钢铁行业周度报告：日均铁水产量止跌回升，需求呈现长降板增的格局

Investment Rating - The investment rating for the steel industry is "Recommended" (maintained) [2] Core Viewpoints - The average daily pig iron output has stopped declining and is showing signs of recovery, with demand exhibiting a long-term downward trend [1][3] - Steel prices are experiencing fluctuations downward, with construction material profits recovering better than plate materials [3] - The overall steel demand has slightly decreased week-on-week, indicating that the anticipated demand improvement during the "Golden September" period still requires further observation [1][3] Summary by Sections 1. Weekly Data Changes in the Steel Industry - The average daily pig iron output rose to 2.2261 million tons, an increase of 0.78% week-on-week [8] - The overall production of the five major steel products reached 8.0117 million tons, up 2.89% week-on-week [1] - The high furnace operating rate increased to 77.63%, up 1.22 percentage points [8] 2. Weekly Data Trends in the Steel Industry - Total steel inventory decreased to 15.092 million tons, down 3.4% week-on-week [2] - The inventory of construction materials contributed significantly to the overall inventory reduction [2] - The apparent consumption of five major steel products totaled 8.5492 million tons, down 0.31% week-on-week [1] 3. Industry News and Company Dynamics - On September 6, the Hebei Provincial Development and Reform Commission released a draft management method for coal consumption substitution in key areas [19] - Yunnan Yuxi Xianfu Steel Group's 1 million tons/year coking project commenced construction, with a total investment of 2.2 billion yuan [19] - Fujian Long Steel's first blast furnace was ignited, marking the full production of the first phase of the project [19]