钢铁行业研究周报——促低碳迎转型 钢铁将纳入全国碳排放权交易市场 （20240909-20240915）
2024-09-21 00:38

Investment Rating - The report does not explicitly state an investment rating for the steel industry, but it suggests a cautious approach towards high-yield steel bonds while emphasizing the need to monitor investment risks [4][27]. Core Insights - The steel industry is undergoing a transformation with the inclusion of steel in the national carbon emissions trading market, which is expected to be implemented by 2027, aiding in the industry's low-carbon transition [3][19]. - Steel production costs have decreased due to falling raw material prices, leading to a recovery in steel plant profitability [3][5][6]. - The average credit spread for AAA-rated steel bonds has widened, indicating a potential opportunity for investors in high-yield steel bonds [26]. Summary by Sections Steel Market - Raw material prices for steel have continued to decline, with the average price of iron ore dropping to 712.20 RMB/ton, a decrease of 31.20 RMB/ton from the previous week [5][6]. - The comprehensive steel price index has shown a slight increase, with notable price recoveries in rebar and high-line steel [3][5]. - Steel plant profitability has improved, reaching 6.05% due to lower production costs and rising product prices [6]. News Highlights - The Ministry of Ecology and Environment has released a draft plan for including the steel industry in the national carbon emissions trading market [19]. - The People's Bank of China reported an increase of 14.43 trillion RMB in loans over the first eight months of the year, indicating a supportive monetary policy environment [20]. Bond Market Analysis - Three new credit bonds were issued in the steel industry this week, totaling 2 billion RMB, with no existing bonds maturing [21][24]. - The total number of outstanding credit bonds in the steel industry is 296, with a total balance of 371.33 billion RMB [24]. - The average credit spread for AAA-rated steel bonds has widened to 76.81 basis points, while AA+ rated bonds have a spread of 210.67 basis points [26].