钢铁行业研究周报——产销两旺叠加铁水成本下移 钢厂盈利率继续回升（20241014-20241020）

Investment Rating - The report indicates a positive outlook for the steel industry, with a continued recovery in profitability for steel mills due to lower production costs and increased operational rates [1][4]. Core Insights - The steel industry is experiencing a robust production and sales environment, with a notable decrease in steel inventory and a rise in profitability for steel manufacturers [1][4]. - The report highlights a decline in iron ore and international shipping prices, contributing to lower production costs for molten iron, which has positively impacted steel mill profitability [1][4]. - Despite the positive trends, there is significant pressure on steel prices, leading to price reductions across various steel products [1][4]. Summary by Sections Steel Market - The report notes a slight increase in the operating rates of blast furnaces and electric furnaces, with a significant reduction in steel inventory, indicating a strong market demand [1][4]. - The average molten iron production cost has decreased by 47 RMB/ton, now at 2,330 RMB/ton, while the daily average molten iron output has increased by 12,900 tons to 2,344,200 tons [4]. - Steel prices have faced downward adjustments across various categories, including rebar, wire rod, medium-thick plates, hot-rolled sheets, and cold-rolled sheets [4]. Debt Market Analysis - In the week of October 14 to October 20, the steel industry issued four new credit bonds totaling 4.5 billion RMB, with a net financing amount of 1.5 billion RMB [2][18]. - The report indicates that the total outstanding credit bonds in the steel industry amounts to 371.132 billion RMB, with no new rating adjustments or defaults reported among companies with outstanding bonds [2][23]. - The yield spreads for steel bonds have narrowed significantly, with AAA-rated steel bonds showing a spread of 85.94 basis points, down 21.57 basis points from the previous week [24].