钢铁行业周报：财政政策有望持续发力，继续看好钢铁股修复行情

Investment Rating - The report maintains an "Increase" rating for the steel sector, indicating a positive outlook for recovery in steel stocks [3][4]. Core Viewpoints - The report emphasizes that fiscal policies are expected to continue to strengthen, supporting a recovery in steel stocks. Recent signals from the Ministry of Finance suggest increased efforts to manage local government debt risks and enhance support for housing projects, which could positively impact demand for steel [4][32]. - The report anticipates that with the implementation of fiscal policies, steel prices are likely to rise, and the black commodity sector is expected to maintain a rebound trend. It highlights that the current industry profitability is at a low point, making it a favorable time to invest in companies with better demand performance, particularly in the plate sector [4][5]. Summary by Sections 1. Market Performance Review - The steel sector experienced a decline of 4.93%, outperforming the Shanghai Composite Index by 1.37 percentage points [7]. 2. Fundamental Weekly Tracking 2.1 Steel Prices and Iron Ore Inventory - National steel prices remained stable, with average prices for rebar at 3,840 CNY/ton in Beijing, showing a slight decrease of 3 CNY/ton [11]. - The global iron ore shipment volume was 29.812 million tons, a week-on-week decrease of 3.969 million tons, while daily molten iron production increased by 5.06 tons [4][11]. 2.2 Production and Demand Recovery - The national blast furnace operating rate rose to 80.79%, an increase of 1.22 percentage points week-on-week. The total output of five major steel products reached 8.6382 million tons, up by 10.24% [26][29]. - The average transaction volume of construction steel was 132,300 tons, a week-on-week increase of 1.24 million tons, indicating a recovery in demand [4][11]. 3. Industry Dynamics 3.1 Key Industry News - The Ministry of Finance announced plans to increase fiscal policy efforts to support economic development, including measures to manage local government debt and enhance support for housing projects [32][34]. 3.2 Company Announcements - A company announced a plan for a significant share reduction by a board member due to personal financial needs, which may impact investor sentiment [35]. 4. Key Data Tracking - The report tracks key data such as steel prices, production rates, and inventory levels, indicating a mixed but generally improving outlook for the steel industry [4][11][26].