钢铁行业行业月报：钢材量价回升，需求韧性有望增强

Investment Rating - The steel industry maintains a "Recommended" rating [5] Core Viewpoints - Steel prices have shown a slight upward trend, supported by optimistic market sentiment and reduced inventory levels [2][86] - The demand for steel is expected to strengthen due to positive policy impacts and a shift from real estate to high-end manufacturing [4][35] - The overall steel market is anticipated to stabilize and recover, with manufacturing and infrastructure investments providing robust support [4][35] Summary by Sections Steel Market Overview - The steel sector index increased by 0.14% from November 1 to November 15, 2024, with the Shanghai Composite Index rising by 1.55% [2][13] - The comprehensive steel index in China reached 101.52, up 10.27 points or 11.25% from the previous month [2][86] Supply and Demand Analysis - Domestic crude steel production in October was 8,188 million tons, a year-on-year increase of 2.90% [3][23] - The apparent consumption of steel in October was 10,876 million tons, up 2.19% year-on-year [3][35] - The average operating rate of blast furnaces in October was 81.07%, reflecting a recovery in production capacity [3][23] Price and Profit Trends - The average price of rebar in October was 3,817 yuan/ton, an increase of 450 yuan/ton or 13.38% from the previous month [86][89] - The overall steel price index showed a significant increase, indicating strong market support and improved trading activity [86][89] Raw Material Analysis - The average price of iron ore in October was 103.82 USD/ton, up 10.04% month-on-month [65][66] - Domestic iron ore imports in September were 10,413 million tons, a year-on-year increase of 3.04% [65][66] Future Outlook and Investment Recommendations - The steel industry is expected to benefit from various policies aimed at enhancing industry concentration and improving supply-demand balance [4][35] - Investors are advised to focus on leading companies in the special steel sector and those benefiting from policy improvements in the general steel sector [4][35]