钢铁行业研究周报——利好不断提振市场信心 钢厂盈利率显著上行（20241008-20241013）

Investment Rating - The report indicates a positive outlook for the steel industry, highlighting significant improvements in profitability and market confidence [3][6]. Core Insights - The steel industry has experienced a notable increase in profitability, with steel mill profit margins rising significantly due to a combination of lower iron water costs and higher steel prices [3][6]. - Recent government policies aimed at boosting the economy, including the establishment of a joint working group for central bank bond trading and the introduction of new monetary policy tools, are expected to further support the steel market [4][20][21]. Summary by Sections Steel Market - Iron water costs have slightly decreased, while various steel prices have surged, leading to a substantial expansion in steel mill profit margins, which increased from 18.62% before the holiday to 71.45% after [6]. - The iron ore price index rose to 843 CNY/ton before dropping to 801 CNY/ton, and then rebounding to 804 CNY/ton, reflecting a 29 CNY/ton increase compared to the pre-holiday period [6]. - Steel production rates have improved, with blast furnace and electric furnace operating rates increasing to 80.81% and 60.90%, respectively [6]. Recent News - The State Council held a meeting to discuss the current economic situation and future policies, emphasizing the need for timely implementation of existing measures [18]. - A new monetary policy tool was introduced to support capital markets, allowing financial institutions to exchange assets for high-quality liquid assets [20]. - The draft of the Private Economy Promotion Law was released for public consultation, marking a significant step in supporting private sector development [21]. Debt Market Analysis - Two new credit bonds were issued in the steel industry, totaling 3 billion CNY, with a net financing amount of 2 billion CNY [25]. - As of October 13, 2024, the total number of outstanding credit bonds in the steel industry is 292, with a total balance of 369.632 billion CNY [28]. - The yield spreads for steel industry bonds have widened, with AAA-rated bonds showing a spread of 107.51 basis points, an increase of 30.88 basis points from the previous period [30].