钢铁行业研究周报——成本支撑不足 钢价和盈利率同步回落（20241021-20241027）

Investment Rating - The report indicates a negative outlook for the steel industry, highlighting insufficient cost support leading to a decline in steel prices and profitability [1][4]. Core Insights - The steel industry is experiencing a decrease in production costs due to falling prices of raw materials such as iron ore, coking coal, and shipping costs, which has resulted in a reduction in steel prices and a subsequent decline in profitability for steel mills [1][4]. - The operating rates for blast furnaces and electric furnaces have slightly increased, but overall steel prices have decreased across various categories [1][4]. - The report notes that the current steel market conditions are influenced by macroeconomic factors, including recent speeches by national leaders emphasizing global cooperation and development [2][10]. Summary by Sections Steel Market Overview - The iron ore price index has decreased to 761 RMB/ton as of October 25, down 41 RMB/ton from October 18 [4]. - Iron ore inventories at ports have increased to 153.38 million tons, up 361,600 tons from the previous week [4]. - The production cost of molten iron has decreased by 21 RMB/ton to 2,309 RMB/ton, while the average daily production has increased by 13,300 tons to 2.3575 million tons [4]. Price Changes - Major steel product prices have decreased, with rebar down 173 RMB/ton, high wire down 174 RMB/ton, and hot-rolled coil down 124 RMB/ton [4]. - The comprehensive steel price index has dropped by 3.53, now at 98.57 [4]. Debt Market Analysis - Four new credit bonds were issued in the steel industry, totaling 3.5 billion RMB, with a net financing increase of 1.5 billion RMB [11]. - The total outstanding credit bonds in the steel industry is 295, with a balance of 372.632 billion RMB [14]. - The yield spreads for steel bonds have widened, with AAA-rated bonds at 91.99 basis points and AA+ rated bonds at 209.70 basis points [15].