钢铁行业周报：供需格局持续好转

Investment Rating - The industry is rated as "Buy" for several key companies including Nanjing Steel (南钢股份), Baosteel (宝钢股份), and Hualing Steel (华菱钢铁) [5]. Core Insights - The supply-demand dynamics in the steel industry are improving, with a focus on government policies to adjust supply and enhance demand through fiscal spending [2][9]. - The average daily pig iron production has slightly decreased, indicating a potential shift in production strategies among steel mills [8]. - The overall inventory of steel products is declining, with significant reductions in both social and factory inventories [13][14]. - The demand for steel products has shown a slight decrease, particularly in rebar consumption, which has seen a year-on-year decline [21]. Summary by Sections 1. Supply - Daily pig iron production has decreased by 0.3 million tons to 2.354 million tons, with a utilization rate of 88.4% for blast furnaces [8]. - The production of five major steel products has dropped to 8.673 million tons, down 1.5% week-on-week and 4.8% year-on-year [8]. 2. Inventory - Total steel inventory has decreased by 1.9%, with social inventory at 8.280 million tons, down 2.4% week-on-week and 16.2% year-on-year [13]. - Factory inventory for five major steel products is at 4.070 million tons, down 1.0% week-on-week and 6.2% year-on-year [14]. 3. Demand - Apparent consumption of five major steel products is 8.917 million tons, down 0.2% week-on-week and 7.7% year-on-year [21]. - Rebar consumption is at 2.407 million tons, down 1.2% week-on-week and 19.2% year-on-year [21]. 4. Raw Materials - Iron ore prices have increased, with the Platts 62% iron ore price index at $103.85 per ton, up 2.6% week-on-week [26]. - Domestic thermal power investment has reached 87 billion yuan, a year-on-year increase of 27.3%, indicating a positive outlook for related steel products [2][9].