钢铁周报：政策风向变化加速黑色商品价格切换节奏

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The report indicates a shift in policy direction that is accelerating the price transition of black commodities [1] - The report provides weekly data on steel prices, showing fluctuations in various indices and materials [5][6] - The total social inventory of five major steel products is reported at 874.9 million tons, with a weekly decrease of 4.21% and a year-to-date decrease of 1.23% [6] Price Summary - The Shanghai Composite Index is at 3261.6, with a weekly increase of 1.36% and a year-to-date increase of 9.63% [5] - The SW Steel Index is at 2070.9, with a weekly increase of 1.51% but a year-to-date decrease of 1.34% [5] - Rebar prices (HRB400 20mm) are at 3510.0 yuan/ton, showing a weekly decrease of 5.14% and a year-to-date decrease of 11.81% [5] Inventory Summary - The total inventory of five major steel products in social storage is 874.9 million tons, with a weekly decrease of 4.21% [6] - The total inventory in steel mills is 396.4 million tons, with a slight weekly increase of 0.27% but a year-to-date decrease of 12.14% [6] - Iron ore port inventory stands at 15,301.1 million tons, with a weekly increase of 1.27% and a year-to-date increase of 27.63% [6]