金属行业周报：利好政策出台，市场信心提振

Investment Rating - Steel: Neutral [1] - Non-ferrous Metals: Positive [1] Core Views - The steel industry shows potential for demand improvement driven by seasonal factors and favorable domestic real estate policies, which may support steel prices in the short term [2][12] - Copper prices are expected to remain strong due to domestic economic stimulus policies and disruptions in overseas mining supply [2][32] - Aluminum prices may also trend upwards due to monetary easing policies and seasonal demand expectations [2][41] - The lithium industry faces oversupply pressure despite improving demand expectations, with prices expected to remain volatile in the short term [2][47] Summary by Sections Industry News - The Dalian Commodity Exchange announced adjustments to trading limits and margin requirements for industrial silicon and lithium carbonate futures [10] - First Quantum Minerals reported a temporary suspension of operations at its Kansanshi copper mine in Zambia due to an accident [10] - The People's Bank of China conducted a 300 billion yuan one-year MLF operation to maintain liquidity [10] Industry Data Steel - Steel production increased to 8.08 million tons, a 0.90% increase from the previous week, but a 11.88% decrease year-on-year [12][14] - The total steel inventory decreased by 2.44% week-on-week and 11.29% year-on-year, totaling 13.75 million tons [18] - The average profit margins for hot-rolled and cold-rolled steel products showed significant declines [29] Copper - The average refining fees for copper remained stable, with LME copper prices increasing by 3.46% [32][33] - Domestic copper inventories continued to decline, indicating strong demand [32] Aluminum - LME aluminum prices increased by 2.99%, with domestic aluminum processing rates stable [41][42] Lithium - The price of battery-grade lithium carbonate rose to 76,800 yuan per ton, while battery-grade lithium hydroxide fell to 70,900 yuan per ton [47] Rare Earth and Minor Metals - Prices for light rare earths and heavy rare earths showed slight increases, indicating a stable market [55]