钢铁行业周报：压力传导到原料端

Investment Rating - The report does not explicitly state an investment rating for the steel industry, but it suggests关注 (focus on) specific companies such as Baosteel, Hualing Steel, Nanjing Steel, CITIC Special Steel, and Shougang [4]. Core Insights - The steel industry is experiencing a decline in profitability, with the net profit of the steel sector for Q2 2024 estimated at approximately 1.7 billion [4][64]. - The average profit margin for 247 steel companies is around 4.33%, indicating a significant drop in profitability and suggesting weak performance in upcoming quarterly reports [4][45]. - The report highlights a decrease in crude steel production, with July 2024 figures showing a 9.0% year-on-year decline [4][62]. Market Performance - The Wind Steel Index fell by 2.30% last week, underperforming compared to major indices [5][10]. - The social steel inventory decreased by 3.86%, indicating a tightening supply [4][52]. Price Trends - The Myspic steel price index dropped by 3.63%, with rebar futures down 5.31% and hot-rolled coil futures down 7.28% [4][16][24]. - Iron ore prices fell by 10.62%, with the Platts index reflecting a significant decrease [4][28]. Production and Supply - Daily pig iron production increased by 0.77%, while the total output of five major steel products rose by 2.81% [4][47]. - The report notes a weak performance in construction material sales, with a year-on-year decline of 27.76% [4][60]. Financial Performance - The net profit for the steel sector in H1 2024 was reported at 261 million, a staggering 94.76% decrease year-on-year [4][64]. - The report indicates that the profitability of listed steel companies is nearing zero, with ongoing pressure from high raw material prices [4][45].