钢铁周报：基本面矛盾有限，权益上行行情未结束

Investment Rating - The industry investment rating is optimistic [1][38]. Core Viewpoints - The report indicates that the fundamental contradictions in the steel industry are limited, suggesting a positive outlook for equity performance [1]. - As of November 29, 2024, the SW Steel Index has shown a year-to-date increase of 2.12%, while the Shanghai Composite Index and CSI 300 have increased by 11.82% and 14.15%, respectively [2]. - The total social inventory of five major steel products is 787 million tons, reflecting a week-on-week decrease of 1.24% and a year-to-date decrease of 11.15% [4]. - The report highlights that the iron ore port inventory stands at 15,050.9 million tons, with a week-on-week decrease of 1.77% but a year-to-date increase of 25.54% [4]. Price Summary - The report provides various price data, including: - Rebar (HRB400 20mm) at 3,470 yuan/ton, with a year-to-date decrease of 12.81% [2]. - Hot-rolled coil at 3,500 yuan/ton, down 14.00% year-to-date [2]. - Iron ore price index at 104.4 USD/ton, down 25.69% year-to-date [2]. Supply and Demand - The report notes that the weekly output of five major steel products is tracked, with specific data not provided in the excerpts [9]. - The average daily molten iron production is also monitored, indicating ongoing production levels [10]. Profitability Metrics - The report includes profit calculations for steel products, indicating fluctuations in profitability for rebar and hot-rolled products [28][29].