钢铁行业周度报告：铁水产量增至228万吨/天，钢价受政策提振偏强运行

Investment Rating - The investment rating for the steel industry is "Recommended" (maintained) [2] Core Viewpoints - The average daily pig iron output has increased to 2.28 million tons, with steel prices showing strong performance due to policy support [1][3] - The recovery of steel enterprise profits is accelerating the pace of production resumption, particularly in rebar production [1][3] - Recent macro policies related to real estate and consumption are expected to boost demand, although current pig iron output remains below levels seen in the same period in 2022 and 2023 [1][3] Summary by Relevant Sections Supply - The average daily pig iron output for the week (September 28 - October 4) reached 2.28 million tons, a week-on-week increase of 31,600 tons, or 1.41% [1][8] - The operating rate of blast furnaces rose to 79.57%, up 1.34 percentage points from the previous week [1][8] - Total production of the five major steel products was 8.54 million tons, a week-on-week increase of 3.7% [1][8] Inventory - Total steel inventory (social + factory) reached 13.39 million tons, a week-on-week increase of 3.7% [2][8] - Factory inventory increased by 6.3% to 4.04 million tons, while social inventory rose by 2.5% to 9.35 million tons [2][8] Consumption - Apparent consumption of steel products decreased by 11.71% week-on-week to 8.06 million tons [1][8] - Rebar apparent consumption fell by 26.6% to 1.88 million tons, while wire rod consumption decreased by 17.76% to 820,100 tons [1][8] Price and Profitability - Steel prices showed strong upward trends, with rebar prices increasing by 13.95% to 3,923.52 yuan/ton [3][8] - The profitability of steel enterprises improved significantly, with the profit margin for 247 steel companies rising by 19.05 percentage points to 37.66% [3][8] - Rebar profits turned positive, with a profit of 212.65 yuan/ton, a significant recovery from previous losses [3][8]