钢铁行业周报：库存维持降势，继续看好板块投资机会

Investment Rating - The report maintains an "Overweight" rating for the steel industry, indicating a positive outlook for investment opportunities [5][6]. Core Viewpoints - The steel sector is currently at a bottoming phase, with expectations for demand improvement and supply restructuring, leading to enhanced competitive advantages for industry leaders [3][5]. - Recent government policies are expected to boost demand, and mergers and acquisitions within the industry may accelerate [5][6]. Summary by Sections Steel Market Overview - The apparent consumption of major steel products was 8.776 million tons, a decrease of 1.58% week-on-week and 5.31% year-on-year [13]. - Total steel inventory has been declining, with a total of 12.1879 million tons, down 1.3% week-on-week, marking the lowest level for the same period since 2015 [5][10]. Production and Profitability - The production of steel last week was 8.6149 million tons, a decrease of 0.67% week-on-week, with rebar production at 2.3371 million tons, down 3.91% [22]. - The simulated profit for rebar was 298.8 CNY/ton, down 3.18% week-on-week, while hot-rolled coil profit was 178.8 CNY/ton, down 14.32% [24]. Raw Material Prices - Iron ore prices increased, with spot prices rising by 30 CNY/ton to 785 CNY/ton, a 3.97% increase, while coke prices decreased by 50 CNY/ton to 1910 CNY/ton, a 2.55% decrease [29]. - Iron ore port inventory decreased to 15.269 million tons, down 0.98% week-on-week, indicating a tightening supply [30]. Industry Dynamics - The operating rate of blast furnaces among 247 steel mills was 82.29%, a slight decrease of 0.15 percentage points week-on-week [18]. - The profitability rate of steel companies was 59.74%, down 1.3 percentage points from the previous week, reflecting the impact of reduced production and demand [18][19]. Future Outlook - The report anticipates a gradual recovery in overall steel demand, supported by infrastructure investments and stabilization in the real estate sector [5][8]. - The ongoing consolidation in the industry is expected to enhance the long-term profitability of leading steel companies, particularly those with cost advantages and superior product structures [5][6].