钢材社库环比略增但仍处低位，短期钢价底部或偏强震荡钢铁

Investment Rating - The report maintains an investment rating of "Positive" for the steel industry, consistent with the previous rating [2]. Core Viewpoints - The steel sector has shown a weekly increase of 3.22%, outperforming the broader market, with specific segments like special steel and long products seeing higher gains [6][7]. - Despite a slight increase in social inventory, the overall inventory levels remain low, which, combined with increased maintenance in steel mills, supports a stable price outlook for steel [3][4]. - The report highlights that macroeconomic policies are expected to bolster steel demand, particularly in real estate and infrastructure, while supply constraints may lead to a balanced market [4]. Supply Summary - As of January 17, the average daily pig iron production was 2.2448 million tons, showing a slight week-on-week increase of 0.11 thousand tons [16]. - The capacity utilization rate for blast furnaces was 84.3%, with a minor increase of 0.04 percentage points [16]. - The total production of five major steel products reached 7.204 million tons, reflecting a week-on-week increase of 1.56% [16][17]. Demand Summary - The consumption of five major steel products increased to 8.049 million tons, up by 1.65% week-on-week [22][23]. - The transaction volume of construction steel decreased to 66,000 tons, down 22.19% week-on-week [22]. - The net financing of local government special bonds reached 59.7 billion yuan, a year-on-year increase of 157.81% [22]. Inventory Summary - Social inventory of five major steel products rose to 7.967 million tons, a week-on-week increase of 1.98% [30][31]. - Factory inventory also increased to 3.548 million tons, reflecting a week-on-week rise of 1.05% [30][32]. Price & Profit Summary - The comprehensive index for ordinary steel reached 3,607.2 yuan/ton, up 1.65% week-on-week [39]. - The comprehensive index for special steel was 6,771.1 yuan/ton, showing no significant change week-on-week [39]. - The profit per ton for rebar from blast furnaces was -170.14 yuan, while from electric furnaces it was -79.4 yuan, indicating slight improvements in losses [45].