钢铁行业周报：需求环比改善

Investment Rating - The report maintains a "Buy" rating for several key companies in the steel industry, including Xining Special Steel, Baosteel, and Hualing Steel, among others [8]. Core Viewpoints - The steel industry is experiencing a demand recovery, with improved consumption metrics and a stable pricing environment. The report highlights that the current economic policies are expected to support this recovery [3][6]. - The report indicates that the supply side is adjusting, with a slight decrease in daily pig iron production and a stable capacity utilization rate among steel mills. This adjustment is crucial for balancing supply and demand in the market [17][26]. - The report emphasizes the importance of government policies aimed at supporting the steel industry, particularly in terms of fixed asset investment and consumption recovery in downstream sectors such as automotive and home appliances [18]. Summary by Sections Supply - Daily pig iron production has slightly decreased to 2.358 million tons, with a capacity utilization rate of 88.5% among 247 steel mills [17][26]. - The report notes a small recovery in steel mill supply, particularly in plate products, while the overall production of major steel products is 8.693 million tons, reflecting a 0.9% increase week-on-week [17][26]. Inventory - Total steel inventory has decreased by 1.2%, with social inventory for five major steel products at 7.98 million tons, down 1.8% week-on-week [26][27]. - Steel mill inventory has slightly increased to 3.914 million tons, reflecting a 0.1% increase week-on-week [27]. Demand - Apparent consumption of five major steel products has improved by 0.8% week-on-week, totaling 8.836 million tons, although it remains down 5.7% year-on-year [38]. - Rebar consumption has increased by 1.5% week-on-week, indicating a narrowing decline in demand compared to previous periods [38]. Raw Materials - Iron ore prices have strengthened, with the Platts 62% iron ore price index at $102.4 per ton, reflecting a week-on-week increase of 5.8% [47]. - The report notes that while iron ore supply dynamics are shifting, with increased shipments from Brazil, the overall demand remains weak, leading to a potential stabilization in prices [44][47]. Price and Profitability - Steel prices are experiencing fluctuations, with immediate gross margins slightly declining. The profitability of steel mills remains above 50% [2][17].