钢材库存已至近几年新低，补库有望拉动钢价向上钢铁

Investment Rating - The report maintains a "Positive" investment rating for the steel industry [2]. Core Insights - Steel inventory has reached a new low in recent years, and replenishment is expected to drive steel prices upward [1]. - The steel sector has shown resilience, with a weekly increase of 1.45%, outperforming the broader market [12]. - The report highlights that while the steel industry faces supply-demand imbalances and declining profits, supportive policies for economic growth may stabilize or slightly increase steel demand [4]. Weekly Market Performance - The steel sector's performance includes a 3.54% increase in the special steel segment, a 1.48% rise in long products, and a 0.35% increase in flat products [12][14]. - Iron ore and steel raw materials also saw increases, with the iron ore segment up by 2.26% and the trade circulation segment up by 7.04% [12][14]. Key Data Summary Supply - As of November 29, the average daily pig iron production was 2.3387 million tons, a decrease of 1.93% week-on-week [17]. - The capacity utilization rate for blast furnaces was 88.5%, down 0.05 percentage points week-on-week [18]. - The total production of five major steel products was 7.735 million tons, an increase of 1.05% week-on-week [19]. Demand - The consumption of five major steel products reached 8.836 million tons, with a week-on-week increase of 0.80% [23]. - The transaction volume of construction steel by mainstream traders was 116,000 tons, up 3.84% week-on-week [23]. - The net financing amount of local government special bonds was 4.9891 trillion yuan, a year-on-year increase of 21.45% [23]. Inventory - Social inventory of five major steel products was 7.980 million tons, down 1.80% week-on-week [30]. - Factory inventory of five major steel products was 3.914 million tons, a slight increase of 0.08% week-on-week [30].