钢铁行业周报：钢价磨底，关注钢铁股估值修复机会

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Viewpoints - The steel price is currently at a low point, awaiting macroeconomic drivers, with a focus on the valuation recovery opportunities in steel stocks [2][3] - Seasonal demand for steel is showing significant weakness, with weekly average sales volume for construction materials at over 80,000 tons, indicating a market adjustment phase [3] - The Ministry of Finance has emphasized a more proactive fiscal policy for 2025, which may provide short-term support for commodity prices, although the market remains cautious until the effectiveness of these policies is observed [3][4] Summary by Sections 1. Market Performance Review - The steel sector has decreased by 2.6%, underperforming the Shanghai Composite Index by 0.82 percentage points [10][16] 2. Fundamental Tracking 2.1 Overall Steel Price Decline - National steel prices have shown an overall decline, with rebar prices in Beijing, Shanghai, and Guangzhou averaging 3,222, 3,330, and 3,550 CNY/ton respectively, reflecting weekly changes of -68, -58, and -53 CNY/ton [17] - The Platts price index has also decreased, with iron ore inventories rising [18] 2.2 Weak Demand and Supply - The national average daily sales volume of construction steel is 85,200 tons, down by 1.9 tons week-on-week [5] - The operating rate of blast furnaces is at 77.18%, a decrease of 0.92 percentage points week-on-week, with total weekly output of major steel products at 8.084 million tons, down by 212,000 tons [5][44] 3. Industry Dynamics 3.1 Key Industry News - The Jiangsu Province has officially issued a list of 500 major projects for 2025, with a total planned investment exceeding 11.8 billion CNY [52] - The Henan Provincial Government has released policies to promote economic recovery in the first quarter of 2025 [52] 3.2 Major Company Announcements - Jiuli Special Materials has signed an engineering construction contract with its controlling shareholder, with an expected transaction amount of 20 million CNY [52]