钢铁行业周报：政策协同发力减轻地方化债压力，行业长期有望受益

Investment Rating - The report maintains a "Recommended" investment rating for the steel industry [1][2]. Core Insights - The steel industry is expected to benefit in the long term from policy coordination aimed at alleviating local debt pressures [1][2]. - The supply side shows a slight decrease in production and capacity utilization, while demand has also declined, indicating a challenging market environment [1][2][13][16]. - Recent government measures include a commitment to allocate 800 billion yuan annually from new local government bonds for debt repayment, potentially enhancing the financial stability of the industry [2]. Supply Summary - As of November 8, 2024, the total production of the five major steel products reached 8.6149 million tons, a week-on-week decrease of 0.67% and a year-on-year decrease of 1.37% [1][13]. - Daily average pig iron production from 247 steel enterprises was 2.3406 million tons, with a week-on-week decrease of 0.60% and a year-on-year decrease of 1.95% [1][13]. - The capacity utilization rate for blast furnaces was 87.87%, down 0.53 percentage points week-on-week and down 1.36 percentage points year-on-year [1][13]. Demand Summary - Total consumption of the five major steel products was 8.7760 million tons as of November 8, 2024, reflecting a week-on-week decrease of 1.58% and a year-on-year decrease of 5.31% [1][16]. - The daily transaction volume of construction steel from mainstream traders was 92,900 tons, down 6.52% week-on-week and down 34.43% year-on-year [1][16]. - In September, the total export volume was 10.1535 million tons, showing a month-on-month increase of 6.93% and a year-on-year increase of 25.96% [1][16]. Inventory Summary - As of November 8, 2024, the total social inventory of the five major steel products was 8.1992 million tons, down 0.97% week-on-week and down 13.56% year-on-year [1][22]. - The total factory inventory was 3.9887 million tons, reflecting a week-on-week decrease of 1.99% and a year-on-year decrease of 4.92% [1][22]. Cost Summary - The price index for Australian iron ore (62% Fe) was 777.4 yuan per wet ton as of November 8, 2024, up 0.75% week-on-week but down 20.25% year-on-year [1][32]. - The comprehensive absolute price index for scrap steel was 2,602.07 yuan per ton, with a week-on-week decrease of 0.01% and a year-on-year decrease of 10.70% [1][32].