钢铁周报：财政政策扩张，顺周期钢铁受益

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report highlights that the steel industry is expected to benefit from the expansionary fiscal policy, which is likely to support cyclical steel demand [1] - The report provides various price indices for steel products, indicating fluctuations in prices and trends in the market [5] - Inventory levels for major steel products show a slight decrease, suggesting a potential tightening in supply [6] Price Indices Summary - The SW Steel Index is at 2040.1, with a weekly decline of 4.93% and a year-to-date decline of 2.81% [5] - Rebar (HRB400 20mm) is priced at 3700.0 CNY/ton, showing a weekly increase of 0.54% but a year-to-date decrease of 7.04% [5] - Hot-rolled coil is priced at 3585.0 CNY/ton, with a weekly increase of 0.62% and a year-to-date decrease of 12.77% [5] Inventory Summary - Total social inventory of five major steel products is 913.4 million tons, with a weekly decrease of 2.22% and a year-to-date increase of 3.11% [6] - Steel mill inventory stands at 395.4 million tons, reflecting a weekly decrease of 2.11% and a year-to-date decrease of 12.38% [6] - Iron ore port inventory is at 15,109.4 million tons, with a slight weekly increase of 0.40% and a year-to-date increase of 26.03% [6]