钢铁行业周度报告：钢材需求好转明显，钢企盈利率回升至70%以上

Investment Rating - The investment rating for the steel industry is "Recommended" (maintained) [2] Core Viewpoints - The steel industry is experiencing a significant recovery in demand, with steel companies' profit margins rebounding to over 70% [1][3] - The recovery in demand, coupled with favorable policies, is expected to boost the steel market, leading to continued growth in steel supply in the short term [1][3] Summary by Sections 1. Weekly Data Changes in the Steel Industry - Daily molten iron production increased by 2.22% week-on-week to 2.33 million tons, marking the sixth consecutive week of growth [1][8] - The average operating rate of blast furnaces rose to 80.79%, up by 1.22 percentage points [1][8] - Total production of the five major steel products reached 8.64 million tons, with a slight increase of 1.2% [1][8] 2. Weekly Data Trends in the Steel Industry - The apparent consumption of the five major steel products totaled 8.93 million tons, a week-on-week increase of 10.7% [1][9] - Rebar consumption surged by over 30%, indicating strong demand recovery [1][9] 3. Industry News and Company Dynamics - The National Development and Reform Commission announced plans to expedite the issuance of approximately 290 billion yuan in local government special bonds by the end of October [20] - Steel companies are actively managing inventory levels, with total steel inventory decreasing by 2.2% week-on-week to 13.1 million tons [2][9] - The average profit margin for steel companies has risen to 71.43%, reflecting improved profitability across the sector [3][9]