钢铁行业跟踪周报：铁矿价格上行叠加少量补库需求，钢价小幅上涨

Investment Rating - The report maintains an "Accumulate" rating for the steel industry [1] Core Viewpoints - The steel prices have slightly increased due to cost support and minor replenishment demand, but the overall fundamentals remain weak [1][2] - Iron ore prices are strong, contributing to the slight recovery in steel prices, with rebar prices at 3430 CNY/ton (down 16.3% YoY) and hot-rolled coil prices at 3530 CNY/ton (down 14.3% YoY) as of November 22 [1][22] - Supply side shows a slight increase in overall production, while demand is showing minor recovery influenced by replenishment [2][3] Summary by Sections Price - Steel prices have slightly rebounded, with rebar HRB400 at 3430 CNY/ton (YoY -16.3%), a weekly increase of 10 CNY/ton, and hot-rolled coil Q235B at 3530 CNY/ton (YoY -14.3%), a weekly increase of 20 CNY/ton [1][22] Volume - Overall production of the five major steel products has slightly increased, with rebar production at 2.34 million tons (YoY -8%), and total inventory at 11.89 million tons (YoY -9%), indicating a healthy inventory reduction [2][3][53] Profitability - The profitability of major steel products has shown recovery, with rebar, wire rod, hot-rolled, cold-rolled, and medium plate margins at -137, 43, -237, -187, and -137 CNY/ton respectively, reflecting a weekly increase in margins [3][71] Market Trends - The steel index for the week is at 2113.39 points, with a weekly decline of 24.17 points, ranking 12th in industry performance [3][76] Company Announcements - Various companies in the steel sector are undergoing changes, including capacity reductions and financial adjustments, reflecting the ongoing challenges in the industry [3][87]