钢铁行业周报：库存降幅扩大

Investment Rating - The report maintains an "Overweight" rating for the steel industry [1] Core Insights - The steel market shows signs of stabilization with a slight increase in the CITIC Steel Index, which rose by 1.45% [2] - The manufacturing PMI for November is reported at 50.3%, indicating a slight improvement in manufacturing activity [3] - The report highlights a positive outlook for the steel industry, driven by government policies and a recovery in demand, particularly in the appliance and automotive sectors [3][5] Supply Analysis - Daily molten iron production has decreased by 20,000 tons to 2.337 million tons, with a utilization rate of 87.8% for blast furnaces [20] - The production of five major steel products is reported at 8.615 million tons, down 0.9% week-on-week and 6.5% year-on-year [20] - The report notes a decline in profitability among steel mills, with the profit margin dropping to 52.0% [4] Inventory Analysis - Total steel inventory has decreased by 1.3%, with a more significant decline in the inventory of hot-rolled products [29] - The social inventory of five major steel products stands at 7.881 million tons, down 1.2% week-on-week and 11.2% year-on-year [29] - Steel mill inventory is reported at 3.854 million tons, reflecting a 1.6% decrease week-on-week [30] Demand Analysis - Apparent consumption of five major steel products has decreased by 0.7% week-on-week, with a year-on-year decline of 4.8% [41] - Rebar consumption is reported at 2.254 million tons, down 3.8% week-on-week and 10.6% year-on-year [41] - The report indicates a slight decrease in construction steel sales, averaging 114,000 tons per week, down 2.0% from the previous week [42] Raw Material Analysis - Iron ore prices have strengthened, with the Platts 62% iron ore price index at $104.4 per ton, reflecting a week-on-week increase of 3.2% [50] - The report notes an increase in Australian iron ore shipments, while Brazilian shipments have decreased [50] - Coke prices remain stable, with the price at Tianjin Port reported at 1,800 yuan per ton [50]