钢铁行业周报：淡季供需收紧，库存延续去化

Investment Rating - The report maintains a "Recommended" investment rating for the steel industry [1]. Core Insights - The steel industry is experiencing a tightening of supply and demand during the off-season, leading to continued inventory reduction [1]. - The report highlights that the industry is expected to stabilize due to supportive factors from real estate and manufacturing sectors, despite ongoing losses and the need for industry transformation [2][3]. Supply Summary - As of December 6, 2024, the total production of the five major steel products was 8.6124 million tons, a week-on-week decrease of 0.03% and a year-on-year decrease of 5.18% [20]. - The average daily pig iron production from 247 steel enterprises was 2.3261 million tons, down 0.54% week-on-week but up 1.44% year-on-year [20]. - The capacity utilization rate for blast furnaces was 87.33%, down 0.47 percentage points week-on-week but up 1.58 percentage points year-on-year [20]. Demand Summary - The total consumption of the five major steel products was 8.7461 million tons as of December 6, 2024, reflecting a week-on-week decrease of 0.33% and a year-on-year decrease of 4.87% [25]. - The daily transaction volume of construction steel from mainstream traders was 104,300 tons, down 20.43% week-on-week and down 29.55% year-on-year [25]. - The total steel exports for October amounted to 1,118.16 million tons, with a month-on-month increase of 10.13% and a year-on-year increase of 41.06% [25]. Inventory Summary - As of December 6, 2024, the total social inventory of the five major steel products was 7.8309 million tons, down 0.64% week-on-week and down 10.51% year-on-year [38]. - The total factory inventory of the five major steel products was 3.7701 million tons, down 2.17% week-on-week and down 10.83% year-on-year [40]. Cost Summary - The price index for iron ore as of December 6, 2024, was 714.8 yuan per wet ton, reflecting a week-on-week increase of 1.88% and a year-on-year decrease of 20.01% [1]. - The comprehensive price index for scrap steel was 3,147.5 yuan per ton, with a week-on-week increase of 0.75% and a year-on-year decrease of 11.71% [1]. Price Summary - The Mysteel absolute price index for ordinary steel was 9,494.33 yuan per ton, remaining stable week-on-week but down 2.36% year-on-year [3]. - The global steel price index was 195.6 points, down 0.10% week-on-week and down 13.91% year-on-year [3].