicating reduced production capacity [27][32]. 2.3 Demand Recovery in Construction Steel - The average transaction volume of construction steel nationwide is 121,000 tons, with a slight week-on-week decrease of 140 tons, but the apparent consumption of rebar has increased [36]. 3. Industry Dynamics 3.1 Key Industry News - The report notes that Shanghai has optimized the supply structure for new residential land, which may positively impact steel demand [34]. 3.2 Major Company Announcements - Companies like Xining Special Steel and Shandong Steel reported varying financial performances, with Xining Special Steel achieving a revenue of 2.697 billion yuan, a year-on-year increase of 3.75% [37][39].