钢铁行业周报：联合重组破内卷，钢铁行业关注度提升

Investment Rating - The report maintains a "Recommended" investment rating for the steel industry [1][2]. Core Insights - The steel industry is experiencing increased attention due to joint restructuring efforts aimed at reducing competition and improving market conditions [1]. - Supply and demand dynamics are showing signs of improvement, with a positive outlook for policy expectations [2]. - Key companies to watch include Baosteel (600019.SH), Nanjing Steel (600282.SH), and Hualing Steel (000932.SZ) [2]. Supply Summary - As of October 25, 2024, the total output of five major steel products reached 8.8058 million tons, a week-on-week increase of 0.82% but a year-on-year decrease of 2.82% [12]. - Daily average pig iron production from 247 steel enterprises was 2.3569 million tons, with a week-on-week increase of 0.57% and a year-on-year decrease of 2.90% [12]. - The capacity utilization rate for blast furnaces was 88.48%, up 0.49 percentage points week-on-week but down 2.25 percentage points year-on-year [12]. Demand Summary - Total consumption of five major steel products was 8.9380 million tons as of October 25, 2024, reflecting a week-on-week decrease of 1.88% and a year-on-year decrease of 7.54% [14]. - The daily transaction volume of construction steel from mainstream traders was 140,700 tons, up 5.71% week-on-week but down 20.38% year-on-year [14]. - Monthly steel exports totaled 10.1535 million tons, with a month-on-month increase of 6.93% and a year-on-year increase of 25.96% [14]. Inventory Summary - As of October 25, 2024, the total social inventory of five major steel products was 8.4813 million tons, down 3.19% week-on-week and down 17.30% year-on-year [21]. - The total factory inventory of five major steel products was 4.1119 million tons, up 3.71% week-on-week but down 8.94% year-on-year [21]. Cost Summary - As of October 25, 2024, the price index for iron ore was 756.2 RMB/wet ton, down 1.79% week-on-week and down 19.45% year-on-year [2]. - The price index for low-sulfur coking coal was 1713.92 RMB/ton, down 3.60% week-on-week and down 23.40% year-on-year [2]. Price Summary - The Mysteel absolute price index for ordinary steel was 3697.21 RMB/ton, down 1.24% week-on-week and down 8.23% year-on-year [2]. - The global steel price index was 201.9 points, down 1.70% week-on-week and down 4.81% year-on-year [2].