钢铁行业研究周报——需求减弱叠加成本上行 钢厂盈利率小幅回调（20241104-20241110）

Investment Rating - The report does not explicitly provide an investment rating for the steel industry Core Insights - The steel industry is experiencing a slight decline in profitability due to rising production costs and weakening demand for steel products [2][4] - The production cost of molten iron has been fluctuating upwards, while the apparent demand for steel has decreased, leading to a general decline in steel prices [2][5] - The high furnace operating rate has slightly decreased, indicating a reduction in production activity [5] Summary by Sections Steel Market - The production cost of molten iron has increased to 2,353 CNY/ton, up by 26 CNY/ton from the previous week [5] - The apparent demand for rebar has decreased to 228.5 thousand tons, down by 12.22 thousand tons, indicating a negative demand gap [5] - Steel prices have generally declined, with rebar prices dropping by 44 CNY/ton [5] Key News - The People's Bank of China held a meeting with foreign financial institutions to discuss optimizing the business environment and promoting high-level financial openness [8] - The National People's Congress approved a resolution to increase local government debt limits by 6 trillion CNY to replace existing hidden debts [8] Debt Market Analysis - One new credit bond was issued in the steel industry during the reporting period, totaling 1.5 billion CNY, with a stable issuance amount [9] - The total number of outstanding credit bonds in the steel industry is 292, with a total balance of 366.138 billion CNY [11] - The yield spread for AAA-rated steel bonds has narrowed to 95.67 basis points, indicating improved market conditions [13]