钢材库存继续突破低位，钢价向上弹性持续增强钢铁

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - Steel prices are expected to show resilience due to low inventory levels and supportive macroeconomic policies, despite facing supply-demand imbalances and overall profit declines in the steel industry [4][3] - The demand for steel is anticipated to remain stable or slightly increase, supported by real estate stabilization, steady infrastructure investment, and continued manufacturing development [4] - The report highlights that the steel industry is likely to maintain a balanced supply-demand situation, with a focus on high-end steel products benefiting from energy cycles and domestic substitution [4] Weekly Market Performance - The steel sector rose by 5.25% this week, outperforming the broader market, with specific segments such as long products increasing by 8.50% and flat products by 6.89% [12][14] - The average daily pig iron production decreased to 2.3261 million tons, a week-on-week decline of 1.26 million tons, but still higher than the same period last year [19][3] Key Data Summary Supply - As of December 6, 2024, the average daily pig iron production was 2.3261 million tons, down 0.54% week-on-week [19] - The capacity utilization rate for blast furnaces was 87.3%, a decrease of 0.47 percentage points week-on-week [20] - The total production of five major steel products was 7.61 million tons, down 0.54% week-on-week [24] Demand - The consumption of five major steel products was 8.746 million tons, a decrease of 0.33% week-on-week [25] - The transaction volume of construction steel was 113,000 tons, down 0.76% week-on-week [25] - The net financing amount of local government special bonds reached 55,101 billion yuan, a year-on-year increase of 32.19% [25] Inventory - Social inventory of five major steel products was 7.831 million tons, down 0.64% week-on-week [32] - Factory inventory of five major steel products was 3.770 million tons, down 2.17% week-on-week [32]