钢铁行业周报：利好政策持续加码，提振需求预期

Investment Rating - The steel industry is rated as "Overweight" [2][4][5] Core Viewpoints - The steel sector is currently at a bottom phase, with expectations for demand improvement and supply restructuring, leading to enhanced competitive advantages for industry leaders [3][4] - Recent favorable policies are expected to boost demand, particularly in the real estate sector, which is anticipated to stabilize and recover [4][9] - The overall inventory of steel continues to decline, maintaining the lowest levels since 2015, while production and consumption show signs of recovery [4][19] Summary by Sections Steel Market Overview - The apparent consumption of major steel products reached 9.1097 million tons, a week-on-week increase of 2.03%, but a year-on-year decrease of 5.82% [19] - Total steel inventory decreased to 12.7255 million tons, down 375,500 tons week-on-week, marking the lowest level for the same period since 2015 [4][15] - The operating rate of blast furnaces among 247 steel mills rose to 81.68%, an increase of 0.89 percentage points week-on-week [21] Production and Profitability - Weekly steel production totaled 8.7342 million tons, an increase of 96,000 tons week-on-week [26] - The profit margin for rebar production decreased to 293.2 CNY/ton, down 108.2 CNY/ton week-on-week, while hot-rolled coil profit margins also fell [29] Policy and Demand Drivers - Recent government initiatives aim to stabilize the real estate market, which is expected to positively impact steel demand [4][9] - Infrastructure projects are anticipated to continue supporting demand, alongside stable growth in manufacturing [4][9] Raw Material Prices - Iron ore prices have decreased, with spot prices dropping to 749 CNY/ton, a decline of 4.10% [35] - Coking coal prices have shown mixed trends, with spot prices for coking coal rising to 2,010 CNY/ton, an increase of 2.55% [35] Recommendations - The report recommends companies with strong product structures and competitive advantages, such as Hualing Steel and Baosteel, as well as resource companies like Hebei Resources and Ordos [4][5]