钢铁行业周报：行业新规征求意见，转型升级稳步推进

Investment Rating - The report maintains a "Recommended" investment rating for the steel industry [1][2]. Core Insights - The report highlights the steady progress in the transformation and upgrading of the steel industry, with new regulations being solicited for public opinion [2]. - It notes that the supply side has seen a week-on-week decline in steel production, while demand has also decreased, indicating a challenging market environment [1][2]. - The report suggests that policy expectations are improving, coupled with a slight improvement in the actual supply-demand dynamics within the industry [2]. Supply Summary - As of November 1, 2024, the total production of the five major steel products was 8.6728 million tons, a week-on-week decrease of 1.51% and a year-on-year decrease of 4.76% [12]. - The average daily pig iron production from 247 steel enterprises was 2.3547 million tons, with a week-on-week decrease of 0.09% and a year-on-year decrease of 2.46% [12]. - The capacity utilization rate for blast furnaces was 88.4%, down 0.08 percentage points week-on-week and down 1.83 percentage points year-on-year [12]. Demand Summary - The total consumption of the five major steel products was 8.9170 million tons as of November 1, 2024, reflecting a week-on-week decrease of 0.23% and a year-on-year decrease of 7.71% [14]. - The daily transaction volume of construction steel from mainstream traders was 99,400 tons, down 29.36% week-on-week and down 43.20% 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 - The total social inventory of the five major steel products was 8.2795 million tons as of November 1, 2024, down 2.38% week-on-week and down 16.17% year-on-year [20]. - The total factory inventory of the five major steel products was 4.0695 million tons, reflecting a week-on-week decrease of 1.03% and a year-on-year decrease of 6.20% [21]. Raw Material Inventory Summary - As of November 1, 2024, the imported iron ore inventory of 247 steel enterprises was 89.979 million tons, with a week-on-week increase of 0.21% and a year-on-year increase of 0.11% [23]. - The inventory of coking coal for 247 steel enterprises was 7.424 million tons, reflecting a week-on-week increase of 0.66% and a year-on-year increase of 0.60% [23]. Cost Summary - The price index for Australian iron ore (62% Fe) was 771.6 yuan/wet ton as of November 1, 2024, with a week-on-week increase of 2.04% and a year-on-year decrease of 20.44% [30]. - The comprehensive absolute price index for scrap steel was 2,602.22 yuan/ton, with a week-on-week increase of 1.12% and a year-on-year decrease of 10.11% [30].