钢铁行业周度报告：本周钢铁供需小幅下滑，后续重点关注冬储推进节奏

Investment Rating - The industry investment rating is maintained as "Recommended" [5] Core Viewpoints - The steel industry is experiencing a slight decline in supply and demand, with a focus on the pace of winter storage [1][4] - Steel production is expected to decrease slightly as the industry enters the off-season, although profitability remains supported [1][7] - Inventory levels have been decreasing for seven consecutive weeks, indicating a reduction in pressure on stock levels [2][4] Summary by Sections Supply - The average daily pig iron output for the week (sample size: 247) was 2.3387 million tons, a decrease of 19,300 tons or -0.82% from the previous week [1][27] - The total output of the five major steel products was 8.615 million tons, down 0.9% week-on-week [1][27] - The production of long products decreased by 2.32%, while plate production saw a marginal decline of 0.05% [1][27] Inventory - Total steel inventory (social + factory) was 11.7347 million tons, down 1.35% week-on-week and 10.35% year-on-year [2][27] - The inventory of long products and plates was 5.4168 million tons and 6.3179 million tons, with respective week-on-week changes of 0.2% and -2.6% [2][27] Consumption - Apparent consumption of the five major steel products totaled 8.7751 million tons, a decrease of 0.7% week-on-week [3][27] - Long product consumption decreased by 4.2%, while plate consumption increased by 1.4% [3][27] Prices and Profitability - The steel price index decreased slightly to 96.58 points, a drop of 0.5 points week-on-week [3][27] - The profitability rate of steel enterprises was 51.95%, down 2.6 percentage points from the previous week [7][27] - The profit margins for rebar and hot-rolled products have expanded losses, while cold-rolled products saw a slight improvement in margins [7][27]