钢铁行业周报：宏观预期走弱叠加美元强势，钢价偏弱运行

Investment Rating - The report maintains an "Overweight" rating for the steel industry, with specific companies such as Baosteel, Hesteel, and Huazhong Steel recommended for increased holdings [2][4]. Core Insights - Recent steel price trends are influenced by domestic macroeconomic fiscal policies, with prices experiencing a decline due to the implementation of debt reduction policies and a strong US dollar [4][8]. - Despite short-term price concerns, the macroeconomic policy shift indicates limited downside risk for black commodity prices, with expectations for a rebound as fiscal policies take effect [4]. - The report highlights a potential supply-side contraction in the steel industry, supported by recent government initiatives aimed at optimizing supply-side conditions [4]. - The steel sector is expected to see significant upward momentum due to macroeconomic stimulus and supply-side constraints, with a focus on companies like Baosteel, Hesteel, and Huazhong Steel [4]. Summary by Sections 1. Market Performance Review - The steel sector has seen a decline of 6.29%, underperforming the Shanghai Composite Index by 2.77 percentage points [18]. 2. Fundamental Weekly Tracking 2.1 National Steel Price Decline and Iron Ore Inventory Increase - National steel prices have generally decreased, with rebar prices in Beijing averaging 3,294 CNY per ton, down by 216 CNY [21]. - Iron ore inventory has risen, with global shipments reported at 30.207 million tons, a week-on-week decrease of 1.343 million tons [4][21]. 2.2 Decrease in Blast Furnace Operating Rates and Weak Demand - The operating rate of blast furnaces has decreased to 82.08%, a decline of 0.21 percentage points week-on-week [4][43]. - The average daily steel output has shown slight fluctuations, with overall demand remaining weak [4][43]. 3. Industry Dynamics 3.1 Key Industry News - The Ministry of Finance has announced tax incentives for home purchases, which may indirectly influence steel demand through increased construction activity [55]. - The government has allocated 56.6 billion CNY for urban housing projects, potentially boosting steel demand in the long term [55]. 3.2 Major Company Announcements - Lingang Steel has completed a share buyback, acquiring 41.5 million shares, representing 1.46% of its total shares [56]. - New Steel has announced the resignation of its CFO, which may impact its operational strategies [56].